Guide to buying a resales home

If you see a home you like, then get in touch with us.

We don’t want you to get excited about a home that doesn’t meet your needs or that you may not be able to buy. So, we will send you a key information document pack and follow it up with a conversation to check you understand the scheme and meet the criteria. If you do, we will then arrange a viewing.

Don’t be disappointed if you don’t meet the criteria. We will always try to find you an alternative.

Our first come, first served policy tells you how we allocate our resales homes.

This step does not apply to most retirement resales customers.

Once you’ve found your perfect home, we refer you to our independent financial advisor to carry out a financial check.

It’s important your chosen home is right for your financial situation, which is why you will need to take part in a financial assessment.

During the financial assessment, we will:

• Verify your ID
• Review and decide if you can afford to buy the home and or another
• Agree the % share you will be able to buy

If more than one person is interested in the home, priority is given to military or ex-military, followed by the first buyer to complete the financial assessment.

When it’s confirmed you can buy the home, we will give you a notification of sale – which sets out the terms of sale and timelines for your purchase.

See our policy on surplus income requirements.

Your case handler will guide you through the process and make sure things go as smoothly as possible. They will keep in touch with regular calls, emails and text messages to work with you and your solicitor to keep things on track. It is important to note the value of the property may need to be reviewed if the sale does not complete within three months of it being legally instructed, so your case handler will keep you informed you of any challenges.

Your solicitor will handle all legal aspects of buying your new home such as:

• Arranging local searches
• Preparing your contract
• Agreeing exchange and completion dates with the seller’s solicitor and our legal team
• Negotiating what fixtures and fittings are included in the sale, and what gets left behind by the seller

This is called conveyancing.

A mortgage advisor will offer you advice and support on different mortgage options to find the right deal for you. They will then be able to guide you through the application process. Once your mortgage is approved the details will be sent to your solicitor, who will check it and send it to our solicitors.

You can choose to get mortgage advice from our independent financial advisor.

Your mortgage provider will ask for a mortgage valuation survey. This will only look superficially at your property. You may want to commission a fuller survey which will tell you more about the condition of your home and what work you may need to carry out

If you are buying a flat, your mortgage provider may ask for additional documentation. We may be able to provide some of this, so check with us first.

Local searches are required by mortgage providers. They cover any local restrictions to your building, like tree protection orders, and public highway proposals. Your solicitor will be able to guide you on this.

If you have possessions to move you will need to arrange for either a van or removal company to help you.

It is time to “exchange”. This is when you exchange contracts and pay the agreed deposit. Once you have exchanged contracts you will be legally committed to buying the property. If you pull out you can lose your deposit.

You must take out contents insurance once you have exchanged. This is because you are responsible for the property once you have exchanged.

It’s a good time to set up your rent and service charge Direct Debit (if applicable). There is lots going on when you move home, and you don’t want to fall behind with payments.

The day you’ve been waiting for; moving day.

On moving day, you pay for your home and take ownership, which means you can move in.

You solicitor transfers the money and the deeds (the legal document which proves ownership). They will also provide a summary of your lease, ours and your obligations and terms of sale.

It’s also time to pay your first quarter rent and service charge (if applicable).

Your solicitor will send you an account outlining their costs, disbursements, purchase price of your home and stamp duty. Your solicitor will normally arrange the payment of the stamp duty and register the change of ownership with the land registry.