First Time Buyer – April/May 2016 by The Ultimate Guide Company

the Ultimate Guide to... GETTING ON THE LADDER, THE PROPERTY MARKET AND HELP TO BUY

April/ May 2016 £2.95 firsttimebuyeronline.co.uk

WIN!

WHICH? MORTGAGE ADVISORS CUT-OUTAND-KEEP GUIDE

A WARREN EVANS BED, WORTH £495

AT HOME WITH LORRAINE KELLY

GET OUT OF THE RENT TRAP!

THE SUCCESS OF HELP TO BUY

THE POWERHOUSE OF THE NORTH

“Educate yourself on what is available and do lots of research before you start” Nicki Chapman, TV and radio presenter

First Time Buyer October/November 2014

CONTENTS

A P R I L / M AY 2 0 1 6 / I S S U E 5 8 / F I R S T T I M E B U Y E R O N L I N E . C O . U K

What’s in… 60

Urban Appeal

Caroline and her ﬁancé Alex always wanted to own their own home, but after saving for four years, they still didn’t have enough for a deposit. They then discovered shared ownership at Guinness’ Wellington Park development in Waterlooville and everything fell into place.

HOMEPAGE

for JD Williams and she talks to Lynda about her new venture, her fascinating life and her first property purchase.

11 Hot off the press This month’s main news snippets.

16 House Hunter

12 Living

We try and find Ivy Jenkins her dream home in north London.

Brighten up your home with some nautical inspired accessories, which are bang-ontrend this spring.

14 At home with… Lorraine Kelly Lorraine Kelly OBE is one of Britain’s most popular TV presenters. She has recently launched her debut homeware collection

18 Developer’s doctor David Thomas, Sales and Marketing Director for Kier Living Eastern, answers your property questions.

19 Which? Property Guide This invaluable cut-out-and-keep guide from Which? to viewing and making an offer on a home is sure to come in very useful.

FEATURED

recently returned from Australia where she was filming a new series of Wanted Down Under. She took time out of her busy schedule to talk to Lynda Clark about how it all began, her work and gives some very good advice for ftbs.

26 Reported success for Help to Buy

get very despondent, but we highlight a variety of affordable ways to get on the property ladder.

67 First Time Buyers Readers’ Awards 2016 A chance to look at the shortlist of all the different categories and details of how to cast your all-important vote.

A recent report conducted by the Government suggests that the Help to Buy equity loan scheme is a big success. We look at how the scheme is working throughout the country and at the new Help to Buy London scheme, which is helping ftbs in the capital.

30 York – The powerhouse of the north York is full of history and tradition, offering the ideal location for homebuyers, and has become a real property hotspot.

22 The View: Nicki Chapman Nicki Chapman hosts a range of property programmes, including the very popular Escape to the Country for BBC1, and has

32 Get out of the rent trap Many first time buyers are paying a huge amount of money on rent each month and

First Time Buyer April/May 2016

CONTENTS

HOMES REFLECT YOUR PERSONALITY AND, ONCE YOU OWN YOUR OWN SPACE, IT’S A WONDERFUL FEELING

Nicki Chapman HOMEMAKER

FOR FOR SALE SALE

96 Competition Win a pair of tickets to the National Homebuilding & Renovating Show at the NEC, Birmingham worth £36 per pair.

106 Credit Clinic The latest in our series, in which Experian’s credit expert, Joe Green answers your questions about all things to do with your credit.

75 The59-63 best FTB The best properties FTB properties.

108 Finance 98 First Home, First Meal

Competition Win a handcrafted wooden bed from Warren Evans, worth £495.

Jens Folkel, head development chef for KuPP, shares his delicious recipe for salmon couliblac with KuPP potato salad and coffee, mustard and dill dressing. Plus, we test the best Easter eggs from the UK’s top supermarkets.

REGULARS

Kay Hill looks at the financial implications of buying a property with friends, siblings, or an unmarried partner.

110 Market Ginetta Vedrickas looks at whether the new stamp duty surcharge on buy to let properties is good news for ftbs.

112 Agony Agent All your property questions answered by our panel of experts.

115 Buyer’s Guide Check out FTB’s Buyer’s Guide, which walks you through the property process. Adele Barker, Director of Conveyancing at Beaumont Legal, explains 10 legal steps to buying your first home.

122 Directory Where and how to contact your Help to Buy Agents or providers.

38 Hotspot We look at Greenwich as a place to live.

104 Mortgage Clinic David Blake of Which? Mortgage Advisors answers a selection of your mortgage-related questions.

First Time Buyer April/May 2016

130 Last word Blogger Molly French hit 30 and suddenly had a big wake-up call, reaising that she was not on the property ladder. She explains how she started saving for a deposit and what she did next.

Photo & cover photo: Edward T Cooke / WMA

NICKI CHAPMAN, PAGE 22

EDITOR’S LETTER

EDITORIAL 020 7258 1777

Editor-in-Chief SARAH GARRETT sarah@firsttimebuyermag.co.uk Editor LYNDA CLARK lynda@firsttimebuyermag.co.uk Editorial Assistant JOE CHURCH

Creative Director RYAN BEAL

Sub Editor HELEN MATHIAS

Contributors ADELE BARKER, DAVID BLAKE, RACHEL COLGAN, JOE GREEN, KAY HILL, LAURA DEAN-OSGOOD, ROGER SOUTHAM, GINETTA VEDRICKAS A D V E RT I S I N G 020 7258 1777

Director of Advertising/Exhibition Sales LYNDA CLARK

lynda@firsttimebuyermag.co.uk Special Events FIONA MARSHALL – First Time Buyer Home Show – First Time Buyer Readers’ Awards fiona@firsttimebuyermag.com 07964 062766 Accounts DAVID SELF david.self@ultimateguidecompany.com

Welcome I know that many first time buyers are stuck in the rent trap and paying a great deal of their hard-earned money to landlords. This can be very depressing, but there are so many different schemes available that are really affordable. The Help to Buy equity loan scheme, shared ownership and Starter Homes are three different ways to help get on to the property ladder. Do go to page 26 for information on Help to Buy and page 32 for shared ownership as I think you will find the features really interesting and very positive. Our FTB Readers’ Awards 2016 are one of the highlights of the year and, with more entries than ever before, it is up to you, the readers, to decide who the winners are. We ask you all to take a few moments to go to ftbawards.com and cast your votes – it doesn’t take very long, but it is very important – so a big thank you in advance. We are holding our next FTB Home Show on 16 April at the Fairfield Halls in Croydon and we are looking forward to seeing you there. It is the ideal way to find out everything you need to know about buying your first home, and you can meet a host of developers and housing associations, plus Help to Buy London and legal and financial experts. We are also delighted that Gavin Barwell, MP for Central Croydon, will be attending the Show. He will be giving a short talk on housing for first time buyers and answering any questions you might have. It is free to attend and there are also very informative seminars running throughout the day too, so do go to ftbhomeshow.com and register now. I hope you find this issue packed full of useful information to help you buy your dream home. Until next time, happy house-hunting!

Managing Director SARAH GARRETT sarah@firsttimebuyermag.co.uk Public Relations RACHEL COLGAN rachel@building-relations.co.uk

ﬁrst-time-buyer-magazine SUBSCRIPTIONS 020 7258 1777

EDITOR’S PICKS…

SWITCHBOARD 020 7258 1777 FAX: 020 7258 1787

The city has been attracting buyers from the south, who are looking for more home for their money

THE ULTIMATE GUIDE COMPANY LTD, 37 IVOR PLACE, LONDON NW1 6EA All advertising copy for June/July 2016 must be received before 18 May 2016. Send all copy to: lynda@ firsttimebuyermag.co.uk The content of this publication, either in whole or in part, may not be reproduced, stored in a data retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying or otherwise, without prior permission from the publishers. Opinions expressed in First Time Buyer magazine are not necessarily those of the publishers. © The Ultimate Guide Company Ltd 2008-2016. The Ultimate Guide Company Ltd t/a First Time Buyer magazine will take no responsibility for any loss/ claim resulting from a transaction with one of our advertisers/media partners.

@ﬁrsttimebuyer

Help to Buy makes buying a property an affordable option, sooner, rather than later Gary Ennis, Reported success for Help to Buy, Page 26

Michael Redmond, York – the powerhouse of the north, Page 30

Far more prospective tenants are looking for properties, than actual houses available David Cox, Get out of the rent trap, Page 32

I now try and take packed lunches to work with me every day and I’ve worked out that this saves me around £80 a month

I had to subsidise my Molly French, Last word, Page 130 first job at the BBC with working as a waitress at night to get money for a deposit Lorraine Kelly, At Home with, Page 14

First Time Buyer April/May 2016

EDITORâ&#x20AC;&#x2122;S LETTER

First Time Buyer August/September 2014

LETTERS

Mailbox INCREASE IN STAMP DUTY As a parent, I am very keen that my daughter gets a foot on the property ladder as soon as possible, so I am giving her the money for a deposit. I own my home, but I do not want to be joint owners of the home my daughter is hoping to buy. I am concerned however, that as I am contributing to the purchase price, we may be subject to the new higher rate of stamp duty for second homes? Miriam Potter FTB: From April, the higher rate of stamp duty will be charged on purchases of additional residential properties above £40,000. The new rate is an additional 3% on top of the existing residential rates of stamp duty. So, if somebody buys a property which does not replace their main home, then their new property will be subject to the higher rate of stamp duty if completion is after April 1, unless exchange of contracts took place on or before November 25 last year. I am pleased to say, though, that the higher rate does not apply to you as you are giving the deposit as a gift and do not intend to jointly own the property with your daughter.

This issue’s star letter wins a Stellar soft touch copper garlic press, Y shaped peeler and pizza cutter worth £37.76. Constructed from a food-safe finish, each item in the Stellar copper collection has been designed to perform peerlessly – even with wet hands, and the copper will not tarnish or loose its sheen, and comes with a lifetime guarantee. Other items also available include a corkscrew, nutcrackers and an ice cream scoop. stellarcookware.co.uk

HELP WITH INSURANCE I am buying my ﬁrst home and I know I need to get insurance before I move in. However, I know very little about insurance and what needs to be covered by it, so could you advise me as to what insurance I should buy? Jessica McDonald FTB: You are correct in saying you need insurance before you move in, as it is essential to protect your home and all your belongings.

There are two types of insurance you should look at. Firstly, buildings insurance, which protects the building from damage such as ﬁre, water and bad weather, and secondly, contents insurance. Contents insurance protects your possessions inside the home if they are damaged, or stolen. It is important that you look at all your items and make sure you aren’t under-insured. Insurance provides piece of mind, and reassurance if something does go wrong.

WRITE TO US! Please send us your questions, comments and suggestions concerning property, or the articles in First Time Buyer magazine. First Time Buyer Letters, 37 Ivor Place, London NW1 6EA lynda@firsttimebuyermag.co.uk

LEAKING ROOF I was a ﬁrst time buyer and I bought a shared ownership resale apartment a year ago. Unfortunately, ever since I moved in, I have had problems with water leaks, which has been reported and repaired, but I assume, not properly as I still have water leaking through my ceiling. This has caused some considerable damage to my sitting room and I have now been informed that major works will have to be carried out to rectify this problem, which will cost a considerable amount of money. There is enough in the sink fund to cover this but I am very angry, as I have spoken to the housing association to inform them that this is unacceptable and the roof must have been in a terrible state before I moved in. The housing association is now ignoring my letters, but I would like to know if I can appeal? Dan Riversley FTB: I am assuming, from the letter, that you have bought your home from the previous owner and not directly from the housing association. The person selling should have made you aware of the

leaks during the purchase process and also I would have thought your surveyor would have spotted the leak when undertaking a condition survey. If they have not made you aware, then you would need to speak with your solicitor who handled the purchase for you, to see if there is any claim available against the previous owners. There is one bright spot and that is, you say there is plenty of money in the sink fund. This means you will not have to pay and the previous owners will have contributed to the sink fund. With regard to the works, the housing association will have to consult with you over what is planned (called an S20 consultation). You can make observations and comments on the works and the process. If there are leaks happening, then obviously the works are needed. I am not sure why the housing association is not responding to you. It may be that they are misunderstanding and do not appreciate your concern. Alternatively, if you bought directly from the housing association, then you would need to discuss with your solicitor what they disclosed during purchase and to see if a claim is possible. Obviously, any step to complain or litigate comes with potential downsides in terms of costs that may arise. If you think the cost of the works are unreasonable, then you can challenge at a First Tier Tribunal and you would need to prove the works are priced at an unreasonable rate. If you want more information, then lease-advice.org may assist you with guidance booklets.

VISIT OUR WEBSITE For everything you need to know about buying for the first time, go to firsttimebuyeronline.co.uk

First Time Buyer April/May 2016

Homepage NEWS IN BRIEF

HOUSE PRICES UP According to the latest figures from the Halifax House Price Index, prices in the three months to February were 9.7% higher than in the same three months a year earlier.

MORTGAGE PRODUCTS The number of mortgage products has reached an eight-year high, according to the National Mortgage Index. Consumers are able to choose from more than 17,000 mortgage products available, which is the highest number seen since March 2008.

HOTTEST TUBE STOPS As the migration of London buyers to the capital’s outer zones continues to build, zones 5 and 6 are now home to the top 10 hottest tube stops, where property demand is concerned. South Ruislip is currently the most in demand stop on the London Underground network, with demand at an impressive 75%. That particular pocket of northwest London is very popular, with South Ruislip joined in the top 10 hottest tube stops by nearby Eastcote (71%), Ruislip Manor (71%), Northwood Hills (67%), Ruislip (66%) and Rayners Lane (65%). This is evidence of the desirability of Crossrail-accessible property as, with the exception of Northwood Hills, all lie within a direct commute to an Acton tube stop, via either the Central or Piccadilly lines. Not only this, but Ruislip, Ruislip Manor, Eastcote and Rayners Lane are all located on the Metropolitan line and, with an average demand level of 47%, the Met line is by far the most in demand of all lines on the tube network, when it comes to property. As with the year’s highest climbers, east London features prominently in the top 10 hottest tube spots, with Hornchurch (66%), Dagenham East and Dagenham Heathway (65%) all making the top 10. Debden, in the northeast, completes the top 10, with demand at 68%; it’s the 4th hottest spot on the tube network.

ON THE UP! New research by Which? Mortgage Advisers reveals where homebuyers can find homes priced under the national average of £200,000, in areas that have seen the biggest increase in property prices in the last year. The new Which? analysis, and interactive property price map, reveals the areas of the country which have seen the largest increase in property prices in the last year, yet still remain below the national average property price of £200,000. These areas on the up could be prime locations for first time buyers. The analysis of Land Registry data reveals that Liverpool’s central ‘L1’ is the top affordable area on the up, having seen a property price increase of 41.2% in the last year. An average property increased in value from £85,000 between December 2011 and November 2014, to an average of £120,000 for the year to November 2015. Second and third were Conwy’s ‘LL27’ in North Wales and Bradford’s ‘BD1’, just east of the city’s university. Average property prices in these postcode areas increased by 37% and 36% respectively. In Conwy’s ‘LL27’, the average property price rose from £135,000 between 2011 and 2014, to £185,000 for the year to November 2015, and in Bradford’s ‘BD1’ they rose from £42,000 to £57,000. Despite the significant increase in average prices in these areas, they remain under the national average. Even in the capital, where prices are higher, Bexley’s ‘DA18’ had affordable homes with potential to increase in value. The average property price in DA18 was £191,500, up by 32% in the last year.

THE ELIZABETH LINE

A LIFE MORE NOBLE

The new Crossrail line, set to open in 2018, will be named after the UK’s longest serving monarch, Queen Elizabeth II. Stretching over 60 miles, from Reading and Heathrow in the west to Shenfield and Abbey Wood in the east, the Elizabeth line will stop at 40 stations – 10 newly built and 30 newly upgraded – and service around 200 million people each year.

