Shared Ownership Process

sazzer1

Hi could anyone tell me the time scale of buying a shared ownership new build. How long does the allocation process take, etc.

SmlSave

That's a piece of string question I'm afraid

kimbyanne

For us, it took around three months from "bidding" on the houses to moving in.

Allocation process for us was, registered interest in March, invited to Open Day in June, houses went up for "bidding" in July, found out if you had been "allocated/offered" a property to buy in August/September. If you had, pay £500 reservation fee and then have to exchange within four weeks.

We moved into our house end of November. So eight months from initially registering our interest and three months after being "accepted" to buy.

sazzer1

Thank You kimbyanne. The houses we are looking at are finished. It's just a big waiting game waiting to here anything. Were you offered an actual plot or a choice of plots.

Newbiebuyer2016

We are near to completing on a new build S/O which has been finished.

We registered interest in January, the houses 'launches' in March.

We bid and we were accepted for 1 of 5 houses ( not the ones we bid for in the end) that was Easter weekend.

We paid the £500 fee and got a DIP, then there was a slight delay with the memorandum of sale.

The mortgage application was submitted to Leeds on the 21st April and the HA gave us 28 days to complete (18th May)

This was delayed by Leeds ( see other threads) and we are now due to exchange 31st May.

So really once we got the ball rolling 5 weeks.

Are you with a HA? You may find they set their own deadlines?

sazzer1

Hi and thanks for reply. We have signed up to help to buy south and also the housing association involved. Financial assessment done. Application has now been assigned to sales consultant for short listing.

kimbyanne

sazzer1 wrote: »

Thank You kimbyanne. The houses we are looking at are finished. It's just a big waiting game waiting to here anything. Were you offered an actual plot or a choice of plots.

Our situation was slightly more complicated as we didn't get shortlisted the first time (45 separate bids were made for x2 two bed houses). However, we were only really interested in these two particular houses we they were the only semi-detached.

We were encouraged to bid again for the next phase of terrace houses, we we did and got a phone call a week or so later offering us one of the first two houses as they had gone through the original shortlist and couldn't find a buyer who could proceed/met the affordability criteria (as they had a minimum of 40% share) and apparently many people couldn't get a mortgage for that much.

We didn't get a choice, we were told which one we could buy and luckily, it was the exact plot we wanted (has the biggest garden!). Speaking to the neighbours, it seems for the second phase, some got offered a choice of two houses, others were told which one they could buy.

Newbiebuyer2016

We put down for one of the 2 x 3 bed. There were hundreds of applicatant. We did the financial assessment and they rung us up and asked if we would like one of the 3x4 beds (we were on phase 1)

We were told me were very lucky, as you can imagine, the demand for larger house is huge.

It wasn't just about money they had a priority criteria too

1. Ex or Current MOD personnal
2 Live and work in the area
3. Live or work in the area

Just too add too we ended up with the biggest garden! Something that wasn't stares at application! And the detached house was more money but smaller!

sazzer1

Thank You so much for the replies. It gives me some understanding of the process. Fingers crossed. Will just wait and hope the phone rings. Its great you both got the ones with bigger gardens, enjoy the summer.