Home How does this scheme work? Arrange a viewing Other areas Sales process

Buying your first home is a big commitment and we are here to help and assist you through your purchase.

Step 1

Once you have viewed a property and you have decided to proceed you will be required to complete a reservation form and leave a reservation cheque to secure the property of your choice. This cheque is refundable if you are unsuccessful in qualifying for the scheme/property. However you cheque is non refundable if after an offer has been made you deicde not to go ahead or if we have to withdraw the offer because you have given false or misleading information. Offers are made in line with INplace's selection and allocation policy a copy of which can be issued on request. All applicants must also register an application with their local Homebuy Agent.

Step 2

Once you receive your offer letter your offer will be subject to you having a successful financial interview held by an independent financial advisor from our panel. INplace requires that all applicants have this interview to ensure that the property is affordable and that home ownership is sustainable. The financial advisor will be able to assist you with arranging a mortgage however you are not obliged to use their services. If you want to arrange your own mortgage then you need to ensure that your bank/building society is aware that you are purchasing a New Build Homebuy property on a shared ownership basis. We will not accept mortgage applications from adverse credit lenders.

Your mortgage advisor/lender will require the following information:

• Your payslips for the last 3 months (even if you are paid weekly)
• If you are self employed your audited accounts for he last 2 years from a certified/ chartered accountant or last 2 years tax assessments from the Inland Revenue
• Your latest P60 (original)
• Your last 6 months bank statements
• Your passport
• Photocopy of your marriage certificate if applicable
• Proof of residency i.e. utility bill
• Details of any loans that you have ongoing
• Proof of savings
• Latest rent statement

If you do not use the financial advisor that has carried out your financial assessment then we will need to see a copy of your mortgage application form within 5 working days of your financial interview. If you do not supply a copy of this then you could risk loosing the property.

Step 3

From the date of your offer letter you will have 5 working days to instruct a Solicitor and advise us of who your lender is going to be. We will then issue a Memorandum of Sale (MOS). The MOS will outline the full market value, equity share that you are purchasing, any service charge* payable and this will be issued to all parties involved. To assist with your instruction of a Solicitor we send you a panel of Solicitors with your offer letter who are experienced in New Build HomeBuy.
The MOS will give you a deadline by which we want you to 'exchange contracts' (this is a legally binding agreement). Usually your exchange deadline will be 6 weeks from the date that the offer was made to you. During this time frame your Solicitor and mortgage lender will be preparing legal documents and your mortgage offer.

*Service Charges usually only apply to apartments though in some circumstances there maybe a charge for a house if there are communal areas such as car parks or gardens. For apartments service charges generally cover the cleaning of communal areas, the cost of day to day and future repairs to the outside of the building. Also buildings insurance may be included within the service charge, if this is not included we have a block policy that covers all properties which you will be liable to pay however the premium payable is reduced as due to the high number of properties that we have insured.

Step 4

Throughout the sales process you should maintain regular contact with your Solicitor and financial advisor to ensure that the sale is progressing smoothly. Our Sales progressor will also be in regular contact with you to provide updates and to ensure that all parties are working towards the exchange deadline.
Once you receive your mortgage offer you should contact your Solicitor to arrange to sign your contract and hopefully the sale will then be ready to proceed to exchange of contracts. In order to exchange contracts you will need to pay your £500 deposit in the form of a bankers draft. Exchange of contracts means that your Solicitor and our Solicitor actually swap the signed contracts and you are then legally bound to buy the home and we are legally bound to sell the home. At exchange of contracts we will give you a date for when you can move into your new home this date is called the 'completion date' and is normally 10 working days after exchange. If your home is still under construction completion will be on notice and we will keep you notified of when your home will be ready for completion.

Step 5

On your completion day your mortgage lender will pass your mortgage funds to your Solicitor who will then pass that money onto our Solicitor. Once this transaction has taken place we can give you the keys to your new home.

The mortgage funds generally arrive with our Solicitor around 1pm (onwards) and our Sales Advisor will make arrangements to meet you at your new home in order to hand over your keys. The Sales Advisor will take meter reading and pass over a homes owners manual and any other warranties/instruction manuals.

 

Please remember that the INplace sales team are here to assist you throughout your purchase and do not hesitate to contact us if you have any queries or concerns.

Your home is at risk if you fail to keep up payments on any mortgage, rent or other loan secured on it.

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