In 1865, Octavia Hill persuaded John Ruskin to buy two properties in Marylebone for housing the poor. This was the start of a lifetime of pioneering work for social housing. Celebrating 150 years of Octavia Housing, a fascinating new book, A Life More Noble, has been published, bringing together a diverse group – among them politicians, artists, broadcasters, charity leaders, actors, writers and social housing workers and tenants – to explore a phase Octavia used to describe her ambition in life. She said, “individual life noble, homes happy and family life good” and this book asks what it means to live a noble life and tries to find some of the answers. Published by Octavia, a not-for-profit organisation providing thousands of people with good-quality affordable homes in inner London, this book includes a wonderful collection of pieces from contributors such as Ian Hislop, Grayson Perry, Sandi Toksvig and Maxine Peake. A true insight and a tribute to Octavia Hill’s work and ambition, this book is a real must-have. Priced at £9.99, it is available online from lifemorenoble.co.uk and on Amazon, Waterstones, Octavia Foundation charity shops and selected booksellers, including Daunt Books.

First Time Buyer April/May 2016

Homepage LIVING

Get the seaside look This spring, it’s time to refresh your home with some on-trend nautical inspired accessories. This coastal colour palette includes traditional blue and white, with the introduction of smokey grey, shades of pastel pink, lilac and metallic silver Chesterfield scroll bed, £399; glass rope lantern, £12; sailing boat ornament, £15; swallow printed duvet set, £16; hope, faith, love cushion, £5, George Home at Asda

Set of two nautical glass bottles, £30, tch.net

Walk on the beach sign, £9, tch.net

Striped deck chairs, £44.99 each; white lantern, £9.99; silver cage lantern, £24.99; rope jar lantern, £14.99; honeycomb glass lantern, £19.99, Dobbies

First Time Buyer April/May February 2010 2016

Homepage LIVING

Small wooden seagull, £8, tch.net

Set of three Let’s set sail votives, £5, George Home at Asda

Tattoo bath towel, £6; stripe bath towel, £6; tattoo tumbler, £3; print vase, £3; stacked trinket pot, £5; mirror, £8, George Home at Asda

Four-drawer chest, £87.95, florafurniture.co.uk

Beach hut cushion, £32.95, coastalhome.co.uk

C O N TA C T S » Coastal Home coastalhome.co.uk » Dobbies dobbies.com » George Home at Asda george.com » Flora Furniture floralfurniture.co.uk » The Contemporary Home tch.net

First Time Buyer April/May 2016

Homepage LIVING

At home with: Lorraine

Kelly

Lorraine Kelly OBE is one of Britain’s most popular TV presenters. Her show, Lorraine, is on ITV every day from 8.30am, where she interviews celebrities for all the latest showbiz news and style. She has recently launched her debut homeware collection for JD Williams and she takes time out of her very busy schedule to talk to Lynda Clark about her life, her new venture and her first property purchase FTB: Tell us about your first property experience LK: The first property that I bought was in the city centre of Glasgow when I was about 20. I was going into town on the bus when I saw a sign that said they were building new flats for £20,000. At the time, that was a huge amount of money; in fact, it was so much money, I had to subsidise my first job at the BBC with working as a waitress at night to raise the deposit. It was a one bedroom flat and it was a rabbit hutch! It was tiny, but it was mine! My dad bought me a television and I bought my first sofa from something called ‘Saturday Snips’ in the Glasgow Evening Times newspaper - it was £10 for an old battered leather sofa, I loved it! I had my first house party once I could afford to buy some curtains! They were great times and really I didn’t need very much at all. I was out and about all the time because it was right in the city centre. It was equivalent of having a flat right in the middle of Piccadilly Circus, so it was brilliant. I stayed there for about three years before moving to London to rent.

FTB: Where do you live you now and what do you especially like about the house? LK: I have the best of both worlds. I have a wee flat in the city centre of London; it’s great as I can walk everywhere and it’s perfect for work, too. It was originally a show flat and over time I have added some touches of my own, but it was brilliant to not have to do anything when I first moved in, I was just ready to go! I also have a four bedroom, 1920s Arts and Crafts house in Broughty Ferry in Scotland, it’s not huge, but very comfortable. It has open fires and lots of the original features, so there’s a very cosy feel. We tend to spend a lot of time in the kitchen, which I love. We have an AGA in there, which is great. and Steve can do all of the cooking; he’s the cook in our house. It’s very comfortable and homely and that’s what drew me to it. The kitchen is absolutely the heart of the house; that’s where everything goes on and where everybody ends up! FTB: How did your TV career start? LK: I started my career in journalism totally by accident, like most things! I left school at 17 and worked on my local newspaper, the East Kilbride News, until I was about 21. I then got a job at the BBC. I basically badgered the BBC for every job going! I even applied for a job as a farming correspondent, based in Aberdeen, and I knew nothing about farming – I’m a city girl! I knew it would be the same people on the board for all of the jobs that I applied for, so I thought eventually they will get so annoyed with

“WHEN YOU DO GET YOUR FIRST PROPERTY, MAKE IT A REFLECTION OF YOU AND FILL IT WITH THE THINGS YOU LOVE” 14 First Time Buyer April/May 2016

Homepage LIVING

seeing me, they would have to give me a job! I eventually did get a job as a researcher with the BBC for a year and I then got offered a permanent position as a reporter for TV-am, covering Scotland. I then, somehow, got the nerve to phone the boss of TV-am – who, at the time, was Greg Dyke – I said “you have to give me this job” and he said “ok, come down and see me”. I don’t know where I got the gumption from and I would never do something like that now, but when you’re young, you just go for it… and I got the job!! The rest is history! FTB: What has been the highlight of your career so far? LK: There have been so, so many. On a lighter note, I loved doing shows broadcast from New York and LA and covering the Oscars. On a more serious note, we covered the 10th anniversary of 9/11 and we did the first interview on TV-am with Nelson Mandela on his release from prison, so that was an incredible honour. I have met some remarkable people over the years and one of the key highlights for me was meeting Oprah Winfrey. I was very nervous about meeting her, because she is the Doyenne! She was absolutely fantastic. She was funny, generous, kind, approachable, everything I hoped she would be and more! It’s brilliant when somebody lives up to your expectations. FTB: Tell us about your new range of homeware products? LK: For me, it’s really important to have items that make a house a home so, when embarking on this homeware collection, I was keen to create items for comfort first and foremost. I wanted everything to be relaxed and cosy, with elements of the country look and my heritage thrown in. I was keen to stay true to my style and JD Williams helped me to create a collection that reflected me and my own home. FTB: What inspired you? LK: Inspiration really came from where I live and where I have travelled in Scotland. For ‘Coastal Mist’, I took my inspiration from the Outer Hebrides. I love the colours there, across the beaches, the sea and the sky, which change so frequently; the chessboard weather was the perfect inspiration for the colour palette as you can see every season all in one day. For ‘Coast to Glen’ I was keen to introduce a variation of textures, colours and checks and didn’t want tartan to dominate and overwhelm; I am proud of my heritage so introduced elements of this, but with a modern twist. I have photographs of family members everywhere in my home, going back to my great grandfather, so I was keen to design a frame

Above: Set of three vases, £25; blue ridged tall vase, £25; wooden lantern, £29; star cushion, £18; yellow cushion, £22; herringbone cushion, £12. Top right: Chunky knit cushion, £18; check cushion, £14; Scottie dog appliqué cushion, £12; check fringe throw, £19; knit throw with lurex, £35. Right: Bronze lantern, £35; bronze hanging photo frame, £18; concrete table lamp, £29. Lorraine at Home by JD Williams

“I WANTED EVERYTHING TO BE RELAXED AND COSY, WITH ELEMENTS OF THE COUNTRY LOOK AND MY HERITAGE THROWN IN” that you could put multiple black and white family photos in, or even just a single picture. Other favourite pieces include the wool-textured cushion and throw, as well as the cheeky dog motif cushion. The concrete lamp is another – I love the texture, and it’s really stylish and looks expensive. FTB: What are your plans for the future? LK: I’m currently working on my AW16 collection for JD Williams. We’ve created the mood boards, and are exploring prints and materials. It’s quite a speedy process, so there is a lot to do! I would love to do more travel writing and travelling too. I would really enjoy that. My husband is a brilliant cameraman and

photographer and so I would love to do more projects with him, too. To be honest, I just love what I’m doing and I think that I’m enjoying the show more now than I ever have. It’s just great fun! FTB: Have you any tips for first time buyers trying to get on to the property ladder? LK: Just keep working hard and you will get to your goal eventually. When you do get your first property, make it a reflection of you and fill it with the things you love. When your house becomes a home, it’s such a great feeling, so just enjoy every moment of that exciting time! jdwilliams.co.uk 0871 231 2000

First Time Buyer April/May 2016

Homepage FIRST RUNG

The

HOUSE HUNTER

What we found... THE PARK-SIDE PALACE

THE WILD CARD Edgware Green Edgware

from

£330,000

Canons Row Stanmore

from

£TBC

shared ownership

This month FTB goes on the hunt with Ivy Jenkins, who is after a one bedroom home in north London

PROFILE

Name Ivy Jenkins, 36 Occupation Events manager Maximum budget £250,000 Requirements A one bedroom home in north London, with some outdoor space and access to parking and good transport links for frequent travel with work.

What she wanted… I’ve been living with a friend for the last two years and, although we get on so well, we’re also both at the age where we’d like our own space – and I would love to become a homeowner. As an events manager, I travel a great deal with work and a lot of my travel is north of London, so I would like to live north of the river, close to good transport links. I also have a car, which I rely on for work, so would ideally like private parking, or access to parking. I currently have a garden and spend a lot of time out there, so would love to have either a garden or a balcony, where I can read, eat or have a glass of wine after a hard day’s work. I have saved long and hard with buying a home in mind, and have a deposit of £25,000, meaning my budget is around £250,000.

First Time Buyer April/May 2016

This new collection of almost 1,000 new one, two and three bedroom homes, available through Help to Buy, is ideally located for travelling north of and into London. The 30-acre site will be a bustling new neighbourhood with tree-lined paths, water features and landscaped spaces. From nearby Stanmore station, central London can be reached in 35 minutes, while the M1, for speedy travel north is just a few minutes’ drive. Each beautifully finished home has private outdoor space as well as access to private parking.

Forming part of ongoing regeneration in the area, this new development offers one, two and three bedroom homes, surrounded by landscaped communal areas. Inside, the homes are sleek and contemporary. Open-plan living/dining areas lead to a private balcony, while larger homes benefit from an en suite to the master bedroom. There are parks and open spaces nearby and transport links are good, with Stanmore station an easy 10-minute walk away. Each of the homes comes with a private parking space.

barrattlondon.com

familymosaicsales.co.uk

What she thought… These homes are beautiful. The interiors are so bright and modern and I would enjoy putting my own stamp on what is, effectively, a blank canvas. The one bedroom apartments are really well sized, with plenty of space for having people over – including a large balcony, which I would love. There are also shared gardens, which would be brilliant in the summer and perfect for getting to know the neighbours. Location wise, it would be very good for travelling out of London and, although it’s out of my budget, Help to Buy may be able to help.”

What I really like about this area is that it’s close to country parks and, although it’s close to central London, there’s a bit of a country feel – which is so refreshing. It’s the kind of place I’d enjoy exploring at the weekend. This is a good location for my travelling, too, with easy access to the M1 and M25 as well as the tube. The apartments are really attractive and I love the architecture, it looks like there’ll be plenty of natural light coming from those huge windows.”

Homepage FIRST RUNG

THE CENTRAL SIZZLER Canonbury Cross Islington

THE CITY CONNECTION

from

£TBC shared ownership

Millport, Isle of Dogs

from

£143,000*

First choice! THE RURAL FEEL from

£94,000*

Bowles Square Enfield

Superbly located, just moments from the thriving heart of Islington, this collection of one and two bedroom apartments is perfect for those looking to get on the ladder in the heart of capital. The contemporary homes offer all mod cons, including fitted kitchens with integrated appliances, wood effect flooring, plus some homes benefit from a private balcony or terrace. Getting around the city from here is so easy; among the many options, King’s Cross lies within walking distance, or is just a couple of minutes by tube.

Just minutes from the Thames, this thriving part of London is home to a new collection of one and two bedroom homes. The sights and sounds of some of London’s most famous landmarks are within easy reach: with the O2 Arena, Canary Wharf and Greenwich all within walking distance. The homes are finished to a high spec, with carpeted bedrooms, oak-effect flooring to the rest of the apartment, fitted kitchens and a spacious balcony. Mudchute DLR is moments away and London City Airport less than five miles.

nottinghillhousing.org.uk

nottinghillhousing.org.uk *Based on a 40% share of the full market value of £357,500

This really is an amazing location; I never expected anything so central to fall within my budget. The homes look really lovely and I’m sure I would love being able to get into town so easily, or get home quickly after a night out. This is a great area and there would always be something to do. Unfortunately, because I drive out of London so much for work, I don’t think it’s the ideal location for me – as lovely as it is.”

This is a very interesting location – and one that I’d not even considered. I really like the look of the homes – they’re very nicely designed and I love that they are within walking distance of so many exciting things. In terms of getting out of London for work, I’d have to give it some thought. Although it is north of the river – it is only just, and it might add on quite a bit to my journey times when I’m travelling north. However, it’s such a great location, that it’s definitely worth thinking about.”

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nottinghillhousing.org.

*Based on a 40% share of the full market value of £235,000

THE NEXT STEP

“It’s a wonderful feeling knowing that I am able to buy my own home – and shared ownership has made it even more possible. I think this looks like a part of town that’s on an upward trajectory, so I’m going to do some more research, spend some time here and speak to a mortgage advisor to get the ball rolling.”

This is a new part of town for me, but one that I’m really interested in – it looks like it has a lot to offer. Because I’m from a rural area originally, I’m really interested in the idea of being so close to countryside, while also being only 30 minutes by train from central London. The transport links are good – and the M25 is only a short drive away, which hopefully means speedier journeys when I’m travelling for work. The apartments look really lovely – nice and bright and airy. I love the wooden flooring and the kitchens and bathrooms look great, too, I can really imagine myself living here. It would be lovely bringing friends over and being proud to have such a lovely home.”

First Time Buyer April/May 2016

ADVICE

Developer’s Doctor David Thomas has been at the helm of the Sales and Marketing Department for Kier Living Eastern for almost ﬁve years, responsible for sites selling quality new homes in Lincolnshire, Cambridgeshire, Bedfordshire, Northamptonshire, East Anglia and Scotland. Here, David gives some valuable advice on the Government’s Help to Buy scheme

Question… My partner and I have recently got engaged and would love to move into a place of our own before we get married next summer. We both work full time and earn decent money, but we’re ﬁnding it hard to save for both our wedding and the deposit on a house. Would Help to Buy be worth considering in our situation?

Answer … The short answer to your question is yes! Help to Buy is a scheme created by the Government for people just like you, who are struggling to raise enough cash to cover the deposit on a new property.* Available on newbuild homes, Help to Buy requires you to find just a 5% deposit. You then take out up to 20% of the property value as an equity loan from the Government, and secure a mortgage of 75%. The loan will be interest free for the first five years of home ownership. So, on a property priced at £200,000, you would need to raise a deposit of £10,000 and borrow £40,000 from the Government. Your mortgage would then equate to £150,000, meaning your repayments would be much less than they would be through a straight purchase.

ARE THERE ANY CONDITIONS? You can only take advantage of the Help to Buy scheme on newbuild properties up to the value of £600,000. You must not own another property when you take out your equity loan, and you can’t use a former home as a part exchange. It’s also forbidden to sublet your new home once you are the owner.

