Second Steps – Application Process

Second Steps is a scheme that allows existing Shared Ownership customers to purchase their next home on a Shared Ownership basis. 

Second Steps gives homebuyers freedom to find a suitable new home on the open market – homes that may otherwise be unavailable to purchase due to financial constraints. The scheme is particularly useful for existing Shared Ownership customers that need to move due to work commitments, or need to add another bedroom.

There are six simple steps to purchasing a home with Second Steps, which we’ve outlined below:

1.     Find out if you’re eligible

To kick off the process, you will need to have an initial financial assessment with our appointed independent Specialist Mortgage Broker. If you are eligible, you will receive an offer confirming the maximum possible purchase price of your Second Steps property. 

2.    Sell your property

Following confirmation that you are eligible for Second Steps, it’s necessary to start the process of selling your existing home

For Southern Housing Group customers, we will sell your home via our Southern Marketing Service.

For customers of all other Housing Associations, you will need to instruct them to sell your home via their re-sale service. 

3.     Choose a solicitor 

It’s important that you have the support of a good solicitor to manage the legal elements of purchasing your new home, and selling your existing home. 

Due to the additional complexity of purchasing via Second Steps, we recommend Bennett Oakley firm who have extensive experience of both Shared Ownership and Second Steps. We have also negotiated a reduced fee if you choose to go with Bennett Oakley for both the sale of your existing property and purchase of your new home. 

4.     Find a new home

Once you have found a buyer and your property is under offer, you can start to look for your new home. Once you have found a suitable property, you will need to contact the estate agent to make an offer, whilst explaining your position. We can help you further with this step.

Following acceptance of your offer, you will need to complete a “New Home Information Form” which we will use to perform a basic property eligibility check, subject to satisfactory legal and survey searches.

5.     Attend a full financial assessment 

To follow on from your initial Second Steps offer, you will need to attend a full financial assessment with our independent Specialist Mortgage Broker to calculate the share you will purchase (between 25% and 75%). Rent calculated at 2.75% will be payable on the share owned by Southern Housing Group.

At this point, specialist mortgage advice and assistance with your application is also available, although entirely optional. 

6.     Progress the sale

Following agreement of the sale, you will need to provide us with a RICS HomeBuyer Survey Level 2 and valuation report for your new home. 

Once all legal enquiries have been answered, and your mortgage offer is approved, you can exchange contracts and agree a completion date. 

Our experienced team will support you every step of the way through this process and be on hand to offer advice. For more information on Second Steps, please contact our Sales Team on 0300 555 2171 or via email.

Are you looking for a stylish and modern home in London or the South East?

Southern Home Ownership is dedicated to providing stylish, high quality and contemporary new homes for sale on a Shared Ownership basis. 

If you're interested in owning a Shared Ownership property in London or the South East, then click on this link to take a look at our latest developments.