Your StrideUp homebuying journey: From Decision in Principle to getting the keys

Buying a home involves a number of stages and if you’re doing it for the first time, it can be difficult to know what to expect. From getting an idea of your budget to receiving your offer and completing the legal work, each step plays an important part in getting you into your new home.

Step 1: Get your Decision in Principle (DIP)

Estimated time: Around 10 minutes – with a same-day decision in most cases

Your journey starts with a Decision in Principle (DIP). This is a quick online assessment that gives you an indication of:

• How much you may be able to finance with StrideUp.
• Whether you’re likely to meet our eligibility criteria.
• A clearer idea of your property budget before you start viewing homes.

To complete your DIP, you’ll answer some simple questions about:

• Your income and employment.
• Your deposit amount.
• Any existing financial commitments.
• The type of property you’re hoping to buy.

Good to know: A DIP isn’t a formal offer of finance and doesn’t commit you to anything. It’s simply the first step to understanding your eligibility.

Step 2: Speak to a StrideUp Adviser

Estimated time: 15 – 30 minutes

Once you’ve completed your DIP, you’ll be invited to book a call with one of our advisers.

This conversation is a chance for us to get to know you better and for you to ask any questions about how StrideUp works. We’ll discuss:

• Your homeownership goals.
• Your finances and affordability.
• The co-ownership model and how monthly payments work.
• The type of property you’re looking to purchase.

If you’ve already found a property, we’ll also gather some details about it to check whether it meets our property criteria.

Our advisers are there to guide you through the process and make sure you understand each stage before moving forward.

Step 3: Provide supporting documents

You’ll need to provide supporting documentation, which may include:

• Proof of identity and address.
• Payslips or self-employed income documents.
• Bank statements.
• Details of your deposit.
• Information about the property and the estate agent.

Step 4: Submit your Full Application

Estimated time: 90-minute appointment + supporting documents

When you’re ready, you’ll complete your formal application with your adviser. This is a more detailed review of your financial situation and the property you’re looking to buy, where you will discuss our products and allow the adviser to tailor their recommendation based on your needs and circumstances.

Property valuation

As part of the application, an independent valuation of the property will be arranged. StrideUp instructs this through its panel of RICS-registered valuers, and it helps confirm that the property is suitable for financing and that the agreed purchase price is in line with the market value.

A valuation fee is payable at this stage. Your valuation remains valid for 6 months from the date of inspection.

Appointing a solicitor

You’ll also need to appoint a solicitor or licensed conveyancer to act on your behalf during the purchase. You can choose one from StrideUp’s panel of pre-approved firms, or use a solicitor of your own choosing; the only requirement is that they’re a different firm from the one acting for StrideUp, so each party has independent representation.

Because StrideUp uses a co-ownership model, there will be three legal parties involved:

Having an additional solicitor is one of the main differences between a StrideUp purchase and a conventional mortgage, but your solicitor and our legal team will work together to keep everything moving.

Underwriting review

Once we’ve received your documents and the valuation has been completed, your application moves into underwriting. Our underwriting team carefully reviews all the information to make sure everything meets our requirements before a formal offer can be issued.

Step 5: Receive and accept your Offer

Once underwriting is complete and all checks have been successfully passed, we’ll issue your formal finance offer.

Your offer pack will outline:

• The amount StrideUp will contribute.
• Your initial ownership share.
• Your expected monthly payments.
• The key terms and conditions of the co-ownership agreement.

Take time to read through the documents carefully. Your adviser will be happy to answer any questions before you decide to proceed.

If you’re happy with the terms, you’ll formally accept your offer, and pay the product fee (where applicable) – acceptance is needed within 14 days of the offer being issued.

Good to know: the offer is valid for 6 months from the date of valuation, which gives the legal process comfortable time to complete.

Step 6: The legal process (Conveyancing)

This is usually the longest part of the journey.

Once you have accepted the offer and paid the product fee, the legal work begins. Much of this happens behind the scenes, but it’s an important stage that ensures the property can be transferred safely and correctly.

What your solicitor will do

Your solicitor will:

• Review the draft contract from the seller’s solicitor.
• Carry out property searches (local authority, environmental, water and drainage, etc.).
• Raise enquiries about the property.
• Review the title and ownership documents.
• Report back to you on any important findings.

What StrideUp’s solicitor does

Because StrideUp will co-own the property with you, our solicitor will also carry out legal checks and prepare the documentation needed for the co-ownership arrangement. They work alongside your solicitor to ensure that:

• StrideUp’s interest in the property is correctly recorded.
• The legal agreements reflect the co-ownership structure.
• Funds can be released in time for completion.

Your solicitor and StrideUp’s solicitor will communicate regularly throughout the process. While having an additional legal party can mean a few extra steps compared with a conventional mortgage, everyone is working towards the same goal: getting you into your new home as smoothly as possible.

Arranging buildings insurance

Before completion can take place, your property needs to be comprehensively insured for at least its full reinstatement value, your valuation report will confirm this figure. StrideUp’s solicitor will check that a valid policy is in place before funds are released, so arranging your insurance early helps avoid last-minute delays. If you’re buying a leasehold flat, buildings insurance is usually arranged by the freeholder or management company for the whole block, and your solicitor will confirm the details for you.

Signing documents and exchanging contracts

As the legal work nears completion, you’ll be asked to sign the necessary documents and confirm that you’re ready to proceed.

Once all parties are satisfied, contracts are exchanged. At this point:

• Your deposit is paid to the seller’s solicitor via your solicitor.
• The completion date is agreed.
• The purchase becomes legally binding.
• You can start planning your move!

You can start planning your move!

Step 7: Completion day: You’re a Homeowner!

Completion day is when the purchase officially goes through.

On the agreed date:

• StrideUp transfers its share of the purchase funds.
• Your solicitor transfers the money to the seller’s solicitor.
• The seller confirms receipt of the funds.
• The estate agent is authorised to release the keys.

Congratulations, you’ve completed your purchase and become a homeowner with StrideUp.

After completion, your solicitor will also deal with a few final administrative tasks, including paying any Stamp Duty Land Tax due on your behalf, registering the property ownership with the Land Registry and ensuring the co-ownership arrangements are formally recorded. StrideUp’s servicing team will also send your welcome information, including details of your first monthly payment.

What makes the StrideUp journey different?

The biggest difference between buying with StrideUp and a conventional mortgage is the co-ownership structure.

Instead of lending you money in the form of a conventional mortgage, StrideUp purchases the property with you. This means there is additional legal documentation to put in place, and a dedicated solicitor acts on StrideUp’s behalf alongside your own solicitor.

While this introduces an extra step to the legal process, our team works closely with you, your adviser, and the solicitors involved to help keep your purchase progressing and to make sure you know what’s happening at every stage.

A few things to keep things moving

Have your documents ready. Providing requested paperwork promptly can help avoid delays.

Choose your solicitor early. Appointing a solicitor as soon as you begin your application can save valuable time later on.

Arrange your buildings insurance in good time. It must be in place before completion, so don’t leave it to the last week.

Stay in touch. Keep an eye on your emails and respond to any requests from your adviser or solicitor.

Ask questions. If you’re unsure about any part of the process, our team is here to help.