HOW ELSE CAN THE GOVERNMENT HELP ME BUY MY OWN HOME? If you’re a ﬁrst time buyer, you can take advantage of the Government’s Help to Buy: ISA. Through this scheme, your savings will be

First Time Buyer April/May 2016

boosted by 25%. As a result, you will receive £50 from the Government on every £200 you save, up to a maximum of £3,000. If you save alongside a partner, you could therefore receive up to £6,000 for your property purchase. You will need to save at least £1,600 into your Help to Buy: ISA before you’re entitled to a bonus. This payment will be received during the purchasing process, after an application has been made by your conveyancer. To qualify for this payment, you must ensure that your property does not exceed £250,000, or £450,000 for a London residence. The Help to Buy: ISA scheme can be used alongside the equity loan outlined above. Again, you are not allowed to rent out the property after you have bought it.

ARE THERE ANY OTHER SCHEMES AVAILABLE? Depending on your circumstances, you could take advantage of the shared ownership scheme. This allows you to buy between 25% and 75% of

David Thomas, Sales and Marketing Director for Kier Living Eastern the property’s value and pay rent on the rest. You are eligible for the shared ownership scheme if your household income is less than £60,000 per year (note that this figure is variable in London), you’re a first time buyer, or you used to own a home and now find that you cannot afford to buy another. Priority is given to council or housing association tenants and armed forces personnel. Shared ownership properties must be newbuilds, or those being resold by housing associations. Kier Living can talk you through all the options available to you – we will be happy to help! *YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE, OR ANY OTHER DEBT SECURED ON IT. Available on newbuild homes up to £600,000, subject to the Government’s Help to Buy terms and conditions, and only available to customers where a primary mortgage is secured. Not available on second, additional, buy-to-let, or let-tobuy properties. The equity loan is interest free for the first five years and needs to be a minimum of 10% of the purchase price, up to a maximum of 20%. After five years, an annual fee of 1.75% of the outstanding equity loan is charged. This is increased annually by RPI plus 1%. Subject to status, terms and conditions apply

QUEEN’S COURT Herne Road, Oundle PE8 4BS Kier Living Eastern is proud to present Queen’s Court, a fantastic collection of new homes in the historic market town of Oundle. Contemporary houses set over two floors nestle next to impressive townhouses, with the properties ranging between two and four bedrooms. All of these charming homes benefit from intelligent design and a beautiful finish, offering an excellent quality of life. Close to the beautiful River Nene, Queen’s Court is within walking distance of the centre of Oundle, which offers all the amenities

FROM £209,995 you will need on a daily basis. These include a doctor’s surgery, pharmacy, two supermarkets and a regular market. There’s a primary school ten minutes’ walk away, while Prince William Upper School is just yards from the front door. Prices at Queen’s Court start from just £209,995 for a two

bedroom Shelley home. With the Help to Buy scheme, you would need a deposit of just under £10,500. You could take out a government equity loan for as much as £42,000, which would be interest free for five years. For more information, visit kierliving.co.uk, or call 01832 272 917

CUT OUT AND KEEP!

Homepage ADVERTORIAL

Property-viewing checklist

Mortgage Advisers

On average, we spend just one hour viewing the property we end up buying. That’s not much time considering the big bucks at stake, so it’s important that you make every second count. Use this cut-out-and-keep checklist on your next viewing to make sure you’re armed with all the key facts, before deciding whether to make an offer

ADDRESS OF PROPERTY:

Download more printable copies at which.co.uk/checklists

OUTSIDE THE BUILDING

HAVE YOU…

£ £ £ £ £ £

£ £ £ £

Is the brickwork worn or cracked? Can you see any missing roof tiles? Are the drains and guttering fairly new? If it’s raining, are they leaking?

Spent at least half an hour exploring the local area? Tried out the commute to work or school during rush hour? Checked what the road is like at pub closing time?

Are the chimneys straight? Is there parking?

WINDOWS AND DOORS

£ £ £ £ £

Viewed the property at different times of day?

Are the windows double-glazed? Is there any damp around the frames? Do they need painting?

IF IT’S A FLAT

£ £ £ £ £

Is it leasehold or freehold? If it’s leasehold, how many years are left on the lease? Is there a service charge, and if so how much does it cost? Is there shared access to the garden? If there are ﬂats above/below, can you hear the neighbours?

How secure are the doors and windows? Do they let much draught in?

NEW-BUILD HOMES

INSIDE THE PROPERTY

VIEWING A SHOW HOME

£ £ £ £ £

£ £ £

How much redecorating would you want to do? Is there enough storage? Can you see or smell any damp? Is there a loft – and if so, might you want to convert it?

How does the development ﬁt in with the local area?

QUESTIONS TO ASK THE SALES TEAM

£ £

What’s the water pressure like, particularly in the shower?

£ £

Does the show home seem well-built?

Are there any cracks big enough to put the edge of a 10p into?

THINGS TO TEST

Is the site tidy and well-managed?

How long does it take for hot water to come through? Do the light switches work?

How would your property differ from the show home? Are the ﬁxtures and ﬁttings standard throughout the development?

£ £ £ £

Would you be able to personalise anything? Is the home energy-efﬁcient? When will the development be ﬁnished? Is the builder registered with the NHBC?

GARDEN

£ £ £

Will it be easy to maintain? Which direction does it face?

LIKE WHAT YOU SEE?

Can you hear much noise from roads, trains or planes?

If you like the property and want to make an offer, turn over for more expert, independent advice from Which? Mortgage Advisers

QUESTIONS TO ASK THE AGENT OR OWNER

£ £ £ £

Do the chimneys work? Has any work been done on the property? If so, what guarantees are there on the work? Have neighbours built extensions or converted lofts? If so, you may be able to do the same.

on what to do next.

Where’s the boiler, what type is it and when was it

Need to get a mortgage for your new home, or just want some impartial advice on how it all works? Call Which? Mortgage Advisers on 0800 316 0822 Lines open Monday to Friday 9am-6pm, Saturday 9am-1pm mortgageadvisers.which.co.uk

last serviced?

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. First Time Buyer April/May 2016

CUT OUT AND KEEP!

Homepage ADVERTORIAL

How to make an offer on a property

Mortgage Advisers

Find out when to offer under or over the asking price, plus how to make your offer as tempting as possible

WHAT’S IT REALLY WORTH? The asking price of a property does not always reﬂect how much it’s actually worth. Use the Land Registry website to ﬁnd out how much other, similar properties in the neighbourhood have sold for recently to get an idea of its real value – and, if it needs work, remember to factor this into your budget.

UNDERSTAND THE SELLER’S SITUATION Find out from the estate agent whether the vendor is in a hurry – for example, if they need to relocate for a new job, are expecting a baby, or have already found a home they want to buy. Provided you’re not bidding against others, this may mean you can get away with paying below the asking price. If, on the other hand, the vendor hasn’t found a place to move to yet and isn’t in a rush, they’re more likely to hold out for more money. If you do want to offer less than the asking price, bear in mind that many people ﬁnd selling their home emotional and you risk insulting them if you go in too low. Before putting in that cheeky offer, think carefully about whether the saving is worth risking losing your dream home over – and whether you’re being fair.

BEAT THE COMPETITION If you’re buying in a competitive area where there are more would-be buyers than there are properties for sale, you’ll need to be tactical. First things ﬁrst, you’ll be taken much more seriously if you already have a mortgage agreement in principle when you make your offer. This shows that you’re organised and can deﬁnitely afford to buy the property you are viewing.

– it could mean that you lose money when you come to sell it, or struggle to make your monthly mortgage repayments. Instead, follow the tips in the section below to ensure that you stand out from the crowd...

MAKING YOUR OFFER You can make your offer to the estate agent over the phone or in person. It’s also worth putting it in writing and making it clear that it’s subject to a survey. Ask the agent to take the property off the market and not show it to anyone else – they don’t have to agree to this. If you’re the only interested party, your offer will either be accepted or rejected. If it’s rejected, you may then enter into negotiations over the price. If other people also offer on the property, it may go to ‘best and final offers’. In this situation, you’ll have to submit your best offer by a set deadline. Include details of everything that could stand in your favour: emphasise that you’re a chain-free first-time buyer without a property of your own to sell, as being able to move quickly could mean your offer is accepted over others – even if others are for higher amounts. Tell them about your mortgage agreement in principle and the fact that you have a solicitor in place to show you are organised and can afford to buy. Even seemingly unimportant details can help: did you love the property’s warm, welcoming feeling? If so, tell them. Some vendors will find it important that the buyer loves the property as much as they do. Once you’ve put together an offer that makes you sound as appealing as possible, send it to the estate agent before the deadline and wait to hear the vendor’s decision. It can be hard to keep your cool, but try to remember that even if you don’t get the property, there will be others.

Good luck! The independent experts at Which? Mortgage Advisers can find the best mortgage for your personal circumstances and arrange an agreement in principle for you. To find out more, call 0800 316 0822 for a chat with our friendly team. It’s worth ﬁnding a solicitor before making your offer, too, so that you’re as ready as possible to get things moving if your offer is accepted. If you’re bidding against other people, don’t get carried away and offer more than you can afford, or more than the property is realistically worth

Call Which? Mortgage Advisers on 0800 316 0822. Lines are open Monday to Friday 9am-6pm, Saturday 9am-1pm. mortgageadvisers.which.co.uk

Terms & conditions Who we are: Which? Mortgage Advisers is a trading name of Which? Financial Services Limited, part of the Which? Group. Which? Financial Services Limited, Registered Office: 2 Marylebone Road, London NW1 4DF. Registered in England and Wales No. 7239342. Which? Financial Services Limited is authorised and regulated by the Financial Conduct Authority (No. 527029). What we charge*: You won’t pay for your initial consultation. If you decide that you’d like us to help with your application, we’ll charge a fee of £499 to cover our administration costs. This is paid in two parts:1. A first instalment of £249 when we start. This fee is non-refundable and payable on application. 2. A second instalment of £250 once you complete your mortgage. If you’re a full Which? member when you first get in touch, this is £150 (this does not include temporary or trial membership). On most mortgage applications we receive a commission fee from the lender on completion. This is separate from our administration fee and is an additional fee we receive. *These amounts are subject to change. These charges apply to each mortgage contract you enter into through us. Once you’ve spoken to an adviser and provided details on your specific requirements, we’ll confirm the exact fee to be paid and when it will be collected. FP332.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. 20

First Time Buyer April/May 2016

THE VIEW

“EVERYTIME I HAD SOME SPARE CASH, I’D TRY AND PAY OFF A LITTLE OF THE MORTGAGE, CHIPPING AWAY AT WHAT I OWED”

First Time Buyer April/May 2016

THE VIEW

Golden GIRL Nicki Chapman first hit our TV screens when she appeared as a judge on Popstars and Pop Idol back in 2001. Since then, she has been very busy and has hosted a range of property programmes, including the very popular Escape to the Country for BBC1. She is also a regular presenter on BBC Radio 2 and has recently been to Australia filming a brand new series of Wanted Down Under. Lynda Clark caught up with her to find out all about her fascinating career PHOTOS: EDWARD T COOKE / WMA

It’s been a very busy year for Nicki and, when we meet, she looks radiant. She has a hectic schedule and, as well as filming her new series, she will also be back on our screens presenting the RHS Chelsea Flower Show in May and is due to host the famous Spanish Riding School of Vienna, who will be performing at Wembley and in Birmingham later this year. Nicki went to school in Canterbury, Kent, and left with only three O’levels, which, as she says, “is not a great start in life!” Little did she know then how successful her career was going to become. She adds, “I worked hard at school, but I wasn’t academic at all, so I decided to do a business course at college. I thought it would give me good grounding in the workplace. After studying for three years, I decided to travel to Australia for eight months on my own. I loved the lifestyle there and planned to emigrate. Whilst waiting for my visa to be processed, I applied for three jobs in the music industry back in London and, believe it or not, I was offered all three! Suffice to say, the lure of the music world stopped me from moving down under! I decided to accept the job that sounded best suited for me and, basically, I worked my way up in the music industry. My first job was as a promotions assistant at MCA records, moving to RCA records as head of TV promotions. In 1995, I became a joint partner in the Brilliant! PR Company and we represented the Spice Girls, Kylie Minogue, Take That, Phil Collins, David Bowie, The Brit Awards and The Big Breakfast to name a few. In the past, I had worked with Simon Fuller, who represented Annie Lennox and the Spice Girls, and so, in 2001, I joined his management company, 19 Entertainment, as Creative Director. I suppose my real rise to fame was when I became a judge for the ITV series Popstars and Pop Idol. In fact, Pop Idol was the top-rated TV show in the UK in both 2001 and 2003. It was the most amazing experience and something I will never forget. It really did change my life.. Nicki has always been passionate about property and has fronted many different programmes, but is best known for

the very popular series Escape to the Country, with the new series currently on air on BBC1. She has also been filming a new series of Wanted down Under. “It’s not about going on holiday, but finding the ideal home in a new country on the other side of the world. Obviously it means a complete change of lifestyle, so we aim to show the prospective buyers what life could be like for them. We look at the work situation, the culture and heritage, the food and the legal implications as well. It means they will be facing a huge change and so we road test it with them, so they can find out if moving to Australia or New Zealand is really for them.” With her love of property, Nicki was in her early 20s when she bought a one bedroom apartment in Putney for £69,000. She said, “It has been my biggest regret that I sold it, as now I’m sure it would be worth a small fortune. At that time, I had just started in the music business and lived in really cheap digs with seven other people. I had a very small room, but I managed to save up for a deposit and decided to get a repayment mortgage. Everytime I had some spare cash, I’d try and pay off a little of the mortgage, chipping away at what I owed. The apartment was a brand new conversion and I bought it during a real dip in the property market. I loved the fact that everything was brand new and I was starting out with a complete blank canvas. There was no work to be done and so no financial outlay, which suited me very well – and my budget! I would buy a newbuild again if I was starting out as, if you have no experience in DIY, or, like most first time buyers, are on a limited amount of money with little experience, it takes all the stress away and won’t end up costing a fortune. I sold it a couple of years later for £79,000, so I think I did quite well. “I chose to sell it in order to get enough for the deposit on a four bedroom house in west London, which I was buying with my husband-to-be. At that time, prices in London were booming. The surveyor we used said that, as we were buying at the top of the market, the house wouldn’t be an

First Time Buyer April/May 2016

THE VIEW

“IT IS A MASSIVE DECISION, SO IT IS WELL WORTH INVESTING THE TIME TO LOOK AROUND AND FIND OUT WHAT IS AVAILABLE IN DIFFERENT AREAS AND WHAT YOU CAN AFFORD” 24

First Time Buyer April/May 2016

investment. I told him we were buying a home not an investment! We bought the property from a wonderful gay couple who, I have to say, had the most divine taste – the house was immaculate. When they moved out, it was in perfect decorative order, they had even taken pictures off the walls and had filled in the holes and repainted them! We spent about £12,000 doing things like painting the outside and re-landscaping the garden. After a few years, we decided to move. Even though we are very near to central London, the area where we live is like living in a village, with plenty of restaurants and independent shops. We found our current property through a high-end developer who had just bought it. The property was divided into two flats and was basically a ruin. He was planning to do it up and then sell it six months down the line, but we fell in love with it, even though it was a wreck. We decided to buy it there and then and asked him to continue with the renovation. We had a vision for how it would look and, working together with the developer, the project was a real labour of love. We literally pulled it apart and made adjustments along the way, but we really trusted him to do the work we wanted. Although the outside is Edwardian it is very contemporary inside and is now one large, five bedroom house. We knocked out the wall at the back of the property and extended the downstairs into the garden area, making the kitchen/living room a huge open-plan space. To finish the look, we replaced the wall with huge glass doors, letting in plenty of natural light and making it feel like you’re already in the garden. As I present the RHS Chelsea Flower Show for the BBC, I’ve become fascinated by the gardens there, and have gained some real inspiration on what you can achieve in a very small space. We’ve created a Mediterranean garden, with an olive tree and palms, which is pretty low maintenance, but very hardy and looks stunning.” Nicki is a great supporter of first time buyers and has been working closely with the magazine, helping to get more people on the ladder. We are delighted she will be hosting our First Time Buyer Readers’ Awards this year. She said,“It is a very exciting time for first time buyers now as there are more opportunities than there has been in the past few years. I think the Government’s Help to Buy scheme is proving to be very successful and anything they or the local councils can do to stimulate the market, or help young people get on the ladder, is great. Not everyone can afford to buy, but once you do, there is a great sense of worth and stability. I think that buying through shared ownership is a very good option too, especially as you only need a 5% deposit. It is so sad that often people are paying more in rent than they would pay for a mortgage. If you haven’t been able to save in the past, then you might struggle to save or pay the bills if you do buy. I don’t want to pour cold water on what is going to be the most important purchase of your life, but there is nothing worse than having to give back the keys to a much loved home, if you can’t afford to live there. That is why I think the new Help to Buy: ISA is another great scheme. People are paying an astounding amount in rent and not just in London, but all over

