What is the Buying Process?

The first step to buying a property from one of our strategic alliance partners is to check that you are eligible for the particular scheme being offered and also that you can arrange mortgage finance for your portion of the purchase.

Speaking with a Censeo advisor will enable you to get advice on mortgages and they will be able to obtain the relevant information to keep you informed from the appropriate housing association/developer.

If Censeo are helping you, we will pass your details to the appropriate housing association/developer who will add you to their database and keep you informed of any developments which might be of interest to you.

When you attend a viewing and find the property that is right for you, the housing association/developer will complete their final financial and eligibility assessment (if not completed already) and you will be asked to pay a deposit of £1,000, of which £250 is payble on the day and the balance on exchange of contracts.

A document called "Memorandum of Sale" will be sent to your solicitor and to you. This confirms that you have agreed to buy a property and gives each party all the necessary details to start the ball rolling. At the same time, we will meet with you again, check the details of the purchase and revise the advice and recommendation that we have given you as needed (for example a rate quoted might have been replaced, or, you could be buying for a greater or lesser amount than initially discussed). Your mortgage and protection applications will be made.

The mortgage company will assess your details and ask for any further supporting documents needed and the mortgage valuation will be instructed. Once the valuation report and any information needed from you has been received and all checked to be suitable, the mortgage company will issue the mortgage offer. This process, on average, is normally completed within three weeks.

Shortly afterwards, you will exchange contracts, agreeing the completion date. This is the date on which the buying process finishes and you own your home.

The overall cost for comparision is 4.01% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.

Next: What does my solicitor do?

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