Buying a resale shared ownership home
Shared Ownership is a great, cost-effective way of getting onto the property ladder.
- You can buy the existing share owned by a customer who wishes to sell the share in their home. This will be between 25% and 75%. It may be possible to buy a larger % share.
- Buying a percentage means you need a smaller deposit and mortgage.
- You would have a mortgage and pay a monthly rent for the remaining share, which we own.
Please read our: Important information for applicants - resales.pdf [pdf] 183KB
How do I apply?
Current Shared Owners market their homes for sale via local estate agents. You won’t find them advertised on our website You'll need to look on individual Estate Agent websites or portals such as Rightmove.co.uk or Zoopla.com to find these homes. We will provide information for the Estate Agent to advise if any local connection is needed
All viewings and offers should be made via the Estate Agent marketing the property.
We can only progress an 'application to buy' once the existing shared owner has accepted your offer on the home and we'll require a Memorandum of Sale confirming this from the Estate Agent.
Register for shared ownership by completing an application form here: Shared Ownership Application Form Resales.docx [docx] 302KB
Return it by email to homeownership@muir.org.uk or by post to Home Ownership Team, Muir Group Housing Association Limited, 80 Lightfoot Street, Hoole, Chester CH2 3AL.
AFFORDABILITY CHECK
Carry out an affordability check with an independent financial advisor.
This should be carried out free of charge by a suitably qualified and experienced advisor who is regulated to give mortgage advice and registered with the Financial Conduct Authority (FCA).
If you need a mortgage,the advisor should be experienced and knowledgeable in shared ownership mortgages and have access to a range of shared ownership mortgage lenders.
You are not however required to arrange a mortgage with the advisor undertaking your financial assessment. You can find an advisor independently or through the Estate Agent if you are using one.
The advisor will need to send us
· Resales affordability check sign off form.docx [docx] 45KB
· A budget summary
· A copy of your proof of identity ( e.g. a driving licence/ passport for each applicant and proof of address )
If you are not having a mortgage we will require the advisor to send us
· Cash buyer sign off form.docx [docx] 44KB
· A budget summary
· A credit check
· A copy of your proof of identity ( e.g. a driving licence/ passport for each applicant and proof of address )
Please note there is no requirement to purchase a higher share than the amount being sold but you may be able to do this. Please request further information.
Guidance notes for advisors can be found here: Guidance note for advisors.pdf [pdf] 269KB
You can find our first come first served and surplus monthly income policy here: First come first served and Surplus monthly income policy.pdf [pdf] 119KB
Our Cash Purchases and Adverse Credit Policy is here: Cash Purchases and Adverse Credit Policy.pdf [pdf] 110KB
On receipt of the above we will assess your application and let you know if we are able to approve the purchase.
INSTRUCT SOLICITORS
You will then need to instruct a solicitor
If you are taking out a mortgage, your mortgage lender will ask us to provide written approval to the mortgage.
Once all the legal work has been carried out, contracts can be exchanged and a completion date set.
KEYS TO YOUR NEW HOME
The sellers solicitors and your solicitors will agree a completion date and the Estate Agent will arrange to handover the keys once the sale has completed.
Buying extra shares when you purchase a resale home
You may be able to buy more shares at the same time. Let the Estate Agent know if you want to do this. If you want to buy all of the shares up to 100% in one go you would not need to apply for shared ownership.
If you just want to purchase as a shared owner but buy more shares than the existing shared ownership customer owns, you will need to apply as above.
An updated valuation will be needed to confirm how much you would need to pay Muir for the shares.