THE VIEW

“I WOULD BUY A NEWBUILD AGAIN IF I WAS STARTING OUT AS, IF YOU HAVE NO EXPERIENCE IN DIY, OR, LIKE MOST FIRST TIME BUYERS, ARE ON A LIMITED AMOUNT OF MONEY WITH LITTLE EXPERIENCE, IT TAKES ALL THE STRESS AWAY AND WON’T END UP COSTING A FORTUNE” the UK. Rent is just dead money, so by saving it will certainly help with a deposit – it encourages people to be disciplined when it comes to saving, which can often be quite difficult.” She has some very good advice for first time buyers too. “Firstly, if you are looking to buy, make a checklist and follow it. Educate yourself on what is available and do lots of research before you start. It is a massive decision, so it is well worth investing the time to look around and find out what is available in different areas and what you can afford. If things get really tight, then think about renting out a room. There are some excellent agencies that help to find people who only need to rent Monday to Friday, which means that you get your privacy at weekend and

it can work out very well. If you can’t afford to buy on your own, then consider buying with a trusted friend or family member. However, make sure you draw up all the legal documents first before you enter into the partnership. “Homes reflect your personality and, once you own your own space, it’s a wonderful feeling. I love helping people decide where they want to live on the programmes I present, as anything to do with property really gives me a buzz. We had a lovely couple who were first time buyers on Escape to the Country. Chris who is a sales advisor and originally from Alaska and his girlfriend, Laura, a HR consultant, first met in 2004 when they were both studying in Japan. Although they had been renting in London for

years, they’d been saving hard for their deposit and were desperate to buy their own place, away from the city and out in the Suffolk countryside, near to Laura’s family. With a budget of £275k, I presented them with three great country homes – two 18th century cottages and the mystery house, which was a modern, detached home built in the 1970s. It was the mystery house that really touched their hearts and they quickly put in an offer. It was a lovely ‘happy ever after story’ and it was wonderful to be able to help.” nickichapman.co.uk Escape to the Country, BBC1 Wanted Down Under, BBC1

First Time Buyer April/May 2016

HELP TO BUY

REPORTED SUCCESS FOR HELP TO BUY Why the 5% deposit scheme is being extended… A recent report conducted by the Government suggests that the Help to Buy equity loan scheme, which allows homebuyers to buy a brand new home with just a 5% deposit, is a success. Financially assisting buyers with less funds saved for a housing deposit, the scheme is seemingly especially popular with first time buyers – with four out of five users of the scheme buying a home for the first time. Now the scheme has been extended, thanks to Help to Buy London, meaning that homebuyers in the capital can now enjoy an increased equity loan and stand a much greater chance of buying their own home Initially introduced on 1 April 2013, Help to Buy was funded to a value of £9.7 billion until 2020, expecting to cover up to 194,000 new home buyers. Thanks to its success, and its recent introduction to London buyers, Help to Buy has been extended until 2021, aiming to help a further 145,000 people buy their own home. The Help to Buy scheme grants buyers an equity loan worth up to 20% of the value of the newbuild home. In London, Help to Buy provides an equity loan amount of up to 40% of the value of the property. The buyer has to provide a cash deposit of at least 5% and the main mortgage lender a loan of up to 75% (or

26 First Time Buyer April/May 2016

55% in London). There are a few restrictions around eligibility for the scheme; it applies only to property worth up to a value of £600k and the property must be the primary residence. The equity loan is fully repayable when the owner sells their home, or at the end of their mortgage, whichever comes ﬁrst. The equity loan has a planned term of 25 years and is always longer than the main mortgage. A minimum of 10% of the total property value can be part repaid at any time after the ﬁrst year of the loan. If the property has increased in value since it was purchased then the owner will pay back a greater sum than borrowed to

cover the equity loan; conversely if the property decreases in value the owner will pay back a lesser amount. This means that the Government shares in any capital gain or loss. With 82% of people saying they would not have been able to have bought their property without the Help to Buy scheme, a further 61% of buyers have been able to buy a much bigger property than they would otherwise have been able to. Together with increasing the supply of new homes available on the market and stimulating the property market, the success of Help to Buy has certainly quietened any concerns any of its early critics.

HELP TO BUY CA S E S T U DY

Project manager, Toni Popova, 25, and her boyfriend Jack Moorcroft, 27, have Help to Buy to thank for enabling them to get on the property ladder for the first time and realising their dream of sharing an Inspired Home together, in up-and-coming Croydon. Until now, Toni has been living at home, rent-free, with her parents in Chislehurst, allowing her to save a deposit for her first property. Jack, who lives in South Norwood, set up his own building company in 2015, making it difficult for him to get a mortgage as lenders typically need a minimum of three year’s accounts, something he doesn’t have. But, when Help to Buy London was launched by the Government on the 1 February 2016, it provided the perfect opportunity for Toni to push ahead with her plans to buy much sooner than expected as she could then afford to buy based on her salary alone. She is taking out a mortgage of £145,000, and expects to pay monthly repayments of around £650-£700 per month, plus bills – significantly less than the £1,000-£1,500 per month average rent in Croydon. Toni said, “We’ve been saving for about a year, with the intention of getting on the property ladder by the end of 2016; we’ve managed to pull together a deposit of £27,000, which includes financial contributions from our families. When we heard the Government was extending the Help to Buy scheme to Greater London and increasing their contribution to 40%, we realised we could be in our own place much sooner than expected. But we knew we’d have to act fast, in order not to be priced out of Croydon, where demand is high and where house prices are rising very quickly.” They focused their search on Croydon – which is currently benefitting from a multi-billion pound regeneration programme – as they had both grown up there and were very familiar with the area already. Also, because of Croydon’s excellent transport links, being able to get into central London, where Toni works, within 20 minutes was a huge selling point. “We’ve had our sights set on Croydon for some time because of the convenient links and fast growth. And I have to admit, that the new Westfield development which is expected to open there in 2020 was also a deciding factor, because we know our investment will grow faster than some other areas local to us.”

EXPERT COMMENT For nearly three years, Help to Buy has been a lifeline for many homebuyers looking to move to their next home. Its popularity is only going to continue now that it is available to even more homebuyers at developments throughout Greater London. Help to Buy makes buying a property an affordable option, sooner rather than later, and helps young people make a crucial move out of rented property and into their own home.

Gary Ennis Southern Regional Director for Barratt Developments

EXPERT COMMENT The recent changes to HTB in London have seen a positive response from those

An Inspired Home: Toni is buying a one bedroom apartment in Inspired Homes’ Canius House development which offers 39 one and two bedroom apartments right in the heart of Croydon. As well as benefitting from a range of high-spec, high-tech fixtures and fittings, such as hardwood flooring, Bosch kitchen appliances and 1Gig hyperoptic broadband, residents will have privileged access to a 10th-floor ‘sky garden’ and BBQ, table tennis and WIFI-ready residents’ lounge in neighbouring Inspired Homes’ development, Green Dragon House. “We’ve had our eye on several of Inspired Homes’ properties for some time and, as soon as we were in a position to buy, we contacted them straight away because we knew there’d be a huge surge in interest, so didn’t want to wait any longer and potentially miss out. “We consider ourselves very lucky to be in a position to be able to get one of Inspired Homes’ developments off-plan. We love the high-spec finishes and communal areas – it’s nice to know there’s a community feeling in an apartment development, something we assumed would be missing. We’re super excited to build our first home together in an Inspired Home.”

looking to take their first or next step on the housing ladder. Reports show that over 15,000 individuals registering an interest in the scheme. These changes could make a significant difference to those looking to purchase their first property, who now need only a 5% deposit and a 55% mortgage, making properties much more affordable. The initial concern is that the proposals do not go far enough, with the £600,000 cap on property price still

inspiredhomes.uk.com

in place, which can cause a problem in certain areas of the capital. Although according to the land registry house

HELP TO BUY IN NUMBERS

price index, 24 out of 32 boroughs

The report, conducted by Ipsos Mori, also reveals some interesting stats about Help to Buy and those who have used the scheme:

of £600,000. Buyers also need to

still have an average asking price consider their long-term plan to pay back the loan as, after the five-year

£47,050 – Average household income of a buyer using a Help to Buy equity loan 61% – Percentage of buyers who said that the scheme enabled them to start looking for a home to buy earlier than they otherwise would have £216,000 – Average price of a property bought using the scheme £39,907 – Average equity loan for ﬁrst-time buyers £52,833 – Average equity loan for existing homeowners 95% – Percentage of London users who were ﬁrst time buyers, compared to 82% in the rest of the country £18,312 – Average deposit saved up by buyers

interest free period, the interest will begin and is likely to rise each year with the retail price index. However, we and our clients are still viewing the changes very positively as they mean many can now realise their ambition of owning a new home. Robert Winfield

Source: Which? – which.co.uk/news/2016/02/help-to-buy-equity-loan-the-story-so-far-433589/

Managing Director,

Whilst the results of the survey suggest the scheme is a success, it is only by speaking to the people who have actually used Help to Buy that

Chartwell Funding Limited

we can understand its popularity.

First Time Buyer April/May 2016

HELP TO BUY

ON THE MARKET WITH HELP TO BUY FROM £TBC

CATFORD SE6 Catford Green

Just 20 minutes from Charing Cross, Catford Green offers an outstanding collection of 588 stylish one, two and three bed apartments, opening on to 54 acres of Ladywell Fields. The attractive new development, with landscaped courtyards and nearby parkland, is located in an exciting area of south London currently undergoing extensive regeneration. Most apartments offer an outside terrace or balcony. A new phase of the development will be released in May. barratthomes.co.uk/catfordgreen

EXPERT COMMENT

FROM £390,000

BOW E3 St Paul’s Square

Help to Buy is a super equity loan scheme that is helping many people move on to or up the property ladder. Combining a low deposit requirement

Located in one of the most vibrant parts of east London, St Paul’s Square by developer Countryside offers a superb collection of one to four bedroom apartments. Working in partnership with Poplar HARCA, this new development offers purchasers a chance to buy into the many benefits of Bow, with its excellent transport links, vast range of local facilities and open green spaces. Now available, the homes within the Lansbury Heights building start from £390,000 for a one bedroom apartment (Help to Buy deposit required is £19,500)

with access to more affordable interest rates, it helps make moving home a reality and has been very popular throughout the country. What’s more, the equity loan is interest free for five years and can even be paid back when the property is sold, so everyone’s a winner.

countryside-properties.com Christie Alaimo Sales Director for Hodson Developments

WOKINGHAM, BERKSHIRE Montague Park EXPERT COMMENT

Montague Park is an award-winning development by David Wilson Homes in sought-after Wokingham, Berkshire. The impressive new homes are situated less than 10 minutes from Wokingham town centre and are complemented by an array of green vistas, with a 30-acre country park situated on the edge of the development. Montague Park also benefits from superb transport links to nearby Reading and into central London. A range of three and four bedroom homes are available with Help to Buy with prices starting from £435,000 (Help to Buy deposit required is £21,750)

We expect that Help to Buy London will mark a noticeable increase in the popularity of the equity loan scheme in the capital, reflecting as it does, London’s current property market far better than the nationwide 20% scheme was able to.

dwh.co.uk

FROM £435,000

For many in the capital, home ownership has seemed unattainable in recent years, but Help to Buy London will make it achievable. We are proud to bring its benefits to homebuyers across London. Graham Cherry Chief Executive of the New Homes & Communities division at Countryside

First Time Buyer April/May 2016

AFFORDABLE HOMES

YORK – THE POWERHOUSE OF THE NORTH

As well as a great destination and only a twohour commute by train to London, York is well known for its impressive Roman walls and Viking descent. Now the impressive Yorkshire city is home to one of the north of England’s best performing property markets. Due to a soaring demand for property and with very few new homes in the historic city centre being built, thanks to a limited supply of suitable land, prices are outperforming neighbouring areas. Furthermore, with two universities in the city, accommodating 22,000 students every year, it’s no wonder that city centre property values are now 8.2% above their 2007 peak. However, whilst a booming market is great for those who are already on the property ladder, it can make life a little tricky for those looking to buy. Clifford Tower

First Time Buyer April/May 2016

With its traditional and historic city centre, combined with thriving business centre and array of cafes, restaurants and bars, York makes an ideal location for any homebuyer Michael Redmond, Managing Director of York agent Redmove said, “York is such a desirable place to live and so, as well as failing to cope with local demand, the city has also been attracting more homebuyers from the south, who are looking for more home for their money, but are still well connected to the capital. A vibrant student population, many of whom come from further afield and also require living accommodation, mean that investors are snapping up typical first time buyer properties. “This pent-up demand for property, combined with low housing stock and a lack of brownfield sites in the city, has certainly made life a little harder for those looking to get on to the housing ladder. Then, when you also factor in the increasing cost of private rent, this means that many first time buyers have no choice but to stay in costly rented accommodation, whilst they attempt to save for a deposit”

Primary school teacher, 34-year-old Sophie Wilkinson, relocated back to York from London four years ago. Renting an apartment in the city centre, Sophie is hopeful that she might be able to buy her own home. someday “I live in a really pretty part of York, but it’s also where house prices are most expensive. It’s hard to save for a deposit whilst renting, especially as I am self-employed. “I rent because it gives me a bit more flexibility, but I would definitely like to consider buying at some point soon. To buy my flat would cost me somewhere in the region of £150,000 and, whilst setting up my own business, this isn’t really an option now. One day, I might look to move further out of town, but right now, I’m enjoying everything life in York has to offer and so will have to keep renting.” Help to Buy has proved a popular way of buying a home in the historic city, but Michael Redmond says that more first time buyers could be making the most of the helpful 5% deposit scheme. Since its launch, government figures reveal that only 142 buyers have used Help to

AFFORDABLE HOMES

WHAT’S FOR SALE IN YORK?

FROM £249,995*

DERWENTHORPE

David Wilson Homes is offering a range of brand new two, three, four and five bedroom homes at its Derwenthorpe development in York. Available with Help to Buy, prices range from £249,995 to £474,995. barratthomes.co.uk 0844 811 5515

Michael Redmond

EXPERT COMMENT York is a really popular place to live and the house prices reflect that, so sometimes it can be challenging for

FROM £179,950*

people to get on the property ladder and buy their first home. The Government Help to Buy equity scheme means buyers

COPPERGATE

can purchase a new home with just a

Riccall

5% deposit. The Government offers a loan of 20% of the purchase price, so

Buy in York and this, compared with other parts of the country, is relatively low. Mr Redmond adds, “I would encourage any first time buyers struggling to cope with increasing house prices in the city to find out more about the government’s Help to Buy scheme. Even with a shortage of new homes in York, there are definitely opportunities for more first time buyers to make the most of the government funding.” Clare Reaney, Sales Manager for Barratt Homes Yorkshire East, commented, “York has long suffered from a housing shortage and unfortunately the situation is getting worse. Many people are priced out of the market and the number of properties available is extremely limited. “To date, The Meadows has attracted a number of first time buyers as well as secondstepping families, thanks to the support of Help to Buy. We are confident that the quality homes available with the scheme will continue to ease the local housing shortage and so help many more local first time buyers into home ownership.”

buyers only need a 75% mortgage. The scheme is available on newbuild properties. It’s popular with first time buyers – 86% of people who have

In the small village of Riccall, near York, is a charming, three bedroom terraced house, ideal for first time buyers. On the market for £179,950 through Redmove, the property has a good sized conservatory and garden and would make the perfect first home.

used it in York have been buying their

redmove.co.uk 01904 488 444

first home.” Despite a shortage of land, some new developments are helping to ease the pressure of the housing shortage in the historic city centre. One such Homes in Huntington. Since its launch

THE MEADOWS

just over a year ago, a third of all its

Huntington

development is The Meadows by Barratt

sales have been made to first time buyers and over half of the homes sold have been bought with Help to Buy.

