Looking for an affordable route to the property ladder? Look no further than Shared Ownership, an affordable home ownership scheme that makes it possible to buy a percentage of your home, while you rent out the remainder.

But Shared Ownership isn’t just an affordable option - it’s also a quick way to buy a home without facing the delays that come with buying outright. Unsure how long the Shared Ownership process takes? Find out all of the answers below!

How long does Shared Ownership take to complete?

You might be in search of a straight answer, but the Shared Ownership timeline hinges on a lot of factors. Depending on the stage of construction and availability on the market, the Shared Ownership process can take anywhere from 1-3 months! Without a property chain to make the process longer, this is a lot quicker than the average 6 month timeline for buying a home outright.

For more on the Shared Ownership process, get acquainted with some of the key stages below:

Shared Ownership steps

• Filling out your Shared Ownership application
• Getting a Shared Ownership mortgage
• Finding your Shared Ownership property
• Exchanging contracts
• Move in
• When you’re ready, buy more shares

Filling out your Shared Ownership application

Before you spend your precious time applying, check your eligibility for Shared Ownership. As the scheme is directed at people struggling to buy their first home, you need to have a household income no more than £90,000 in London, and £80,000 elsewhere in the UK. You also cannot currently own a property - if you do own a home, you need to be in the process of selling.

Once your housing provider assesses your affordability, you’ll then be able to put together your Shared Ownership application! This process shouldn’t take too long - as long as you have all of your important documents within reach.

Zone at Oval Village offers Shared Ownership in the heart of London.

Getting a Shared Ownership mortgage

You might be eager to dive head-first into your house-hunting, but you’ll first need to get an idea of how much you can borrow. As not all lenders offer Shared Ownership mortgages, you may find that getting your mortgage takes longer than for a regular property. However, it’s all worthwhile in the end - you’ll only need to take out a mortgage on the share you are buying, and you’ll also be able to use a smaller house deposit!

Finding your Shared Ownership property

Once your Shared Ownership application has been approved, next comes the excitement of picking your Shared Ownership property! Shopping around for your ideal home can take anywhere from 2-6 weeks. Do some research on different housing providers, what advantages they have, and check out the local developments in your area.

Many Shared Ownership apartments, such as Zone at Oval Village, come with added features like a private balcony or landscaped gardens, so make sure you’ve worked out the best option for you. Once you’ve struck a nice balance between budget, area and convenience, act fast and register your interest!

Exchanging contracts

If you have chosen to use a solicitor - and you probably should if it’s your first time - your solicitor will take the lead when it comes to the boring legal stuff. As well as exchanging contracts with your housing provider, your solicitor will also manage the transfer of your mortgage and deposit! Depending on if you have any enquiries about the purchase, this process should take around 28 days.

Move in

Unlike with buying a traditional property on the market, Shared Ownership helps you avoid property chains altogether! This means you won’t have to wait for a seller to find a new home before you move in. Instead, you’ll be given the keys to your new apartment before you know it!

When you’re ready, buy more shares

Staircasing is a process where you buy more shares of your Shared Ownership property (usually 10% at a time), reducing the amount of rent you pay in the process. While buying more shares usually takes around 1-3 months, buying your home outright could end up taking a few years. This depends on your financial situation but also on your preference - after all, there’s no pressure to buy shares straight away!

 

Looking to save time on saving and buying your Shared Ownership home? With Peabody New Homes, you can use Shared Ownership to purchase a home in a desirable area of London. And if you’re not quite ready for Shared Ownership, you can also make use of London Living Rent, which enables you to rent an apartment at 80% of the market rate and save up for a deposit. Find your dream home today using our property search.