Shared Ownership Checklist
Make sure your prepared to buy your home by reading our checklist of 15 things to consider before buying a Shared Ownership home including, being registered on the electoral role, which solicitors are best to use and our pet policy;
1. Did you know we sell off plan?
This means we sell the majority of our properties before they are completed. The process involves choosing the property size you want and using floor plans, brochures and computer generated imagery to select the property you wish to buy. As this is how our new build properties are sold, please ensure you are happy with buying this way. Find out more about buying off plan →
2. Are your needs or household changing?
It might pay to have an idea in mind as to your future plans and how long you will be living in the property you wish to purchase. Are you planning on starting a family and looking to upsize? Are your children moving out of home? Consider what size property you will need when the time comes to reserve, as this may impact on your eligibility. Find out more about Shared Ownership eligibility →
3. What is important to you when finding your home?
When looking for a property you need to know what criteria you want in your next home, i.e. outdoor space in the form of a balcony or garden? Think about your priorities, you'll want to be ready when you find the right place so it's best you're already aware of what you're willing to compromise on, and what you're not. See what our homes have to offer →
4. Have you registered on your local electoral roll?
Lenders use this information to confirm your name and address and to combat fraud, so contact your local council if you’re unsure whether you have registered. This can take up to 3 months to take effect. Register for electoral roll →
5. Do you currently own a car?
Many of our developments are car-free – meaning there are no parking spaces available at the development. It might pay to think about what the easiest way to commute would be; check out cycling / walking routes, public transport links, and travel card prices. Journey plan with TFL →
6. What community amenities do you use?
Do you have a regular place of worship, recreation or other community group? Check out what’s available in the area you’re looking to buy so you can familiarise yourself with their schedules and facilities. If you are looking at starting a family or already have children, researching local area schools and nurseries ahead of time could be useful.
7. Have you got a UK bank account?
You will need enough money saved for a deposit on a mortgage, as well as other associated costs, such as legal fees. A savings fund dedicated specifically to your new home might help you keep an eye on how you’re going. These funds need to be in an easy to access bank account rather than invested somewhere where it is not easily available for use. They also need to be held in a UK account, and you should have proof of identification that this account is in your name. As a first time buyer a Help to Buy ISA is the ideal way to save for your first home. Compare current accounts with U Switch →
8. Have you got a savings plan and household budget?
Do you have a monthly savings target? If you're exceeding it, you may be able to save a larger deposit than you'd initially thought. If you're not meeting it, you may need to consider why this is, and whether your target needs reassessing. It could help to know where your money is currently being spent. If you start looking at what you’re spending it may help you get an idea of what you can afford.
9. Is your banking paperless?
In order to help you get ready for your financial assessment and mortgage application closer to the time of purchase, it’s a good idea to check you can access monthly bank statements that date back a minimum of three months to demonstrate proof of your income and outgoings. If you receive these by post, ensure you have them to hand. If they are online, check that you can view statements going back three months, otherwise you may need to request these from your bank.
10. Have you checked your credit rating recently?
It is also very useful to have a copy of your Credit Reference File for your financial interview, either with Experian or Equifax. This will help you identify any issues in securing a mortgage. Find out more about your credit score at Experian. Alternatively, try using ClearScore →.
11. Have you contacted a Mortgage Advisor?
Your Mortgage Advisor can help you select the best product and lender for your needs closer to the time of purchase. However it’s never too early to start researching which products are available and which lenders cater for Shared Ownership. We have a panel of recommended Shared Ownership Mortgage Advisors, for you to use. Dependant on your chosen development they may offer you a free initial financial assessment. You'll need to have various documents to hand in preparation for your assessment; like Payslips, Bank Statements, etc. We advise you start collecting your documents ahead of time so check the full list in our ‘Information you’ll need to provide’ section and contact a Mortgage Advisor as early as possible if you have any concerns about your affordability. See our panel of Mortgage Advisors →
12. Which solicitors are best to use?
We offer a panel of selected solicitors who are experts in Shared Ownership so can help you with what can at times be a daunting new step. It is advisable to choose a solicitor that has experience in Shared Ownership transactions to ensure you are getting the best service possible. It is beneficial to have a solicitor in mind at the viewing stage, so take a look at our list of panel solicitors to help you get prepared.
13. Do you own a pet?
Shared Ownership leaseholders are not usually permitted to keep pets within our properties. If you want to keep a pet, you must first have written permission from Peabody. Exceptions do apply, although these tend to be for pets who help aid well being or provide assistance. Our full Peabody pet policy, is available to download as a PDF and outlines Peabody’s approach to responsible pet ownership within our properties.
14. What happens if I’m not the only one interested in a property?
Shared Ownership is available to anyone that meets the eligibility criteria for an available property, which can vary between each development. As some of our developments can be very popular and at times receive more reservations than we have homes available, we prioritise applicants using a scoring system to ensure that property allocations go to those most in need. On some occasions there may be additional priorities set by the Local Authority which will then override our standard Allocation Policy. Any additional priorities will be advertised. See Shared Ownership allocations →
15. What is the difference between ‘defects’ and ‘repairs’?
During the first 12 months of a building’s life, faults may occur that are part of the natural settling of the building. These faults are called “defects”. Find out more about the defects liability period. Where defects occur, the contractor who built your home is responsible for repairing them. How quickly depends on how serious the defect is. Find out contractor response times.
After the first 12 months, we will ask to inspect your property to ensure there are no remaining defects that need to be dealt with. Any repairs will then be treated as normal repairs and not defects.
New buildings take some time to “settle” – so let us know if any faults emerge, and we’ll do our best to help. To report a fault or defect, even if it is outside office hours, call the Peabody Customer Care line on 0300 123 2209.