Sophie Gilligan Help to Buy NEYH Manager

Situated in Huntington, just a couple of miles from York city centre, this new development by Barratt Homes offers a stylish range of two, three and four bedroom homes. A new phase of homes at the popular development will be launched soon.

FROM £TBC

barratthomes.co.uk 0844 811 3313

First Time Buyer April/May 2016

SHARED OWNERSHIP

GET OUT OF THE RENT TRAP

According to the latest research from the Centre for Economic and Business Research, first time buyers who buy a home this year will have already spent an average of £52,900 on rent and, in London, that figure rises to £68,300. This is a huge amount of money and will probably come as a shock to many would-be homeowners. But, there are affordable ways to get on the property ladder sooner, rather than later The research, which was based on the average first time buyer being 31 and people moving out of the family home at 18, also revealed that there are wide regional variations. Demand for properties meant that costs were higher in London and the southeast. David Cox, managing director of the Association of Residential Lettings Agents (Arla), said, “The London rental market is competitive, with far more prospective tenants looking for properties than actual houses available. This is pushing up rents in the capital, which will continue to put pressure on surrounding areas, including the southeast, as Londoners relocate to avoid high rent costs.” A survey from Lloyds Bank has also revealed that first time buyers in the UK are on average £865 a year better off owning a home than they are renting. New buyers spend on average £672 per month on their mortgage and other payments,

First Time Buyer April/May 2016

compared to £744 on rent. This difference has more than doubled in the past ﬁve years. So, getting on to the property ladder in the near future seems to be impossible for many young people. As well as rocketing property prices, it is hard to ﬁnd any spare cash to put towards a deposit. The worlds’ largest youth charity, YMCA, has conducted ‘What Matters Most ‘research of more than 2000 16 to 24year-olds and 42% highlighted that the cost of renting is their biggest worry. In addition, a further 39% were worried about the cost of household bills and 34% had major concerns about the cost of a deposit.

HELP IS AT HAND Despite these rather alarming statistics, there are affordable ways of getting on the housing ladder. Help to Buy is one scheme which is

proving to be highly successful, with figures from the Department for Communities and Local Government showing that 82% of buyers would not have been able to purchase a property without the help of the Help to Buy equity loan scheme. It has also recently been reported that 15,000 people have expressed an interest in Help to Buy London, since it was introduced at the beginning of February 2016. Another very affordable and popular way to buy your first home is through shared ownership. This allows you to buy a share of your home (between 25% and 75%) and pay a subsidised rent on the remaining share. This means that buyers will need a significantly lower deposit and monthly payments are also far more manageable. You are able to buy more shares as and when you can afford to do so – known as staircasing – until you own 100% of your home.

SHARED OWNERSHIP CA S E S T U DY

Matthew Heathcote, 31, from Orpington, Kent, works for UBS, the investment banking firm located in the heart of the City. Having previously lived in a house share in Islington, he made the decision to move back in with his parents to allow him to save enough money to be able to invest in his first home Matthew recently purchased a one bedroom apartment at Ryewood, the Berkeley Homes development in the commuter village of Dunton Green, Sevenoaks. He said, “My reasons for moving were financially driven. I was paying a vast sum of money to rent in Islington, so I decided that I would look into buying my own home. When I spoke to a mortgage broker, I realised that I could potentially afford to purchase a property, so I started looking around. I was really pleased when I discovered the homes at Ryewood were within my budget, so I decided to go for it. As it’s a newbuild property, with the completion date a few months away, I was able to reserve it off-plan. It has worked out really well, as it’s enabled me to save up some money by living with my parents before the move.” Matthew continues, “The development itself looks so smart and the idea of having a newbuild apartment is a huge luxury. I definitely feel it is worth the money. I was really impressed by the quality of the fixtures and fittings in the show apartment, so I know I will end up with a really nice home. As it’s brand new, it will require very little maintenance and have low running costs too. “I had originally viewed and put an offer in for an apartment near Blackheath as I was planning to stay in London, but another couple offered more than I could afford and so I lost out. I looked at a lot of places in and around Blackheath and Greenwich, but I didn’t see anything else that took my fancy. “Also, as much as I love the buzz of the City, it’s nice to be able to buy somewhere in a far quieter location, away from the pollution of the big smoke! I was very keen on the Sevenoaks area as I play a lot of cricket and football in and around Sevenoaks, so Ryewood in Dunton Green, which is just on the outskirts, was a perfect choice. It’ll be great to find a local Saturday football team to play for and, during the summer, I’ll be closer to Shoreham Cricket Club. I also have no excuses now about attending the gym, as there is one within the development, which is included in the price! My friends and family live nearby too, so it will be great for me to visit them at weekends. “The fact that the station is very close is also a huge bonus. It will make the commute so much more bearable. I plan to mainly use the train to commute to work as I will buy a season ticket. I paid £255.000 for the apartment and I couldn’t be happier!” About Ryewood: Aspen Place is the latest phase of stunning three bedroom townhouses and apartments available at Ryewood. Transport links are excellent for commuters, with Dunton Green rail station just a short walk away, offering direct links into London Bridge in less than 30 minutes and Charing Cross, or Cannon Street in less than 40 minutes. One bedroom apartments at Ryewood are priced from £270,000. ryewood.co.uk 01732 740 402

CA S E S T U DY

According to Halifax’s 2015 Generation Rent report, 82% of young Londoners worry they will never be able to buy a property and feel pushed out of the capital, excluded from the possibility of home ownership. Prospective buyers are desperate for high-quality, affordable homes to purchase, in a desirable location that is convenient for work Matthew Francis was looking to put down roots in Catford and seized the opportunity to become a homeowner when he found his ideal one bedroom apartment through shared ownership. Having previously lived in this popular London area with his parents, Matthew wanted more independence and space for himself and his six-year-old daughter, Breanna. The 27-year-old analyst programmer was determined to stay in Catford and find an affordable option for his first property in an area he loves. In addition to its fantastic transport links, Catford has a community feel. Plus, Matthew’s family and friends live close by. Having initially felt priced out and struggling with the rising house prices in the area, Matthew was relieved when he found the solution to his problem at Peabody’s Prospect Quarter. Matthew immediately noticed Prospect Quarter when it went under construction and said, “On my way to work, I came across Peabody’s Prospect Quarter opposite Catford train station, I was really intrigued, but I never thought I would be able to afford an apartment there. After browsing online, I found out that there was a selection of properties at the development available to buy through shared ownership. After viewing the show home, I made a reservation straightaway. From the start, I loved the location, mainly because my daughter goes to school down the road and Catford train station is adjacent. This was the deciding factor for me as I can get to Holborn for work in about half an hour and can be more readily available to pick up my daughter. “There is no way I would have been able to afford a property on the open market in Catford, but shared ownership is an affordable initiative that has allowed young local people like myself to get on the London property ladder in a place that I feel is my home. I now have a financial plan and can gradually increase the share of my property, with the help of Peabody’s dedicated residential sales team.” Matthew purchased 40% of his one bedroom apartment, which required a deposit of around £14,000 and he is already saving to staircase to 100% ownership. Peabody’s Prospect Quarter is a key part of the regeneration of the former Catford Stadium and wider scheme, Catford Green, led by Barratts. The regeneration will provide hundreds of high-quality homes, showcasing the very best in sustainable newbuild design and affordability. “The apartment layout is very spacious, ideal for my daughter and I to have our own space. The branded appliances are an important element too for a first time buyer like myself and can significantly save on costs. The development is conveniently located near to a leisure centre, where my daughter and I regularly go swimming, and there is also a neighbouring park with lots of green space that we can enjoy at the weekend.” The development is a two-minute walk from Catford and Catford Bridge station, where there are regular train services into central London, with London Bridge just 15 minutes away and Canary Wharf, 19 minutes. With Phase 2 of Prospect Quarter due to launch this spring, there will be another selection of shared ownership properties available starting at £88,500 for a 30% share of a one bedroom apartment, with a full market value of £295,000. peabodysales.co.uk/sharedownership/prospect-quarter 020 7021 4842

First Time Buyer April/May 2016

SHARED OWNERSHIP

HOMES CURRENTLY AVAILABLE WITH SHARED OWNERSHIP BATTERSEA POLICE STATION Battersea Bridge Road

FROM £196,000*

A collection of new and converted apartments by Thames Valley Housing at Battersea Police Station, offers four one bedroom apartments through shared ownership; two in the beautiful red brick Victorian police station and two in a new building. Prices start from £196,000 for a 40% share with a full market value of £490,000. The apartments in the converted police station are very spacious, with high ceilings and full-height sash windows. Ground floor apartments open on to a garden terrace and differing layouts make each apartment highly individual. The homes in the new building are light and airy, with full height windows, and most have a balcony. They offer open-plan interiors, kitchens fitted with integrated appliances, wood-effect flooring, underfloor heating and a fitted wardrobe in the bedroom. The homes are arranged around a landscaped south-facing courtyard. Battersea features a great selection of shops, markets and restaurants. It is just an eight minute walk to the River Thames and Battersea Park. Buses from Battersea Bridge Road take 15 minutes to Clapham Junction railway station and the nearest tube stations are Fulham Broadway, South Kensington and Sloane Square. The proposed Northern line extension to Battersea will form a continuation of the Charing Cross branch of the line and will provide further travelling options. Thames Valley are also offering its unique shared ownership PLUS scheme, which allows you to buy 1% more of your home each year for 15 years, without the expense of valuations, legal fees and stamp duty each time. tvhsales.co.uk 020 8607 0550 *Based on a 40% share with a full market value of £490.000

TANNERS HILL

FROM £82,500*

Lewisham There are 43 one, two and three bedroom apartments for sale at Affinity Sutton’s Tanners Hill development in Lewisham, plus four wheelchair-accessible apartments. Each home comes with its own terrace, garden, or balcony and there is a central landscaped area, along with communal gardens, a nature reserve and play area. Tanners Hill is close to a number of large parks, and Lewisham shopping centre is nearby, with a range of high-street shops, independent boutiques and a selection of cafes. The development is within walking distance of Deptford Bridge DLR and New Cross station, which offers direct links to London Bridge in five minutes and Cannon Street in 10 minutes. Prices start from £82,500 for a 25% share with a full market value of £330,000 for a one bedroom apartment and a 5% deposit of £4,125 is needed. Two bedroom apartments are £96,250 with a full market value of £385,000 for a 25% share and a 5% deposit of £4,813. The three bedroom apartments are £140,625 for a 25% share with a full market value of £562,500 and a 5% deposit of £5,250.

WESTFIELD HOUSE Earlsfield Thames Valley Housing has just three, three bedroom apartments left at their new development Westfield House in Earlsfield, SW18. The apartments are housed in two buildings, set within sweeping landscaped grounds on the banks of the River Wandle, with riverside walks and cycle paths to the 55-acre King George’s Park opposite. Every apartment has its own private balcony, or terrace and the three bedroom apartments include an en suite shower room off the master bedroom. Some of the homes have an allocated parking space in the basement car park. The newly renovated Earlsfield station offers an easy reach to Wimbledon in four minutes, London Waterloo in 13 minutes and Oxford Circus in 26 minutes. Thames Valley offer its unique shared ownership PLUS scheme at this development, allowing you to buy 1% more of your home each year for 15 years, without having the expense of valuations, legal fees and stamp duty each time. tvhsales.co.uk 020 8607 0550

FROM £213,750*

affinitysutton.com 0300 100 0303 *Based on a 25% share with a full market value of £330,000

34 First Time Buyer April/May 2016

*Based on a 30% share with a full market value of £712,500

SHARED OWNERSHIP

As house prices continue to rise, ‘generation rent’ continues to grow and soon more than half of under 40s will be living in rented accommodation. Whist for some this is a necessity, due to the barriers faced to getting approval on a mortgage, for others, it’s a decision taken to overcome the responsibilities of things such as maintenance costs.

Search Mortgage Solutions have looked into the difference between owning and renting a property and have come up with some fascinating and very thought-provoking comparisons in the table below. searchmortgagesolutions.co.uk

OWNING

RENTING

If something breaks, you can either fix it yourself, or call a professional as soon as possible to take a look.

After several phone calls, a handful of texts and countless emails to your landlord, a problem may get fixed --- maybe!

As the owner of your own home you can decorate however and whatever you want. Paint the walls pink, knock down a couple of walls, and go wild!!!

Want to put up a couple of posters with Blu-Tack or do a bit of landscape gardening? You could be waving goodbye to your deposit!

As the equity in your property grows, you’ll be in a position to finance a move up the property ladder, or remortgage.

What is equity?

Despite what you may think, monthly repayments on a mortgage are often cheaper than rent.

You’ll usually be spending well over half your monthly income on paying off your landlord’s mortgage.

GUESTS

As the homeowner, you can choose to throw wild house parties, or lock yourself away like Shrek. It’s completely up to you!

Your landlord has the right to pay you a visit pretty much whenever they want, with as little as 24 hours notice. Better get cleaning!

HIDDEN COSTS

Once you have moved in, you’ve just got to worry about paying the mortgage, bills and council tax. You do need to pay for your own maintenance, however this isn’t a hidden secret.

From charges on anything from doing your laundry to using the lift, many landlords are busy thinking up some creative ways to squeeze a little bit of extra cash out of you!

You answer to nobody (except maybe the mortgage lender).

It’s an unwritten rule that nobody gets on with their landlord. They may be lovely people the rest of the time, but the tenantlandlord relationship is usually a bit strained at best.

If you own your own place, there’s no limit to the amount of furry friends you can have! You’re finally in a position to become that crazy cat lady!

Many landlords won’t allow pets in rented accommodation. We know you think it can’t be too hard to hide a kitten, but trust us... don’t.

MAINTENANCE

DECORATION

EQUITY

MONTHLY PAYMENTS

THE LANDLORD

PETS

36 First Time Buyer April/May 2016

LOCATION FAC T F I L E

HOTspot

"WFSBHF QSPQFSUZ QSJDF +"/6"3: â&#x20AC;&#x201C; ÂŁ397,895 1SPQFSUZ CSFBLEPXO (Greenwich) %FUBDIFE â&#x20AC;&#x201C; ÂŁ722,339 4FNJ EFUBDIFE â&#x20AC;&#x201C; ÂŁ464,946 5FSSBDFE â&#x20AC;&#x201C; ÂŁ381,164 'MBU â&#x20AC;&#x201C; ÂŁ356,766 *According to the Land Registry House Price Index, January 2016

The grass is greener in Greenwich S O M E FA M O U S RESIDENTS

Photo ÂŠ Ed Webster/Flikr

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With history, beauty, royal connections, great transport and world-class entertainment among its many qualities, it could be said that this south London town on the banks of the Thames has it all The world-renowned area of Greenwich in south London is famed for its maritime and regal connections. Forming part of the Royal Borough, it is home to the Royal Observatory, Cutty Sark, university and Maritime Museum and is the very place that puts the G in GMT. With all this to offer, the pretty town centre has long been a popular destination for tourists, easily accessed by the Thames clipper, but there are parts of the borough that have only just begun to shine. The Greenwich Peninsula, a once barren, industrial wasteland, has been completely transformed since the arrival of the Jubilee line in the late nineties and the Millennium Dome in 2000 â&#x20AC;&#x201C; which went on to become the O2 Arena, one of the countryâ&#x20AC;&#x2122;s most popular entertainment venues. The Olympics shone an even brighter light on the area, and today the peninsula is a thriving metropolis, with thousands of new homes and many destination bars, hotels and ofďŹ ce buildings. The Royal Borough, with its outlaying towns including Woolwich, Eltham and Blackheath, is on an upward trajectory. Well served by public transport â&#x20AC;&#x201C; with Crossrail due to arrive in 2018 â&#x20AC;&#x201C; and with pulling power for businesses, home buyers and tourists alike, it is a bright and bustling place to live.

