Congratulations you’ve found a property and received an initial offer to purchase from the housing association. So what happens now? Well there's quite a lot that needs to be done but don’t worry we're here to help you through each stage of the process.
The information below gives a brief overview of the process but if you do have any questions please do contact us.
Before you can proceed with your purchase the housing association may ask you to undertake a ‘financial assessment’ with one of their financial advisers. This is nothing for you to worry about but they are required to ensure that all applicants meet the criteria set by the Homes & Communities Agency.
We normally conduct financial assessments 'face to face' at a location that is convenient for you. We have access to office space throughout London and the South East so should be able to accommodate most applicants.
Confirmation of Purchase
Assuming you pass the financial assessment the housing association will issue you with written authority to proceed. It's important that you don’t instruct solicitors or make a mortgage application until you receive this authority as any expenses you incur may not be refunded if your application to purchase is declined.
Mortgage, Insurance & Solicitors
If you’ve made it to this stage you’ll be pleased to know that most of the hard work has been done and you can now get on with arrange the purchase of your home.
From here the process is just like any other purchase. We can help you arrange your mortgage and associated insurance and even recommend you a solicitor that specialises in affordable housing schemes.
Remember purchasing an ‘affordable housing’ property is not as straight forward as a normal purchase. To ensure the process runs as smoothly as possible we feel it’s important that you work with firms like ourselves that specialise in this area.
There may be a fee for mortgage advice, the precise amount of the fee will depend upon your circumstances but we estimate that it will be £247.