Buying a home? Here's how

The steps to buying a property vary depending on which type of home ownership option you choose. Here's a step-by-step guide on how to buy for each ownership option.

Outright Sale (New Builds)

Step one - Reservation

Once you’ve chosen the home for you, our New Homes Sales Coordinator will guide you through the reservation procedure. You’ll need to pay a small reservation fee of £300* which will contribute to part of your deposit. It also means, subject to contracts and meeting the timescales in the agreement, the home is yours at the price agreed. It’s a good time to ask about Government backed Help to Buy scheme that can make buying your dream home more affordable. If you have a home to sell, our assisted move scheme could make moving easy as we will arrange and pay for all your estate agent's fees.

Step two - The mortgage and solicitors

If you need a mortgage and haven’t already arranged one, you’ll need to do so quickly. We can give you the details of independent financial advisors and solicitors if you need help. Ask the New Homes Sales Coordinator for contact details.

Step three - Exchange of contracts

Within 28 days after reservation (depending on the build stage of your new home) and if all the mortgage and legal documents are in place, we will request you to exchange contracts. You will need to pay the balance of the deposit at this stage and the whole transaction becomes legally binding.

Step four - Build completion

Usually, around one to two weeks before your dream home is finished we will contact you to let you know of your legal completion date. Your home will also undergo thorough quality inspections, both internally and externally, to ensure that it meets our quality standards. It’s around this time we’ll invite you to a home demonstration to familiarise yourself with your new home. This is an opportunity to show you how everything works form the heating system and appliances to the location of your fuse box and stop taps.

Step five - Legal

This is the final step to moving into your dream home. This is when your mortgage lender releases the funds to pay for your home through your solicitor. If you need access to your home on the day before legal completion, for carpet fitters it’s no problem (subject to exchange of contracts). We’ll also take meter readings on the day of legal completion and register you as the homeowner with the relevant utility companies. Our New Home Sales Coordinator will help make your move in as stress-free as possible for you to start enjoying life in your new home.


*Reservation fee may vary in different regions or development specific. Please speak to your New Homes Sales Coordinator to confirm your reservation fee.

Shared Ownership (New builds)

  • If applying for shared ownership your application form will go to the Help to Buy agent who will check you are eligible. They should respond to your application within two working days
  • Once approved, the Help to Buy agent then sends a copy of your application to Karbon. Karbon will contact you within two working days to request full supporting documents
  • Karbon carry out a full financial assessment and take up any references as required
  • Karbon carry out a credit check
  • Karbon will contact you with the outcome of the assessment
  • If approved you pay Karbon £100 to reserve the property and Karbon instruct solicitors to progress the sale
  • Solicitors take you through the conveyancing process to exchange of contracts and completion
  • Karbon arranges handover of the keys and relevant documents and a demonstration of how things like the heating work in your new home
  • You move into your new home!

* Home owners – To qualify you must be purchasing a property as your only home and you may not qualify if you have a home to sell or have your name on a residential mortgage. Possible exceptions would be if you are buying through Older Persons Shared Ownership or have to sell your home due to the breakdown of a relationship.

Shared Ownership (Resales)

  • If applying for shared ownership your application form will go to the Help to Buy agent who will check you are eligible. They should respond to your application within two working days
  • Once approved, the Help to Buy agent then sends a copy of your application to Karbon. Karbon will contact you within two working days to request full supporting documents
  • Karbon carry out a full financial assessment and take up any references as required
  • Karbon carry out a credit check
  • Karbon will contact you with the outcome of the assessment
  • If approved, Karbon update the current owner and estate agent as applicable then instruct solicitors to progress the sale
  • Solicitors take you through the conveyancing process to exchange of contracts and completion
  • The estate agent will usually arrange for keys to be handed over to you following completion
  • You move into your new home!

* Home owners – To qualify you must be purchasing a property as your only home and you may not qualify if you have a home to sell or have your name on a residential mortgage. Possible exceptions would be if you are buying through Older Persons Shared Ownership or have to sell your home due to the breakdown of a relationship.