38 First Time Buyer April/May 2016

HOMES AND RESIDENTS The population of the borough is comprised of a rich mix of diversity and multi-culturalism, with over 90 languages spoken. There are over 100,000 homes and counting across the borough, with residents living within a range of house types. Head to the towns of Eltham and Charlton, and youâ&#x20AC;&#x2122;ll ďŹ nd large areas of 1920s family homes, while in Woolwich and on the Greenwich Peninsula there are many new homes being built. The areaâ&#x20AC;&#x2122;s location and its accessibility to Canary Wharf means it attracts a great deal of workers from the ďŹ nancial district. Itâ&#x20AC;&#x2122;s also a very attractive area for families: thereâ&#x20AC;&#x2122;s plenty of beautiful green space, easy RoyalRoyal NavalObservatory College GMT line

connections around the borough, plenty of family sized homes in the outlaying towns and easy access to the Kent and Surrey countryside.

OUT AND ABOUT Greenwich is an old and interesting area, steeped in history. Itâ&#x20AC;&#x2122;s a perfect place to explore, and to impress and entertain family and friends. Once youâ&#x20AC;&#x2122;ve explored the centre, head on up the grassy hill in beautiful Greenwich Park to take in one of the ďŹ nest views in London. Check out the sky at night at the Royal Observatory, or simply enjoy crossing the GMT line, which is marked on the ďŹ&#x201A;oor. In the pretty, bustling town centre, youâ&#x20AC;&#x2122;re spoilt for choice when it comes to eating and drinking. A favourite jaunt for locals and visitors alike is a short walk along the river to the Trafalgar Tavern. Catch the tide and you can sit in the window with the waves lapping at your side. But once youâ&#x20AC;&#x2122;ve trodden the tourist trails, itâ&#x20AC;&#x2122;s always a pleasure to step just a few minutes from the Saturday crowds and explore what the quieter back streets have to offer. For a relaxed lunch with a great wine list, try the Vanbrugh close to Maze Hill. This recently relaunched pub sits in a quiet part of Greenwich and is perfect for a relaxed treat.

LOCATION

For a lively evening atmosphere, head to the Plume of Feathers on the outskirts of Greenwich park. This cosy pub makes the most of the townâ&#x20AC;&#x2122;s maritime heritage and serves up a great-quality, hearty menu. The Greenwich Union on Royal Hill, is also good for an evening meet-up and serves a selection of beers from the boroughâ&#x20AC;&#x2122;s famous Greenwich Meantime Brewery. The brewery itself is located a 20-minute walk from the town centre, and welcomes visitors for pre-booked tours. However you decide to travel, be it via DLR, cable car, or on foot through the pedestrian tunnel, youâ&#x20AC;&#x2122;ll be able to reach Mudchute Park and Farm, on the other side of the river, in just a few minutes. A great place for visitors of all ages, the park is set within 32 acres of countryside and includes a working farm, stables and runs plenty of activities and is a welcome slice of greenery in the city.

SHOPPING Hop on the tube at North Greenwich and youâ&#x20AC;&#x2122;re at Stratfordâ&#x20AC;&#x2122;s huge WestďŹ eld shopping centre in 10 minutes. Head in the other direction and youâ&#x20AC;&#x2122;ll arrive at Bond Street in 17 minutes, where youâ&#x20AC;&#x2122;ll ďŹ nd more world-class shopping facilities. Within Greenwich itself thereâ&#x20AC;&#x2122;s also plenty of choice when it comes to shopping. Thriving Greenwich market is arguably south Londonâ&#x20AC;&#x2122;s best undercover market and its large variety of stalls are perfect for buying handcrafted gifts, paintings, clothes, jewellery and antiques, or great fun to just peruse. The market is also home to some excellent food stalls, if youâ&#x20AC;&#x2122;re looking to grab a bite on the go. Other areas within the borough, including Woolwich and Charlton, also have busy high streets with good shopping facilities. Nearby Deptford, half of which sits in the borough of Greenwich, is also famed for its lively market, where you can pick up anything from household goods and clothes to second-hand electricals.

TRANSPORT Much of the borough, which sits across London travel zones 2, 3 and 4, is connected to central London by rail services. Mainline trains from Greenwich to London Bridge take just 11 minutes, while the journey from Woolwich takes around 20 minutes. Parts of the borough are also served by the DLR, enabling fast travel to Canary Wharf and the ďŹ nancial district, which

Greenwich Market

sits just over the river. Of course, the Jubilee line at North Greenwich makes for fast travel to the West End, and the Thames Clipper boat services run all the way up to Putney. The Emirates Airline â&#x20AC;&#x201C; the cable car that zips over the river from North Greenwich to Royal Victoria â&#x20AC;&#x201C; is also a fast and fun way to travel north of the Thames. And what the borough lacks in underground transport, it makes up for in bus routes, with excellent bus connections to local areas as well as into central London.

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This exciting new development forms part of the ongoing regeneration at the Greenwich Peninsula and offers buyers a chance to join a waterside community at affordable prices. The one and two bedroom homes available through L&Q feature open-plan living and dining areas, floor-to-ceiling windows, a private balcony and fitted kitchens with fully-integrated appliances. Canary Wharf is just minutes away and the West End is around 20 minutes from North Greenwich station.

Reservations are now being taken at the latest phase of this popular new development on the Greenwich Peninsula â&#x20AC;&#x201C; a joint venture between Taylor Wimpey and Countryside Homes. One, two and three bedroom homes are available over a range of buildings, all within easy reach of the Thames, brilliant transport links, shops, restaurants and bars, and beautiful open spaces. The sleek apartments feature individually designed kitchens, private outdoor space and impressive eco-friendly features.

With west-facing views over the river to the City and Canary Wharf, residents at this new collection of 770 homes will be the envy of south London. The one to four bedroom homes stretch across 200 metres of river frontage and will enjoy on-site facilities including a private fitness suite, underground parking, a crĂ¨che and concierge. Inside the apartments will be fresh and contemporary, with floor-to-ceiling windows and at least one balcony, or terrace. Enderby Wharf is expected to complete in summer 2019.

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First Time Buyer April/May 2016

Photo ÂŠ Visit Greenwich/Flikr

Photo ÂŠ Rachel Clarke/Flikr

Royal Observatory GMT line

OPEN MARKET

SPACE IS NOT JUST ABOUT SQUARE FOOTAGE A recent survey of 2,000 Brits has revealed that over half feel cramped inside their home, with Londoners in particular feeling the effect of tight living conditions. Of those surveyed 50% stated that their family get under each other’s feet and that they would like to move into a bigger property local area, with access to a stateof-the-art gym, concierge service, crèche and secure, covered car parking. Every home is also prewired with fibre optic cabling to support broadband speeds up to 10 gigabits (500 times today’s typical 20 megabits broadband), integrated surround sound, and under-floor heating. These additional features set TNQ aside as a modern and technology-focused development. Londoners who wish to utilise their home space as a working environment, or perhaps start a business from the kitchen table, will be fully supported for success. Three bedroom apartments at TNQ offer residents more flexibility when creating their dream space from home. including an office, nursery, personal gym or a private screening room.

Commissioned by London housing developer NEAT and its joint partner Royal London, the survey shows that 52% of the British public cite mounting belongings, growing children and the desire to have a home office as main reasons they would like to move from their current property. The results come a year after academics at the University of Cambridge1 uncovered that new homes in England are the smallest in Europe, with more than half falling short on floor space and a fifth considered too small for the size of the household. Developments like NEAT’s flagship site, TNQ in Colindale, north London are helping to change the landscape of the capital’s housing situation by addressing space and convenience head on. Central to its design, residential blocks are built around

First Time Buyer April/May 2016

four connecting courtyards, each spanning the size of four tennis courts. Thoughtfully designed, these internal courtyards are laid out to allow for natural sunlight to pass throughout the day and are landscaped with mature trees. The opportunity to enjoy this open green space is one way NEAT is providing residents with crucial extra space in such a crowded city. NEAT prides itself on going further to meet the needs of its customers and has called for other developers to do the same. Joe Crawley, founder and managing director of NEAT said, “Space will always be an issue in a city with over 8.5 million people. How developers utilise the space they have available can make a huge difference in the lives of its residents. When setting up NEAT, I wanted to challenge the way we

build in London, placing more emphasis on creating spacious homes with convenient on-site facilities and communal spaces.” The survey also shows that almost one in five Brits believe they would be more social if they had additional space, as it would allow them to invite more friends and family over, while 31% of the public would choose to start a family if they had a larger property. Unfortunately, 67% of Londoners who had considered moving into a larger property weren’t able to afford the move. Offering buyers more flexibility and ‘bang for their buck’, TNQ has released its final phase of apartments, priced from £335,000 for a one bedroom. The apartments, which span up to 118sqm(1,277sqft) in living space for a three bedroom apartment, also feature a superior specification unmatched in the

What would the British public do with a third bedroom? Here are the top five choices: ¸ A spare bedroom for friends and family to stay ¸ A home office ¸ A games room ¸ A home gym ¸ A snug Beyond the bricks and mortar, TNQ offers the whole lifestyle package with a host of additional facilities on its doorstep and quick access to significant retail space below all the residential space – appealing to professionals and young working families alike. Three bedroom apartments are available from £595,000. For more information, visit tnq-london.com, or call Hamptons International on 0207 758 8463 1cam.ac.uk/research/news/study-findspremise-behind-bedroom-tax-is-fundamentallyflawed

AFFORDABLE HOMES Essence

First Time Buyer August/September 2014

AFFORDABLE HOMES

GO EAST! 2016 has been full of news, with everything going on in East London! The re-zoning of stations has taken place, Crossrail (the new Elizabeth Line) is imminent and there are plans for brand new river crossings. There are reports that East London’s postOlympic boom is so strong, the population is expected to grow another 600,000 in the next 15 years1 It has also been reported that Stratford has the highest house price growth of anywhere in the whole of London.2 With much regeneration and investment, including job creation and business opportunities, retail and stunning developments, East London is becoming the place that people want to go to. And it is about to be more accessible through shared ownership than it has ever been before! At the moment, you can only use the scheme, if your annual household income is under £60,000. In London, the ﬁgure is slightly higher, where your annual household income must be under £71,000 for a home with one or two bedrooms, or £85,000 for family homes of three bedrooms or more. However, from April 2016, limits will be lifted, so that anyone who has a household income of less than £80,000 outside London, and £90,000 inside London, can buy a home through shared ownership. The income caps increase will mean better opportunities for families like the Hayes, who moved into one of East Thames three bedroom shared ownership houses last year in Chingford. “We’ve never left the area and had been renting a two bed apartment, but with two growing daughters we had outgrown it. We looked into buying a house in the area, but couldn’t afford any part of Chingford. Kelly works in the local primary school and both the girls are settled, so we didn’t want to leave the area.

The Hayes family

First Time Buyer April/May 2016

Stratford Plaza

“We were definitely surprised to find out how cheap shared ownership is; our monthly payments are £400 cheaper than our friends who are renting nearby. On top of that saving, our investment is going up in value. We’d happily recommend East Thames and shared ownership to our friends and family.” These new rules aim to enable home ownership at a crucial time when options for Londoners are dwindling. Shared ownership is a part buy/part rent scheme and aims to help first time buyers. It is designed as a stepping stone to completely owning your own home, allowing you to buy further shares in your property (which is called staircasing) when you can afford to.

You can usually buy an initial share of 25% to 75% of the value with a mortgage, paying subsidised rent on the rest. Your monthly mortgage and rent can work out cheaper than buying outright, and often less than renting. East Thames are the specialists in shared ownership in East London – take a look at their homes for sale at east-thames.co.uk or call 0300 303 7333 1homesandproperty.co.uk/property-news/buying/new-homes/ where-to-buy-a-london-home-in-2016-east-londons-newpostolympics-boom-towns-a98526 2 homesandproperty.co.uk/property-news/buying/london-houseprices-stratford-outperforms-the-rest-of-the-capital-with-up-to-70-percent-growth-a99061

AFFORDABLE HOMES Essence

First Time Buyer August/September 2014

AFFORDABLE HOMES

LUXURY LIVING THAT IS AFFORDABLE Octavia Living has just launched Walpole Lodge, Plaza Gardens, a contemporary development of one, two and three bedroom homes available through shared ownership, in trendy Putney Part of Putney Plaza, this exciting new development opposite East Putney underground station offers a contemporary lifestyle in the perfect location. The four striking buildings are set around a lovely central courtyard, with over half an acre of landscaped gardens, and provide residents with a beautiful outside space, which makes for a fantastic sense of community. These fantastic apartments come with integrated Bosch appliances in the kitchen, including oven, hob, cooker hood, fridge/freezer and dishwasher, and there is a seperate utility cupboard with a washer/dryer. There is also a Bosch integrated recycling facility. Karndean Country Oak ﬂooring is ﬁtted in the hall, kitchen and living areas and the bedrooms come with quality carpet. For an added sense of security, there is CCTV to the communal areas and an audio entryphone system. Limited parking is available at an additional cost. Located close to the River Thames, with a selection of popular riverside pubs, the high street offers a great selection of well-known shops, supermarkets, a farmers’ market, and boutiques which are right on the doorstep. There is so much entertainment in Putney, too, with many well-established restaurants, buzzing bars and music venues.

WELL CONNECTED Putney Plaza is extremely well connected with two underground stations close by. East Putney tube is opposite the development and Putney Bridge tube is only a short walk away. Nearby Putney railway station also offers a quick commute

First Time Buyer April/May 2016

into London Victoria in around 20 minutes and London Waterloo in just 15 minutes. As an alternative to the conventional forms of transport, the River Bus runs from Putney Pier to Blackfriars and there are other services, which go to North Greenwich.

OUT AND ABOUT Putney is surrounded by many green spaces, including Wandsworth Park, Wimbledon Common, Richmond Park and Barnes Common. There is also a wealth of sporting opportunities nearby, with rowing being the most famous as Putney marks the start of the Oxford and Cambridge Boat Race. For golf and cricket enthusiasts there are also several clubs, including the long-established Putney Cricket Club, which was founded in 1870. All of the one bedroom apartments have been reserved, but two bedroom apartments start from £123,750 for a 25% share, with a full market value of £495,000. octavialiving.org.uk 020 8354 5500

AFFORDABLE HOMES

DO YOU WANT TO GET ON THE PROPERTY LADDER? The route to home ownership is not always an easy one, particularly if you are working to tight budget constraints. It is one of, if not the most expensive decision you will ever make, so it is very important to ensure you are well informed before you embark upon the process. While it can be difficult and stressful, the outcome will be incredibly rewarding Shared ownership is a fantastic way for buyers with a small budget to access home ownership. Shared ownership schemes work by enabling homebuyers to purchase a percentage share in a new home and pay a subsidised rent to the housing association on the remaining share, along with a monthly service charge. This initial share could vary between 25% to 75%, depending on the specific options available at each development. Due to you only buying a percentage share of the property, your deposit is much smaller than would be required on the open market. Before you start your journey to home ownership, there are many things to take into account that will help you along the way, including assessing costs and getting your credit score in check. Currell have put together a few helpful tips to help you on your way to becoming a first time buyer.

