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Home > Mortgages > What is the Buying Process?

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.

When you attend a viewing and find the property that is right for you, the housing association 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 payable 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 four 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 explanation provided is based on our understanding of housing association process. The relevant Housing Association will be able to provide accurate & up to date details

Financial Assessment Form

Censeo Limited is an appointed representative of First Complete Limited, No2 Methuen Park, Chippenham, Wiltshire, SN14 0GB, which is authorised and regulated by the Financial Conduct Authority. Censeo Limited is registered in England and Wales, company registration number 06453977, the Registered Address 11b Newton Court, Pendeford Business Park, Wolverhampton, WV9 5HB.
We will charge a broker fee of between £295 and £395, payable on application. The amount we will charge is dependent on the amount of research and administration that is required.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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