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Buying Shared Ownership Off Plan
Angel316
Posts: 13 Forumite
Hello all,
I am buying a flat in Wembley that is shared ownership and off plan. I have not been able to view the flat itself as it is not finished yet. The completion date is set to end of May 2015 (although I doubt they will hit this date).
I have recently passed the financial assessment so am currently looking at engaging a solicitor and getting a mortgage. Can someone tell me what the timelines generally are, i.e. what should I get first a mortgage or a lawyer (or both at the same time) and also when am I actually required to pay the deposit?
Does anyone have any experience in buying shared ownership and/or off plan and has any tips for me?
This all very exciting:T:eek: and you help is much appreciated!!
I am buying a flat in Wembley that is shared ownership and off plan. I have not been able to view the flat itself as it is not finished yet. The completion date is set to end of May 2015 (although I doubt they will hit this date).
I have recently passed the financial assessment so am currently looking at engaging a solicitor and getting a mortgage. Can someone tell me what the timelines generally are, i.e. what should I get first a mortgage or a lawyer (or both at the same time) and also when am I actually required to pay the deposit?
Does anyone have any experience in buying shared ownership and/or off plan and has any tips for me?
This all very exciting:T:eek: and you help is much appreciated!!
0
Comments
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think your mortgage is priorityDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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You can get an agreement in principle, but you can't submit a full mortgage application without entering solicitor's details.
You will usually be expected to exchange contracts within twenty-eight days of papers being issued to your solicitor and you will pay your deposit in preparation for that.
If you are looking at a low deposit SO newbuild mortgage, this will take some time as the lenders in that market are pretty slow.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thank you! That is really helpful. Now as I am buying off plan and the flat will be brand new with a NHBC guarantee do I require a survey?0
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That's upto you.
Your mortgage lender will require a mortgage report & valuation, normally at your expense.
Only you can decide if a more in-depth survey is necessary.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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