1. CONSIDER ALL THE COSTS Remember, it’s not just your mortgage and rent that you will have to take into account when buying a shared ownership property. A range of other costs need to be factored into your budget when you are considering what you can afford. These include: Mortgage – The housing association will advise you on the percentage share you are eligible to purchase. The share will be calculated so that you spend no more than 45% of the total household income on mortgage payments, rent and service charge Legal fees – These vary but are normally between £500-£800 and will depend on the purchase price of your property Stamp Duty – If you are buying more than a £125,000 share in the property, you will owe

First Time Buyer April/May 2016

Ellipse at River Quarter, ME15

Stamp Duty on your share. If you are planning on staircasing (buying more shares) at a later stage, you can choose to pay stamp duty on the whole property up front. Stamp duty calculators are readily available online to help you Repairs and utilities – The Housing Association is not liable for any repairs to the property once you take ownership, so it might be useful to put a little aside for any unexpected emergencies. You will also be responsible for gas, electricity, water and Council Tax bills Removals and furniture – Don’t forget that you will actually have to move into the property, so may need to put some money aside to cover the cost of a removal company

providing you with the best service possible, don’t be afraid to chase them for updates.

2. CREDIT SCORE

When buying a shared ownership property, it is very important to understand the product that you are buying, from purchasing your ﬁrst percentage share to how you go about staircasing (buying more shares) in the future; do not be afraid to ask your agent, or the housing association, about everything involved and the options available.

It is really important to make sure that you have a good credit rating in place before you start looking for a mortgage. Even small errors can elicit a rejection for a mortgage. Websites such as moneysavingexpert.com have advice on what to do to ensure your record is mortgage friendly.

3. SOLICITORS Always remember that your solicitor is working for you. If you feel they are being slow, or not

4. HELP TO BUY: ISA A new government scheme to help ﬁrst time buyers is the Help to Buy: ISA. When you ﬁrst open one of these ISA’s you can pop in £1000 to get you started, and then up to £200 each month. The Government will then add £50 to this, to boost your savings by 25% up to a maximum of £3000. This means you will have saved a total of £12,000 towards your new home.

5. UNDERSTANDING

At Currell, the shared ownership team offer friendly advice on the best shared ownership options available to you. To speak to a member of the team, call 020 7704 5618 or email sharedownership@currell.com

AFFORDABLE HOMES Essence

First Time Buyer August/September 2014

AFFORDABLE HOMES

IT’S ALL HAPPENING IN HARROW For ﬁrst time buyers looking to balance suburban living with an easy commute to London, the answer is simple: Harrow. Offering a thriving community, the borough holds endless opportunities for family life in convenient zones 4 and 5 – and, from later on in 2016, Origin Housing will begin work on two ﬂagship developments, bringing over 200 new homes to the area Famous for the independent boys school, Harrow-on-the-Hill boasts some of north London’s most picturesque, green and leafy spaces. The surrounding village has been described as being ‘caught in a time warp’, as it offers locals a preservation of rural English life, within a short walk of a modern town centre. A highlight is the high street, which features the area’s best independent restaurants, cafes and delicatessans. This balance attracts young families as well as young professionals – as does the impressive choice of both private and state schools in the area. Up by Harrow-on-the-Hill station, locals can enjoy two shopping centres – St Ann’s and St George’s, which house all of the big high street names, as well as popular restaurant chains such as Prezzo, Nando’s and Pizza Express and a nine-screen Vue cinema. Additionally, a Debenhams department store sits out on Station Road – which also plays host to several highlyrecommended Asian cuisine restaurants. Connected to national rail services as well

Cumberland

as Underground and Overground, Harrow is more than convenient for commuters. Harrowon-the-Hill station offers a 20-minute ride to Baker Street on the Metropolitan line, while those heading to Paddington can get there in just half an hour on the Bakerloo line from Harrow & Wealdstone station, or pop into Euston by national rail in just 14 minutes. The area is also well-serviced by local buses, ideal for young parents with pushchairs, or those commuting around northwest London. For those looking to get on to the property ladder, it’s good news all round. Origin Housing are bringing two new developments to the borough, commencing later this year. The

Northolt Road

48 First Time Buyer April/May 2016

developments at Townsend and Eaton Houses in south Harrow and the former Cumberland Hotel in central Harrow will total 237 new homes – bringing Origin halfway to their target of delivering 500 new homes to Harrow over the next five years, a minimum of 40% of which will be affordable. At Townsend and Eaton Houses, Northolt Road, Origin will be transforming a previously underused site into 116 apartments, in a development designed by award-winning architects, featuring straight, clean lines and inset glass balconies, with upper floors also including duplex penthouses. The former Cumberland Hotel site will comprise two buildings, adjacent to a newlycreated public piazza, offering many homes with generous public and private amenity spaces. A percentage of both developments will be available to first time buyers through Origin’s shared ownership scheme, allowing those unable to save for a large deposit to purchase just a share of their new home, and then staircase (buy further shares) up from there. These two developments offer a contribution from Origin towards Harrow Council’s ambitious housing and growth targets for the next few years. To register interest and receive updates about upcoming schemes in Harrow and across London, contact Origin Housing at originsales.co.uk, or on 0800 068 8990

AFFORDABLE HOMES Essence

First Time Buyer August/September 2014

OPEN MARKET

HOMES WITH HISTORY COMING SOON AT ARENA PLACE Taylor Wimpey’s forthcoming Arena Place development in Colchester offers discerning house-hunters a unique opportunity to secure a stunning home in a location steeped in history This prestigious development, on the site of the former Colchester Garrison, will comprise fabulous newbuild properties alongside refurbished homes within the historic existing military buildings. Arena Place’s historical signiﬁcance is magniﬁed by the discovery of the remains of Britain’s only known Roman circus on the southern part of the site. Its footprint is being marked by new landscaping, with the area being transformed into a public open space for new and existing residents to enjoy. The development has been shortlisted in the Most Innovative Redevelopment of an Existing Property category at the First Time Buyer Awards 2016. Michael O’Leary, Regional Sales and Marketing Director for Taylor Wimpey, says, “We’re thrilled Arena Place has been shortlisted in this category in the First Time Buyer Awards. Along with our stunning contemporary newbuilds, this exciting development will also offer aspiring homeowners the chance to snap up unique refurbished properties which boast traditional architectural details and ooze character. We anticipate that these homes will be hugely popular with purchasers, so I’d urge anyone interested in making one their own to register their interest today!” The new homes at Arena Place are due to be released for sale later this year, and property-seekers who register their details now will be kept up to date with information about the launch as soon as it becomes available. This eagerly-awaited collection will include a wide range of one, two and three bedroom properties for purchasers in a variety of circumstances. The site’s key historic buildings – which formed part of the former Administrative Headquarters Complex for Colchester Garrison Artillery Barracks – have been retained and sensitively refurbished, respecting the existing fabric and minimising interventions and alterations where possible, to create a selection of beautiful apartments. Meanwhile, newbuild apartments and houses complement the existing neighbouring buildings,

First Time Buyer April/May 2016

with beautiful architectural features in keeping with the heritage of their surroundings. Each of the new and refurbished homes at Arena Place will be completed to a high specification, including energy-efficient central heating and an integrated kitchen, with fitted oven, hob and hood. The development is situated near the heart of Colchester, with a wide variety of amenities for everyday living within easy reach, including a range of supermarkets and convenience stores, a selection of pubs and restaurants, plus an array of popular shops and cafés in the nearby Lion Walk Shopping Centre. For leisure opportunities, Colchester boasts several museums, including Colchester Castle,

which is home to the biggest keep built in the UK and provides opportunities for picturesque walks around the grounds. Arena Leisure Centre is also near the development, while Colchester Zoo is just over three miles away. Families will appreciate that Arena Place is situated within close proximity to a wide choice of schools and nurseries, while, for those looking to further education, Sixth Form College Colchester is also nearby. For commuters, Colchester Town railway station is just a short walk from Arena Place and provides regular direct services to London Liverpool Street and Walton-on-the-Naze. For road links, the nearby A12 provides routes northeast for Ipswich and southwest for Chelmsford and Romford. Property-seekers can register an interest in the new homes coming soon at Arena Place online at taylorwimpey.co.uk, or by calling the Sales Executive on 01206 581 096. Further information about Taylor Wimpey developments across the region is available by calling 01277 280 544, or by visiting taylorwimpey.co.uk

AFFORDABLE HOMES Essence

First Time Buyer August/September 2014

AFFORDABLE HOMES

Stadium Place

WHAT’S THE BEST WAY TO GET PRICEDIN? This ever-increasing choice brings with it a plethora of questions; which option is best for me? How do I check if I’m eligible? And, if I am eligible, how on earth do I bag myself one of these fabulous homes? To help tackle any confusion, leading housing association L&Q has created ‘Sally’ as part of its latest marketing campaign. Sally, a typical 33year-old young professional currently renting on the open market, is, like many ﬁrst time buyers, totally bamboozled by the homebuying process, that is, until she discovers how she can get PricedIn with L&Q. Helping buyers like Sally through the process, the organisation’s PricedIn website gives a complete guide to shared ownership, including an un-biased look at the differences between shared ownership and Help to Buy.

SO, WHAT ARE THE DIFFERENCES BETWEEN THESE TWO SCHEMES? Shared ownership allows you to part own and part rent a property. Initially, you buy a share in your home, at least 25%, paying a mortgage on the share you own and subsided rent on the Quebec Quarter

First Time Buyer April/May 2016

With the announcement that over 175,000 more Londoners will qualify for shared ownership when eligibility criteria is relaxed in the Spring, along with the rising popularity of Help to Buy, it’s clear that there are a growing number of affordable home buy options available for ﬁrst time buyers share you don’t. You can buy additional shares in the property over time, and ultimately own the property outright. The advantage of shared ownership is that it really is affordable; just a 5% deposit of the share being purchased is required and monthly repayments can work out cheaper than an outright sale mortgage, or renting privately on the open market. However, buyers should be aware that eligibility criteria applies, such as minimum and maximum income levels, and there are restrictions on mortgage suppliers. Help to Buy, on the other hand, offers an equity loan of up to 20% (40% in London), which is interest free for up to ﬁve years. However, buyers do still have to put down a 5% deposit of the whole price of the property, which can be a considerable sum. Think shared ownership might be right for you? L&Q has a wide selection of new homes currently available, including Stadium Place, Walthamstow, a collection of 99 one to four bedroom apartments, houses and maisonettes. Bringing the landmark Walthamstow Stadium back to life, the development offers buyers a chance to own a piece of London history, with homes set behind the former stadium’s iconic Grade II listed wall of neon lights, which has been painstakingly restored by L&Q. Enhancing the long-term sense of community at Stadium Place, proposed on-site facilities will include a pre-school nursery, cafe, newsagent

and play areas. The old dog kennels have been cleverly converted into storage sheds to accompany innovative pocket allotments, which will be available to some of the shared ownership residents. Inside, the homes come with the highest in specification. Prices start from £80,000 for a 25% share of £320,000 for a one bedroom apartment. Across town, an influx of young professionals are moving into up-and-coming Woolwich, hotly tipped as the next southeast London destination neighbourhood. Here, L&Q is launching 10 one and two bedroom shared ownership apartments at Ordnance Place, moments from Woolwich Common. Also south of the river, Quebec Quarter is located in the zone 2 hotspot of Canada Water. Offering 69 one and two bedroom, highspecification apartments, this development is set within landscaped grounds, just a 12-minute commute from London’s West End. Other shared ownership schemes include Harvard Gardens, a collection of 27 homes in buzzing Elephant and Castle, Manor Lodge, 16 apartments within a unique ‘passivhaus’ development in Penge, and Beaulieu, 22 new properties in Chelmsford. To register your interest in any of L&Q’s shared ownership schemes across London and the southeast, or to learn more about the scheme, visit lqpricedin.co.uk

AFFORDABLE HOMES Essence

First Time Buyer August/September 2014

HELP TO BUY

HELP TO BUY KEEPS NEWLYWEDS IN SURREY Award winning housebuilder Hodson Developments is celebrating the success of Help to Buy at its Viridium development in Camberley in Surrey. The stylish apartments have been very popular with the government-backed equity loan scheme which, thanks to its 5% deposit requirement, helps buyers get much more home for their money One couple who have used the scheme are newlyweds Sofia, 27, and Tom, 28, Brzostowski. Even though they had decided to get on to the property ladder and had several years of saving behind them, they were struggling to raise a big enough deposit required to buy even the smallest of properties in Surrey. It wasn’t until they came across Help to Buy that Sofia and Tom discovered that, with just a 5% deposit, they were able to buy a brand new, two bedroom apartment at Viridium by Hodson Developments in Camberley. Help to Buy is the government-backed homebuying scheme that allows anyone buying a new home to do so with just a 5% deposit. Homebuyers receive a 20% equity loan which, together with the deposit, allows them to gain access to much more affordable 75% mortgage interest rates. The scheme, which is available on all new homes under the value of £600,000 has been very popular since its launch nearly three years ago, helping thousands of buyers get on or move up the property ladder. Sofia said, “We couldn’t quite believe it at first, to be honest; Help to Buy looked too good to be true. Before we came across the scheme we didn’t think that we were even going to be able to stretch to a half-decent, one bedroom property in Surrey – everywhere just seems so expensive. However, we went to visit the Viridium development in Camberley and were shown how Help to Buy worked and we were thrilled when we realised what we could get for our money. We fell in love with a beautiful two bedroom apartment on the top floor and, thanks to the 5% deposit requirement, we have been able to buy a much bigger home than we previously would have been able to.” Sofia and Tom have now moved into their spacious two bedroom apartment at Viridium, where they pay a monthly mortgage of just £820, even offering them a small monthly saving on what they were previously paying in rent. Located on Frimley Road, Viridium is an exclusive gated development by award-winning housebuilder, Hodson Developments. Set over three buildings, with both countryside and town views, Viridium comprises an outstanding collection of one and two bedroom apartments and stunning three bedroom penthouses. The

54 First Time Buyer April/May 2016

development also provides private off-road parking for its residents. Christie Alaimo, Sales Director for Hodson Developments commented, “Viridium is a superb development which offers homebuyers a range of luxury apartments right at the heart of vibrant Camberley. Built with exceptional attention to detail and offering a very high-quality specification, we are very proud of this unique collection of stylish new homes. “Due to its lower deposit requirement and access to more affordable mortgage rates, Help to Buy doesn’t just help first time buyers like Sofia and Thomas, it helps anyone looking to buy a home for less upfront cost. It has been a very popular way to buy a home at our Viridium development, allowing homebuyers to buy a

bigger property for their money in this soughtafter Surrey location.” Ideally situated for Soﬁa to travel to work in both Guildford and London, by train from nearby Camberley stations, Camberley is also well located for road access to London, the M3 and the road network beyond with Heathrow just 16 miles away. Thomas will travel to Woking by car. Currently available at Viridium is a range of one, two and three bedroom apartments. With prices starting from £280,950, with Help to Buy homebuyers only require a deposit of £14,050 to buy one of the stylish apartments. For further details about Viridium, or Hodson Developments, visit hodsondevelopments.com, or call Romans Land and New Homes on 01276 66693

AFFORDABLE HOMES Essence

First Time Buyer August/September 2014

FOR SALE

THE CREAM OF THE CROP

Each month, FTB scours the market for the best starter homes for first time buyers. Whether you’re looking for a new home on a modest budget, or for the buzz of city life, we hope you will enjoy our selection. (Prices and availability correct at time of going to press)

