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.

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

Solicitors

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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