Finding a property

Once you have your Co-Ownership Approval, the exciting part begins: finding your new home. You're free to search for properties, arrange viewings, and make offers just like any other buyer. The only difference is that your property needs to meet our criteria to qualify.

This page explains what to look for, how the survey process works, and what happens once your offer is accepted.

Understanding your property limits

Your Co-Ownership Approval shows the maximum property value you can buy. This is the total price of the home, not just your share. For example, if your approval is for properties up to £150,000, you might buy a 60% share of a £150,000 home, with Co-Ownership buying the remaining 40%.

The property value includes the purchase price but doesn't include additional costs like stamp duty, legal fees, or survey costs. Make sure you factor these into your budget when deciding what you can afford.

If you find a property you love but it's slightly above your approval limit, contact us before making an offer. In some cases, we may be able to review your circumstances, but there's no guarantee we can increase your approval amount.

Property criteria

We have criteria in place to protect both you and Co-Ownership, and to make sure the property represents good value and will remain a sound investment over time.

• The property must be in Northern Ireland and be suitable as a permanent residence. We can't approve properties that are primarily for holiday use, in buildings with restrictive covenants that limit occupancy, or in developments where Co-Ownership isn't permitted by the lease terms.
• The property must meet basic standards of construction and condition. Our surveyor will check this during the property inspection, but it's worth knowing that properties requiring significant structural work, extensive repairs, or major renovations are unlikely to be approved.
• Properties with service charges or management fees are acceptable, as long as these costs are reasonable and you can afford them alongside your mortgage and rent. Our affordability assessment takes these ongoing costs into account.
• New build properties are eligible, as are existing homes. Both are assessed using the same criteria.

If you're unsure whether a property you're interested in meets our criteria, you can contact us before making an offer. It's better to check early than to have an offer accepted only to find the property isn't suitable.

Take a read of our full property criteria for further information.

Where to search

You can search for properties in all the usual places: estate agent websites, property portals like PropertyPal and PropertyNews, and local estate agent offices. 

Many estate agents in Northern Ireland are familiar with Co-Ownership and understand how the process works. If an agent isn't familiar with us, you can direct them to our website or ask them to contact us directly.

You don't need to tell sellers that you're buying through Co-Ownership unless you choose to. 

Viewing properties

Book viewings for properties that interest you and fall within your budget. Take your time during viewings and don't be afraid to ask questions about the property's condition, any recent work that's been done, ongoing costs like service charges, and why the current owners are selling.

Look beyond the staging and decoration. Think about whether the layout works for you, whether there's enough space for your needs, and whether any obvious repairs or upgrades will be needed soon. Remember, you're responsible for all maintenance and repairs once you own the property, so factor this into your decision. Co-Ownership will only consider properties that require a maximum of £6,000 worth of renovations, so there can’t be anything significant requiring attention.

Consider the location carefully. Think about your commute, local amenities, schools if relevant, and whether the area feels right for you. You're not just buying a house, you're choosing where you'll build your life.

Making an offer

When you find a property you want to buy, you make an offer through the estate agent in the usual way. Your offer should reflect the property's condition, how long it's been on the market, and what similar properties in the area have sold for recently.

Let the agent know you have your Co-Ownership Approval in place and, if you're using Co-Own, that your mortgage is arranged or being arranged. Co-Own for Over 55s customers should promote the fact that they're a cash buyer with a Co-Ownership Approval, as this shows you're serious and can move quickly.

If your offer is accepted, the agent will confirm this in writing and issue a memorandum of sale. At this point, you'll need to provide details to your solicitor and to Co-Ownership so we can move forward with the next steps.

The property survey

Once your offer is accepted and you've informed us of the property details, we'll arrange for a RICS-registered surveyor to inspect the property. This is when you'll pay the Property Assessment Fee of £120, which covers the survey.

The surveyor visits the property to assess its condition, check it meets our criteria, and confirm it represents fair value for the purchase price. The survey typically takes place within a week of you uploading the property for assessment, depending on the surveyor's availability and access to the property. You don't need to attend the survey.

After the inspection, the surveyor prepares a report for Co-Ownership. If the property meets our standards and is approved, we'll let you know and you can move forward with your purchase. The surveyor's report is for Co-Ownership's purposes and covers whether the property is suitable.

If you want a more detailed survey for your own peace of mind, such as a homebuyer's report or full structural survey, you can arrange this separately with your own surveyor. Many buyers choose to do this, especially for older properties or homes that may have condition issues. The cost of any additional survey is your responsibility.

Moving towards completion

Once the property is approved, your solicitor takes over and your Legal Fee (£480) is due. They'll handle all the legal work including reviewing the title deeds and lease if applicable, carrying out local searches, liaising with the seller's solicitor, preparing the contract, and coordinating with Co-Ownership's legal team.

You'll need to arrange buildings insurance before completion, as this is a requirement of your Co-Ownership agreement. Your insurance must start from the completion date and cover the full value of the property.

Your solicitor will keep you informed on progress and let you know if they need anything from you. They'll also provide a final statement of account showing exactly what you need to pay, including the deposit (if applicable), legal fees, stamp duty if due, and any other costs.

The time from accepted offer to completion typically takes 8 to 12 weeks, similar to any house purchase. This can be shorter or longer depending on how complex the transaction is, how quickly searches come back, and whether there are any complications with the property or the chain.

Completion day

On completion day, all the funds are transferred, the legal work is finalised, and ownership of the property passes to you and Co-Ownership according to your shares. Your solicitor will confirm when everything is complete and let you know when you can collect your keys, usually from the estate agent.

You'll start paying your monthly rent to Co-Ownership and your mortgage (if you're using Co-Own) from the day you complete. You'll receive information about setting up your direct debit and managing your account in the days leading up to this.

And from this point on… congratulations, you're now a homeowner!