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The process of buying a new build home is a little different to that of buying a resale home.
This 3 minute video explains the process of buying a new build home:
Create a SO Resi account and fill out our application form. This confirms that you're eligible for Shared Ownership.
Use our property search to find a new build home. When you’ve found one you like, use the “Enquire now” or “Arrange a viewing” buttons to register your interest and arrange a viewing.
A SO Resi sales consultant will get in touch to talk everything through, and put you in touch with an Independent Financial Adviser (IFA).
Your IFA will take you through an affordability assessment, to help you understand what you can afford. They can also help you find and arrange the right mortgage for you.
It’s time to look around some beautiful homes, with your sales consultant, and apply for those that suit your needs and meet our conditions.
Depending on demand, we'll offer you a home by letter. If you're happy to go ahead, you pay a reservation fee to reserve your home. A SO Resi progression consultant now takes over as your main contact.
You now need to appoint a solicitor to handle the purchase. This may be one we recommend, or one you know, but ideally they should have Shared Ownership experience. They’ll set a date for exchanging contracts in around four weeks. You must meet that deadline to protect your sale and reservation fee.
You work with your solicitor and mortgage provider to make sure they have everything they need to exchange by your deadline.
Around this time you'll also receive an invitation to your SO Resi welcome meeting. Be sure to come along to learn more about your new home!
You meet the exchange deadline and your solicitor has all they need. You pay your non-refundable deposit and are now legally committed to buying your SO Resi home.
The time from exchange to moving-in varies and can take up to a month, if your home is ready. We'll keep you informed.
Your home passes the building checks, then you and your solicitor set a completion date up to 10 working days later, though it may be much sooner. At this point, you make sure your funds are ready.
One of our team walks you through your new home and shows you how everything works. You can choose to do this before you complete, or on the same day.
It’s the day you become a homeowner! Your SO Resi sales consultant will call as soon as your funds are transferred. They will then welcome you to your new home and give you your keys.
Our New Homes Services team will be on hand to look after you as you settle into your new Shared Ownership home.
To put your mind at ease, your home is covered by a 10-year warranty – a 2-year period covering a wide range of items, followed by 8 years of more limited insurance. This gives you the reassurance of knowing the development has been built to a high standard and that any defects will be put right.
As a MTVH resident, you will be able to use MTVH Online, our customer portal, to pay your service charge and rent. You’ll also be able to report any problems and contact our customer service team when necessary.
If you prefer, our PDF guide explains the process of buying a new build property.