Online Sales Process
We know that the process of buying a home can sometimes seem daunting for first time buyers, even more so in the current climate. To make the process a bit more digestible we have broken down the journey you'll take with us into eight steps; from registering your interest to collecting the keys to your new home.
We are continuing to adapt our sales process following Government guidance on Coronavirus (COVID-19). Our Sales team are set up to work remotely and continue to support customers throughout their home buying journey.
You can also view Government advise on home moving during Coronavirus (COVID-19).
Step 1 - Register with us
Register your interest & complete an application form
- If you have seen a property you like the look of, you can register your interest using the 'register interest' button on any property page.
- Once you've registered your interest, you can complete a Shared Ownership application form on our website using the link below. You will need to have completed the application form if buying a Shared Ownership home so that we can confirm your eligibility for the affordable home ownership product.
Step 2 - Eligibility
Have an assessment with a mortgage adviser – Get a credit check and some mortgage advice
- Eligibility will vary depending on which development you are looking to buy at, the property size and whether there are any criteria imposed by the local authority. But there are some general, over-arching criteria that you must meet for every scheme which you can read more about here – Check your Shared Ownership eligibility.
- Everyone who applies for a Shared Ownership property must go through a financial assessment with one of our mortgage advisers. We do this to ensure that you can afford a Shared Ownership property, you are not over stretching yourself financially and that you are able to qualify for a mortgage. Once you have arranged a viewing for one of our new build Shared Ownership homes, we will arrange for our panel mortgage advisor to be in touch and complete the quick financial assessment (this is FREE to complete).
Step 3 - Virtual Viewing & Reserving a home
Have a physical or virtual viewing and reserve a home for £500
- Our Sales Team are all set up to work remotely and will soon be holding both physical and online viewings which you can join from the comfort of your own home. Using Zoom, we will be hosting personal video calls, giving you the opportunity to ask questions and have a virtual guided tour of homes with our Sales Team.
- Once you have had a viewing, you can reserve a home for £500.
Step 4 - Confirmation of offer
Confirm your acceptance of the offer within 7 days
- If we do make you an offer, we will send out an offer letter confirming the details of the property and an 'Acceptance of offer' form. We ask you to complete this and return it to us within seven days to confirm that you wish to proceed.
- The reservation fee you paid will be deducted from the share of the property you buy at completion.
Step 5 - Attend a full financial assessment and instruct a Solicitor & Mortgage Advisor
It is a good idea to select one with Shared Ownership knowledge
- Everyone who buys a home needs a Solicitor to do the necessary legal work. You should make sure you get a quotation of the likely costs before you appoint a Solicitor, and we recommend doing this early on in the process.
- We have a panel of Solicitors who are experienced in Shared Ownership purchases, offer fixed fees which will help you to budget and come recommended by past Peabody buyers. The panel of solicitors are not compulsory.
Step 6 - Exchange Contracts
Within 28 days
- Once you have paid your deposit and signed your contract, then 'exchange of contracts' can take place.
- Exchange of contracts means that your Solicitor and our Solicitor actually swap the signed contracts. You are then legally bound to buy your home and we are legally bound to sell it.
- We will give you a date on which you can move into your home as soon as it is ready. This date is called the 'completion date'.
Step 7 - Completion
The money to buy your home is transferred from your solicitors to ours
- Finally, the completion date arrives...
- On the completion date, your mortgage lender will give your Solicitor the money to buy your home who will then pass that money, along with any savings you are providing, on to our solicitors.
- Once the money is received in our Solicitor's account your purchase has completed and you are now the leaseholder of your home!
Step 8 - Move In
We’ll meet you at your new home to hand over the keys.
- Our new homes team will meet you at your new home to give you the keys to your home, and give you a guide on how to use any amenities as part of your home. They will also be the main point of contact to help support you throughout the first year of your new home.