How do I apply?
Many believe that the process of purchasing a property through our low cost home ownership scheme is difficult, but in reality the process is simple! We have broken it down into 5 easy to follow steps to help you purchase the home you desire.
Step 1: The application
You will need to register with Aspire2Own, a scheme managed by the Vale of Glamorgan Council that supports first time buyers. You must complete an application form which can be found on the Vale of Glamorgan Council website or requested by calling 01446 709476.
Please note a local sales policy is in place for this scheme and where multiple applications are received, priority will be given to those who satisfy the criteria.
Step 2: Consulting with a mortgage advisor
Consulting with a mortgage advisor is important in order for a financial assessment to be carried out and to ensure that you are eligible for a mortgage.The mortgage advisor will:
- Assist you to determine whether you can afford to buy your preferred property; and
- Provide you with information about choosing the right mortgage for you.
The Mortgage Advisor is able to look at the mortgage market and help you arrange a mortgage, if you want them to.They are able to assist you in filling out the mortgage application form, submit the application and handle the processing of the application for you, saving you valuable time and ensuring the right type of mortgage that you are entitled to is obtained.
If you wish to arrange your own mortgage, you must ensure that you speak to banks and building societies and make sure that you advise them that you are buying through our shared equity scheme and of the share that you are buying.You will need to make mortgage decisions fairly quickly as lenders take at least 21 days to issue a mortgage offer and by this state in the process you will be expected to have a mortgage granted within four to five weeks.Step 3: Reserving a property
Once you have seen the property you wish to purchase and your application has been approved by the Vale of Glamorgan council and Newydd, you will then be contacted to arrange a viewing at the property you are interested in.
A deposit of £300 is required to secure your property. £250 of this will be refunded from the property price at the point of completion and £50 of this will be retained to pay for administration costs. Please ensure you transfer this to your solicitor in good time so the exchange of contracts is not delayed.
Exchange of contracts means that your solicitor and our solicitor swap the signed contracts, legally binding the contract so neither parties can change their minds!Once you have paid your deposit and signed your contract then the ‘exchange of contracts’ can take place and we can give you a date on which means you can move into your new property.
Step 4: Appointing a solicitor
Everyone who buys a home needs a solicitor to do all the necessary legal work. Your solicitor will:
- Ensure you have everything necessary to help you buy your home.
- Check the lease and contact your mortgage lender.
- Carry out checks to ensure we actually own the home we are selling to you and that there is nothing that is being planned that will affect your home; and
- Check that all the paperwork and your mortgage are in place in time for you to move into your new home.
Step 5: The completion date arrives!
On the day of completion, your mortgage lender will transfer the money to your solicitor for you to be able to purchase your home. That money will then be transferred from your solicitors to our solicitors to finalise the purchase. We are then able to give you the keys to your new home!