If you're thinking about purchasing a property within the Shared Ownership scheme, it's important to understand the entire process so that you can avoid mistakes going forward. Here’s a little more on who we are and how we can help make the process of buying your new home as smooth as possible.
Why Buy With Space Homes?
Space Homes was set up in 2002, and since then, we've built and sold over 1200 homes. We are proud to be a Yorkshire builder and have always been based centrally in Leeds. We know Yorkshire like the back of our hand, and we only build in the places where we know you want to live.
Unlike most developers we offer a choice of homes – full market sale or shared ownership – depending on what you are able to afford. We don’t think of shared ownership as an ‘affordable home’ it’s just another way for someone to buy their own place.
Most new homes sites have a mix of market and shared ownership homes, it’s a requirement of planning, however the developers usually sell these properties to a third party, and they find the buyers. At Space Homes we sell the properties ourselves, side by side – everyone is just buying their own home after all!
Our Shared Ownership Process – what you can expect.
Below, we explore the main steps you’ll face when buying a Shared Ownership home with Space Homes.
Find the right property
The first, and maybe most important step, is finding the property that you want to buy. If you’re considering taking the next steps to owning your own home through Shared Ownership, you can use our property search to see what’s available in your desired area. We have a range of stunning properties available across multiple developments, all located in desirable areas around Yorkshire.
Contact Space Homes
Once you’ve found your ideal property, you can speak to us to help you on the next step of the process.
Firstly, complete an enquiry form on one of our property listings. If you want to discuss the requirements in further detail, or even check availability, you can email us at
enquiries@spacehomes.co.uk where we can help you secure your chosen home.
Complete application form
Once you have enquired about the property you are interested in, we will send you an application form to complete or alternatively you can complete the form here.
Shared Ownership Scheme Application Form
Affordability Checks
Upon receipt of your application, we will refer you for an affordability assessment. Once passed, we will then require confirmation of your mortgage details. Please note we require a minimum deposit of 5% and your mortgage must be with a high street lender. For more details take a look at our
Qualification and Allocation Policy.
View your property
If your property is build complete, we will invite you to come and view the property you are interested in. If you're purchasing off-plan, your viewing will follow after build completion or when it is safe to do so. We will discuss the buying process in more detail with you.
Offer and reservation fee
If you wish to go ahead with the purchase, we will send you an offer letter and ask you to pay a £300 reservation fee. This will go towards your property purchase when the sale is completed.
Complete your mortgage application & instruct a solicitor
Once you have reserved your new home, you need to complete your mortgage application and instruct your solicitor. We will need details of your mortgage providers and solicitors as soon as possible.
Wait for your searches and valuation
Your mortgage lender will carry out a valuation of the property to finalise your mortgage details. Your solicitors will also begin the legal part of your purchase and ask for search fees payment from you.
Sign and exchange contracts
Your solicitor will send you a contract to sign. We will also sign a contract. Once we have exchanged contracts, your solicitor will agree a completion date with you.
Completion - Move in Day!
On completion day, we will meet you at your new home to check the property and hand over your keys, before leaving you to get settled in your brand new home!