Guide to Purchasing a Pre Loved Shared Ownership Home

Quick links

• What is a resale Shared Ownership Property?
• Do you qualify?
• Costs involved
• Step by step guide to finding your new home
• Good to know

Shared Ownership is an affordable, flexible option of purchasing your new home and a fantastic way to get your foot on the property ladder if you are currently unable to buy a property outright on the open market. It is a Government funded Low Cost Home Ownership (LCHO) product, which allows you to purchase a share in a property that is affordable to you, whilst paying a subsidised rent to us for the unsold equity that remains in our ownership.

A Shared Ownership resale property is a home that is being sold by the current Shared owner, therefore the minimum share you can buy is the percentage currently owned, you could also buy more shares based on your affordability and financial circumstances. You will be purchasing the property based upon the existing lease conditions.

Shared ownership is for anyone who would like to own a home but cannot afford to buy one outright and meets the eligablity criteria as mentioned below.

You may qualify if:

• You are unable to afford and purchase a home on the open market
• Your household income is less than £80,000 a year
• You do not currently own a property or if you own a property this must be sold subject to contract.

You may not qualify if:

• You can afford to purchase a 
  property on the open market.
• You are unable to afford the monthly costs, in which you would not qualify financially
• If you already have a home which you own in the UK or abroad which you will not be selling
• You have a household income of over £80,000 a year.

Please note: Shared Ownership homes can only be purchased as principal homes and cannot be bought for letting or subletting purposes or for financial gain.

Initial costs when buying

• Legal fees – Your solicitor
• Legal fees – Amplius solicitor (£250.00 plus VAT )
• Valuation fees (for a survey of your home required by your mortgage lender)
• Mortgage deposit
• Stamp duty if applicable (check with your solicitor). 

Ongoing costs

• Mortgage payments
• Shared Ownership rent
• Buildings insurance
• Service charge
• Electricity, water, gas, Wi-Fi, tv subscriptions
• Relevant insurance policies inclusive of Contents insurance.

Please note: Shared Ownership rents, management fees, and service charges are reviewed on an annual basis as detailed within your Shared Ownership lease.

1. Find your dream home on the open market.
2. Contact the estate agent advertising the home to arrange a viewing.
3. Once you are sure you wish to proceed, contact the estate agent to register your interest and confirmation of your offer
4. The estate agent will then send out the relevant application form which must be completed along with proof of your ID and mortgage in principle or proof of cash purchase
5. Upon receipt of completed application, Amplius will then refer you for an affordability sign off assessment by our  independent financial advisor panel in line with Homes England’s guidelines
6. Once the Assessment has been completed, our independent financial advisor will notify us if your application has been successful or declined. Amplius will then notify the estate agents of the outcome.
7. If the application is successful we will contact you via email/ letter and request you complete the intention to purchase form and provide details on how to pay your reservation fee of £250.00 – you will have 7 days from the date of your acceptance letter to make this payment and send back to form.
8. Once the intention to purchase form and reservation fee has been received, we will then be in a position to instruct our solicitors and would ask that yourself and the seller also instruct solicitors promptly to enable the process to proceed to legal completion. 
9. To ensure that the sale proceeds with no delays , we would suggest that you keep in regular contact with your solicitor and mortgage advisor
10. You will also need to ensure you have reviewed all documents which have been issued inclusive of Key information documents, Guide to Shared ownership and wait for your solicitor to discuss your terms and conditions contained within the lease.
11. Once solicitors has satisfied all legal requirements a completion will then be agreed. The acting solicitor will then arrange your collection of keys to your new home.
12. Once legal completion has taken place Amplius will contact you to advise that your account has been set up and how you can access your account and payments. We will also include some handy guidance on staircasing and useful information.

If of course you have any queries during the process , before or after we are always on hand to help – send us an email assignments@amplius.co.uk 

Here’s to your new chapter in your new home!

• Amplius cover the premium for buildings insurance on the property, meaning you do not have to arrange your own cover.  However, you are responsible for arranging your own contents insurance.
• As you are purchasing an existing shared ownership property, we would strongly advise you to familiarise yourself with the terms and conditions of the shared ownership lease which, will be supplied by your solicitor. In particular, we would draw your attention to the relevant section regarding repairs, as maintenance of the property will become your sole responsibility following completion, and your ongoing responsibilities as a shared owner including, future rent/service charge payments and fees payable on resale of the property.
• We are always on hand to answer any queries you may have on purchasing further shares in your home when the time is right in the future – please email us staircasing@amplius.co.uk. 
• Amplius is not responsible for providing instruction manuals for appliances and heating etc. Please ensure to query this with the seller before completion.
• Any monthly rental payments via direct debit are collected on the 1st of each month.
• You will be required to pay an upfront legal fee of £250+ VAT to our solicitor, for works involved in progressing your sale, including producing the license to assign, deed of covenant, replying to legal enquiries and registering the notice at land registry. Please note this cost is additional to your own legal cost, for which you are fully responsible.
• On completion of the sale, our solicitor will collect the legal fee and the apportionment of rent due for the current month in addition to one full month’s rent in advance, this will allow us time to set up your rent account and direct debit.
• Should your circumstances change and you have concerns in meeting your rent or mortgage payments, please contact the Homeownership team at the earliest opportunity via email Homeownershipteam@amplius.co.uk who will be able to provide you with advice and guidance. Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.