Purchasing a Shared Ownership property is similar to purchasing a property on the open market, however there are some differences that you need to be aware of:

Step one: Applying to buy
Contact or visit your local Trust office or shop. We will then send you details of available schemes and an application pack. If you are considering Shared Ownership the form will ask for a copy of your 'in principal' mortgage offer, so you need to discuss this with the mortgage lender before you send the application form in.

Step two: The Trust's response
If you qualify for Shared Ownership , we will get in touch with you to arrange for you to meet with a Trust representative, to talk over your application, your property preferences and the size of share you wish to purchase (usually 50%). If successful, you will be made an offer of the property detailing the purchase price, rent and any service charges. At this stage you will have to pay a £250 deposit to secure the property. This deposit is non-refundable. You will be invited to view the property as soon as it is available for viewing.

Step three: Arranging a mortgage
If you are considering Shared Ownership you will need to find a suitable mortgage lender early in the process. If you already save with a bank or building society you may want to approach them first, or you may be better off shopping
around. You must inform your mortgage lender that the property is on a Shared Ownership basis and that you may not be able to buy 100% of the property, depending on the scheme. The Trust will be able to advise you of the companies who have experience in dealing with Shared Ownership, but you should always seek independent advice.

Step four: Purchasing the home
Once you have confirmed your acceptance of the property you will need to let the Trust know the name and address of your solicitor.

The Trust will send a draft copy of the lease to your solicitor, who will advise you as to what it says, approve it on your behalf, make a local authority search and investigate the ownership of the property.

The lease is an extremely important document and sets out all the terms and conditions about buying your home, including the price of your share, the rent and service charges and any special conditions that might apply.

When everything is agreed the purchase can be formally completed and you will be invited to the property so it can be handed over to you.

If your mortgage lender wants to see a copy of the Shared Ownership lease before making a decision, the Trust will be more than happy to send them one, just ask at your local Trust shop or office.

Step five: Buying further shares in your home
If you want to buy further shares in your home, you need to notify the Trust in writing of the share you wish to purchase. The procedure for doing this will be contained in the lease and is available separately from any Trust shop or office.

The Trust will get the property independently valued when we receive your letter and will then tell you the cost of the additional share. You will have to pay the Valuer's fees. You will then be given three months to arrange a mortgage and complete the purchase of the further share.