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Step 1
How do I apply?
Please complete the application form and return it to us together with a photocopy of each of the documents in the following list. Copies are required from both applicants where applicable:
proof of photographic identification (passport or driving licence)
proof of your savings
proof of your earnings (payslips covering the last three months or three years’ audited accounts if you are self-employed)
proof of any other income e.g. Child/Working Tax Credit Award letter
copy of your latest P60
bank statements (covering the last three months)
a copy of your rent book, rent statement or mortgage statement (if applicable)
copy of a recent utility bill.
copy of a mortgage promise (agreement in principle) – this will give you and us an indication of how much you are likely to be able to borrow from a lender.
For Shared Ownership (part-buy, part-rent) queries, please send to:
Grand Union Housing Group, Shared Ownership, Martell House, University Way, Cranfield, Bedfordshire MK43 0TR.
What happens next?
Step 2
On receipt of your completed application form, we will check your details and carry out an initial assessment. This will include an affordability assessment which involves credit checking each applicant to ensure that you do not have any bad credit information registered against your name or previous addresses. We may also undertake land registry searches on you or any joint applicant as part of this process.
Step 3
Once assessed, your details will then be transferred to our database. We will acknowledge your application in writing, to inform you that we have added you to our database and advise you of the current status of the development(s) or property you are interested in. Please keep us informed of any change of circumstances such as changes to your correspondence address, income or expenditure. When we release homes for sale, we establish a priority order in which we contact applicants registered on our database (See our Allocations Policy).
Step 4
Subject to the outcome of the affordability assessment, we will arrange a viewing of the property and formally offer the property to you. When developments are not yet completed and are still in the construction stage, we will ask you to reserve properties off plan i.e. without a viewing taking place. Viewings will then occur following handover from the developer or as soon as possible before handover.
Step 5
If you decide to purchase the property, you will need to instruct a solicitor straight away. It is important that you choose a solicitor who is experienced in ‘part-buy, part-rent’ schemes to avoid unnecessary delays. We can provide a list of solicitors who are experienced in dealing with such schemes. You should call each of these solicitors to find out how much their fees are, including local searches, stamp duty and other costs associated with buying a property, before you agree to instruct them.
Step 6
You will need to return your reservation form with a cheque for £250. You will also need to add your chosen solicitor’s details to the reservation form.
Step 7
We will send formal details of the offer to your solicitor and to our solicitor. Our solicitor will send the contract documents to your solicitor. The contract is your written agreement to buy the property and our agreement to sell it to you. The entire purchase process normally takes between 6-10 weeks, dependent on a number of factors which may affect this. The usual exchange of contracts deadline is set at six weeks.
Step 8
We ask you to provide a mortgage promise when returning your application form. This will give you and us an indication of how much you are likely to be able to borrow from a lender. You will then need to arrange your own mortgage (if applicable), possibly through an Independent Financial Advisor (IFA), who can advise you on a range of mortgage products. Your mortgage lender will arrange to have a standard valuation carried out to verify the value of the property. If you do not require a mortgage i.e. you are using savings or equity to buy the share, we advise you to arrange for an independent valuer to verify the price of the property. You will normally have to obtain your mortgage offer and exchange contracts within six weeks. Although, with some new build schemes, this timescale will not be possible especially when reserving ‘off plan’. Your solicitor will normally forward a copy of your mortgage offer for us to approve.
Step 9
Your solicitors will ask you to sign the contract when they have received all the relevant legal paperwork required. You may also be asked to pay a deposit. Exchange of contracts occurs once your solicitor and our solicitor are satisfied that all legal paperwork is in place. A completion date will then be set. On the completion date, the funds to buy your share of the property will be transferred from your solicitor to our solicitor. We will then hand you the keys to your new home.
Step 10
You will be assigned a housing officer who will be available for any support you may need after you have moved in.