Rent to Buy

  • Enquirers register their interest in a scheme and/or property they like
  • The Karbon home ownership team arrange a viewing with the enquirer
  • Enquirers submit an application form to the home ownership team
  • The home ownership officer requests relevant supporting documents
  • The home ownership officer checks initial eligibility and carries out a full financial assessment
  • The home ownership officer carries out a credit check
  • The home ownership officer requests a tenancy reference (If applicable)
  • The home ownership officer issues relevant letter to the applicant
  • The home ownership officer emails the relevant housing officer to confirm the details of the applicant who has been approved
  • A home ownership officer and a housing officer, arrange handover and tenancy sign up with the applicant at the property
  • The tenant moves in!

* Home owners – The property must be your only home. You will not normally be eligible if you own or have an interest in another property. (Existing homeowners ‘may’ be eligible if, for example, due to a relationship breakdown).

Independent financial advice

Our panel of independent financial advisors and solicitors can offer impartial advice on any of our low-cost home ownership products. See below for more details.

Independent Financial Advisors

New Homes Mortgage Services

Contact Name: Daniel Fryer

Telephone Number: 01543464144

Email Address: danielf@newhomesadvisors.co.uk

Postal Address: 1 and 2 Morston Court, Blakeny Way, Cannock, WS11 HAB

 

Mortgage Bureau North East

Contact Name: Christine Smyth

Telephone Number: 07957928026 or 01207589561

Email Address: Enquiries.mbne@mortgagebureau.net

Postal Address: 84 Viewpoint Consett Business Park Consett Co Durham DH8 6BN

 

Link Financial Solutions Ltd

Contact Name: Ed Rogers

Telephone Number: 07870237791

Email Address: ed@linkfs.co.uk

Postal Address: 46A Medomsley Road, Consett, Co. Durham DH8 5HA

 

Intouch Financial Advice

Contact Name: Graham MaCaskill

Telephone Number: 0191 469 6121 or 07949615509

Email Address: info@intouchfinancial.uk.com

Postal Address: 6 Blue Sky Way, Monkton Business Park, Hebburn, NE31 2EQ

 

Foster Denovo

Contact Name:  Lynn Scott Administrator.

Telephone Number: 0191 217 3903

Email Address: Colin.barwick@fosterdenovo.com

Postal Address: 15 Brenkley Way, Blezard Business Park, Wideopen, Newcastle upon Tyne, NE13 6DS

 

First Mortgage.co.uk

Contact Name: Graham Hickey, business development manager

Telephone Number: 0191 460 5926

Email Address: graham@firstmortgagene.co.uk

Postal Address: 42 Mosley Street, Newcastle upon Tyne, NE1 1DF

 

Safeguard Financial Services

Contact Name: Linda Hornsby Office manager

Telephone Number: 0191 500 8740 or Linda Hornsby 07796716453

Email Address: advice@safegfs.co.uk

Postal Address: 3 Earls Court, Fifth Avenue, Team Valley Trading Estate, Gateshead, NE11 0HF

Solicitors

Browell Smith & Co Solicitors

Contact Name: Rodger Wilkinson

Telephone Number: 0191 250 3239 or 0191 250 32300

Email Address: Rodger.wilkinson@browells.co.uk

Address: 10-13 Saville Row, Newcastle upon Tyne NE1 8JE

Brar & Co Solicitors

Contact Name: Mr B Brar

Telephone Number: 0191 276 6880

Email Address: enquiries@brar.co.uk

Address: 240a Chillingham Road, Heaton, Newcastle upon Tyne NE6 5LP

Ward Hadaway

Contact Name: Kamran Hyder

Telephone Number: 0191 204 4000

Email Address: kamran.hyder@wardhadaway.com

Address: Sandgate House, 102 Quayside, Newcastle upon Tyne, NE1 3DX

The Money Advice Service

The Money Advice Service offers free, independent advice and online tools that can help you assess your financial health and the implications of taking on a mortgage or purchasing more of your shared ownership property. You can also get help and advice if your circumstances change and you’re struggling to keep up with bills. Visit the site Money Advice Service.

If you’re not sure what your options are or need more information then give the Home Ownership team a call on 0191 223 8749.

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