CANNING TOWN

HOIC FIRST C

ISLAND L★I★FE★

Urban Appeal p60-61 F R I M L E Y, S U R R E Y

HOIC FIRST C

REAL LIFE

LNUDSSCAHPES

★★★

Affordable Homes p62-63

Shared Ownership p64

First Time Buyer April/May 2016

FOR SALE

URBAN APPEAL CANNING TOWN

HOIC FIRST C

From £342,500

ISLAND LI★FE★ ★

London City Island This grand new development, set over 12 acres, is set to become a thriving hub on the Leamouth Peninsula, close to Canning Town. The collection of 1,700 homes will sit side by side with artisan restaurants, shops and open spaces, an arts club, including a swimming pool, and of course all that the Thames has to offer. Inside, the homes are sleek and contemporary, reflecting the unique surroundings. A striking red bridge connects the Island to Canning Town, where you can catch a tube to central London in 20 minutes, or to Canary Wharf in four. Ecoworld Ballymore 020 7118 0400 londoncityisland.com

60 First Time Buyer April/May 2016

FOR SALE P LY M O U T H

From £167,000 R O YA L D O C K S , E A S T L O N D O N

From £395,000

Cherry Tree Gardens Just moments from fabulous coastline and stunning Dartmoor National Park, yet close to the city life of Plymouth, these new homes offer the best of both worlds and consist of two to three bedroom properties, built in a variety of styles. The three bedroom coach house, which starts at £215,000, is arranged over three floors, with a

COVENTRY

living and dining area opening to a garden and the bedrooms across the top two floors – perfect for growing families. Plymouth is a buzzing city, with direct train links to Truro, Exeter and London Paddington. Taylor Wimpey 01752 421 318 taylorwimpey.co.uk

Mariners Quarter at Royal Wharf The final phase of this popular development in trendy east London has launched 207 one, two and three bedroom homes. The Marco Polo building, which consists of three neatly stacked blocks, forms part of the growing community that the development is helping to create. The contemporary homes have access to

a 500m river promenade as well as a 2.4-acre park, perfect for the summer. Connections from nearby Pontoon Dock or Silvertown DLR as well as Canning Town (Jubilee line) aid easy travel to the West End and beyond. Ballymore and Oxley 020 7118 0700 royalwharf.com

From £TBC DOCKLANDS, EAST LONDON

From £95,563*

Ambleside Choose from a variety of home styles, from one and two bedroom coach houses to family homes, at this new development in the New Stoke Village area of Coventry. Ambleside is perfect for young professionals and families looking for more space, and is close to all that Coventry city centre has to offer, including a university, cathedral,

fantastic shopping facilities and great places to eat and drink. The homes are smart and modern, with fitted kitchens, integrated appliances, en suites in the larger styles and private parking for residents. Taylor Wimpey 02476 011 791 taylorwimpey.co.uk

Jessops Building at New Providence Wharf These stylish homes form part of an exclusive new development, all just moments from some of the best sights that London has to offer – including the Thames, Greenwich and Canary Wharf – not to mention excellent transport links. Inside, the one and two bedroom homes are smart and contemporary, with

spacious living areas and high-quality fixtures and fittings. Residents also benefit from a private balcony or terrace, some with excellent views of the river, and will have access to an on-site gym and spa. Genesis Homes 020 3393 5581 genesishahomes.org.uk

*Based on a 25% share of the full market value of £382, 250

First Time Buyer April/May 2016

FOR SALE

AFFORDABLE HOMES F R I M L E Y, S U R R E Y

HOIC FIRST C

LUSCH APES

LAND★S★ ★

Woodbridge The pretty town of Frimley, on the outskirts of Surrey, is home to this new collection of one and two bedroom apartments and four bedroom houses. The apartments have been created within a stunning, locally listed building, and all the homes are surrounded by mature, landscaped gardens. Each home is finished beautifully, with designer fitted kitchens, wood-effect flooring and elegant bathrooms. Woodbridge is ideally located, close to the centre of the town, just moments from local amenities and just 450 metres from Frimley rail station. Thames Valley Housing 01276 538 991 woodbridgehomes.co.uk

First Time Buyer April/May 2016

From £299,995

FOR SALE WA P P I N G , E A S T L O N D O N

From £152,940*

MAIDSTONE, KENT

From £186, 995

London Dock Twenty-eight homes available through shared ownership have been released at this interesting new development that features great facilities. Built in association with Tower Hamlets council, facilities on the site will include new public spaces, a large water feature, shops, bars and restaurants. The homes

have been designed with modern living in mind, with bright open-plan living areas, while getting around is easy with Tower Hill underground (travel zone 1) and Wapping Overground station a short walk away. St George 020 7971 7880 londondock.co.uk

*Based on a 36% share of the full market value of £424,883

HASTINGS, EAST SUSSEX

The Coppice This new collection of homes in the popular commuter town of Maidstone is proving a hit with buyers. The homes range from two bedroom apartments to substantial four bedroom homes, all finished to a high specification, featuring well-equipped kitchens and stylish bathrooms. The larger homes feature

spacious kitchen/dining areas with doors opening to a private garden, a sizeable separate lounge and a cloakroom, while upstairs the master bedroom features an en suite. Transport links to London are also excellent. Redrow 01622 298 949 redrow.co.uk

From £325,000 EARLSFIELD, SOUTH LONDON

From £213,750*

Woodlands View In recent years, the seaside town of Hastings has attracted a young, vibrant population – drawn from Brighton by more affordable house prices. Four bedroom homes at Woodlands View start at £325,000, making it excellent for growing families. The homes, built in a mixture of styles, back on to woodland, with

stunning countryside views. Inside, the homes are finished beautifully and have plenty of space. From Hastings, train services to Brighton and King’s Cross take just over an hour. Millwood Designer Homes 01424 390 150 millwooddesignerhomes.co.uk

*Based on a 35% share of the full market value of £333,000

Westfield House Set in sweeping, landscaped grounds, close to the banks of the River Wandle, this new development, with just a few three bedroom apartments remaining, is ideal for those seeking stunning peaceful views, all just a short commute from Waterloo. The beautiful, contemporary homes feature

underground parking as well as private outdoor space, lovely river views and sit opposite the 55-acre King George’s Park. Clapham Junction is three minutes by train, while Wimbledon is just four. Thames Valley Housing 020 8607 0550 tvhsales.co.uk

*Based on a 30% share of the full market value of £712,500

First Time Buyer April/May 2016

REAL LIFE

Shared ownership: Waterlooville, Hampshire

FAC T F I L E

Property: Two bedroom apartment Market value: £167,000 Share: £58,450 for a 35% share Monthly outgoings: Just over £300 to cover mortgage/subsidised rent/service charge

For receptionist Caroline and her ﬁancé Alex, owning their own home was always a top priority. However, despite saving for over four years, they still weren’t close to the deposit they needed to get on to the ladder. When they discovered shared ownership at Guinness’ Wellington Park development in Waterlooville, just two miles from where they were renting in Portsmouth, all the pieces very quickly fell in to place

Caroline 20, said, “I’d been saving ever since I started working at 16, as I always knew that I wanted to get on to the property ladder as soon as I could – it’s a good investment. Alex and I were renting together for a few months, but it felt like a waste of money. We’d been working with a local mortgage broker for quite a while trying to assess how much we could afford, and he suggested shared ownership to us. Neither of us had heard of it before, but when we talked about it, it made great sense. “That same day, we discovered Wellington Park, a new development in Waterlooville just a couple of miles from where we were renting, and decided to take a look. We drove up, took one look around and instantly fell in love. After that, it all happened pretty quickly, and we completed on our purchase within a month!” Caroline and Alex, 22, who is a construction worker, purchased a 35% share in their two bedroom apartment at Wellington Park. At full market value, the apartment is worth £167,000 – but with shared ownership, they only needed £58,450 – and, even better, their £33,000 savings covered more than half of this. Caroline added, “We found the whole process really simple and Guinness were very helpful throughout. Everyone was so quick at getting back to us when we had any questions and went the extra mile to help the purchase go smoothly. Even with the service charge, our monthly payments are quite a lot cheaper than when we were renting, reduced from £450 a month to just over £300! As a result, we can save more, and will deﬁnitely be looking to staircase. We see the shared ownership scheme as our way on to the ladder, and it has set us on our way to eventually owning a family home for the future. Now we’ve got the homebuying out of the way, we can settle down together in our new home, and focus on organising the wedding!”

First Time Buyer April/May 2016

“WE SEE THE SHARED OWNERSHIP SCHEME AS OUR WAY ON TO THE LADDER, AND IT HAS SET US ON OUR WAY TO EVENTUALLY OWNING A FAMILY HOME FOR THE FUTURE” Wellington Park is a new development on the outskirts of Waterlooville, surrounded by stunning Hampshire countryside. Cowslip Court is an exclusive collection of just 10 two bedroom apartments for sale through shared ownership, providing an opportunity to own a brand new, affordable home. The apartments are designed to a highquality, modern specification, with flexible living spaces. The open-plan living/kitchen and dining rooms are fitted with a range of units and stainless steel appliances, including a gas hob and electric oven. Both bedrooms are spacious, with fitted wardrobes to the master bedroom. Waterlooville is a bustling town, which offers a range of local amenities including shops, pubs, restaurants and leisure facilities.

Just six miles away, the historic dockyard town of Portsmouth boasts an even wider range of shopping at Gunwharf Quay as well as a plethora of evening entertainment and nightlife. Wellington Park is ideally located, with access to the A3 connecting Portsmouth in the south and London to the north. For public transport, several bus routes operate in the local Waterlooville area, offering services to nearby towns. From nearby Havant, just 15 minutes away by car, direct trains into London Waterloo take just 90 minutes. Prices at Wellington Park start from £58,450 based on a 35% share of the full market value of £167,000 for a two bedroom apartment. guinnesshomes.co.uk

VOTE NOW! We take our readers very seriously and we want to know your views as ďŹ rst time buyers. Thatâ&#x20AC;&#x2122;s why we need you to cast your votes. Please vote for your favourite developments, housing providers and other categories, listed on the following pages, in our FTB Readersâ&#x20AC;&#x2122; Awards 2016. You could win ÂŁ250 in Ikea vouchers! For more details, see page 94.

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READERSâ&#x20AC;&#x2122; AWARDS 2016 Friday 22 April

BEST SMALL DEVELOPMENT THIS AWARD WILL BE GIVEN TO SMALL DEVELOPMENTS THAT HAVE USED THE BEST DESIGN AND QUALITY TO CREATE DESIRABLE, AFFORDABLE AND INSPIRING ENVIRONMENTS IN WHICH PEOPLE WISH TO SET UP THEIR FIRST HOME. THE AWARD IS FOR SCHEMES OF FEWER THAN 30 HOMES.

EAST THAMES HOMES | MAYFIELD Mayfield, on May Road, Chingford, is a rarity in the area – an affordable development of three bedroom houses rather than apartments. The six affordable homes, available on a shared ownership basis through East Thames Housing, and the one affordable house for rent were snapped up swiftly. Designed to appeal to young families who could not afford to buy or rent a larger property in expensive Chingford, these homes were priced from £99,000 for a 30% share, representing outstanding value for money. Each new home has a stylish kitchen, a comprehensive range of integrated appliances, plus either open-plan living space, or a kitchen/dining room and living room – opening on to a private garden – and a parking space. The uppermost floor comprises a superb master bedroom with fitted wardrobe, en suite shower room and a private roof terrace.

HEXAGON HOUSING ASSOCIATION | MALVERN HOUSE Malvern House, Foxley Road, Kenley, Croydon is a rare gem for young professionals. This exclusive small development gives first time buyers the chance to buy a beautiful, spacious home in a coveted location. Although a newbuild scheme, the quality of design and finish is impeccable and fully in keeping with Kenley’s large period properties. The carefully considered design detailing, both outside and in, gives these apartments plenty of character and, with features such as engineered oak flooring and wenge worktops adding a luxe touch and a strong design edge, the well-sized rooms give buyers the luxury of space as well as a superior finish. Some apartments also have desirable extras, such as balconies and en suites, and each has an allocated parking space. Malvern House is tucked away on a charming, tree-lined road, yet is just 12 miles south of London in an area that’s very popular with affluent commuters, giving first time buyers access to a truly enviable lifestyle.

OCTAVIA LIVING | THE RETRO Marrying the elegant façade of a former Victorian pub with a luxurious interior full of ultra-modern finishes, The Retro perfectly embodies how London’s heritage can be preserved and enhanced. The development is a collection of eight affordable, one and two bedroom apartments, available through shared ownership. All finished to very high standards, what makes each apartment so exclusive is its quirky charm. The Retro offers a unique chance to own a piece of luxurious history in the heart of London. Located on the corner of Southern Row and Bosworth Road, it matches peace and green space – Emslie Horniman Pleasance Park is on its doorstep – with an enviable central location. Westbourne Park tube station is a short walk away and the flats are just a stone’s throw from the bustling bars, restaurants and independent shops of Notting Hill and the famous Portobello Road.

68 First Time Buyer April/May 2016

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ORIGIN HOUSING | SUFFOLK HOUSE An unforgettable small development creating a big impact, Origin Housingâ&#x20AC;&#x2122;s Suffolk House is a rare, 100% affordable scheme, located in Fitzrovia, in the heart of central London. Set in an impressive, fully-restored, Victorian, warehouse-style building, the pioneering project offers six, high-quality, shared ownership, two bedroom duplexes â&#x20AC;&#x201C; each complete with a terrace overlooking the iconic London skyline â&#x20AC;&#x201C; and seven affordable rent homes. A trailblazing partnership between Origin Housing, a private developer, and the local authority has allowed affordability to be maximised for ďŹ rst time buyers, with prices from ÂŁ195,950 for a 25% share and remarkably low service charges. Enhancing the schemeâ&#x20AC;&#x2122;s social footprint, the development also includes a commercial unit, for use by a respected local charitable organisation.

SITE SALES AND REGENTA DEVELOPMENT | THE OAKS The Oaks is a development of four detached homes, built to a high speciďŹ cation, in the heart of Essex. Situated in Harlow, on Commonside Road, these four exclusive houses are surrounded by countryside, yet just an eight-minute drive from Harlow town centre and only 31 minutes into London Liverpool Street by train from Harlow Town station. The development is marketed by Site Sales Marketing Limited, on behalf of Regenta Development, and selling positively, with three of the four properties under reservation. This development ďŹ ts in beautifully with the surrounding area, complementing the nature of the road and the neighbouring detached homes. Designed and built to a high speciďŹ cation, with features such as solar panels, large private gardens, integral garages, integrated SMEG appliances to the kitchens and generous storage, the homes are well-suited to family living.

VIRIDIAN HOUSING | 45 QUEENS WALK Set within a period house, with a sensitively-designed new extension, 45 Queens Walk is a collection of one, two and three bedroom luxury apartments, available for private sale and shared ownership. All of the apartments have an outstanding contemporary interior speciďŹ cation. The conversion apartments have been intelligently designed to make maximum use of the interior space and features of the original building, speciďŹ cally complimenting the buildingâ&#x20AC;&#x2122;s period interior scale â&#x20AC;&#x201C; notably, its high ceilings and original windows. Most apartments have their own private terrace or balcony but, for residents of those that donâ&#x20AC;&#x2122;t, there are also communal stepped gardens to enjoy. All apartments have allocated parking, or a private garage. 45 Queens Walk offers the rare opportunity to live on one of Ealingâ&#x20AC;&#x2122;s most desirable streets in the sought-after neighbourhood of Pitshanger Village. Shared ownership has made this unique development affordable to local ďŹ rst time buyers, who would otherwise be priced out of the area.

First Time Buyer April/May 2016

BEST URBAN REGENERATION PROJECT

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THIS AWARD IS FOR THE BEST DEVELOPMENT WITHIN A NEIGHBOURHOOD REGENERATION SCHEME, THAT CAN DEMONSTRATE THE BENEFIT IT HAS BROUGHT TO AN AREA.

CATALYST | PORTOBELLO SQUARE

LOVELL HOMES | LYMINGTON MEWS

At the northern end of Notting Hill’s famous Portobello Road lies Portobello Square, one of London’s most transformative urban regeneration projects. With phase one nearing completion, Portobello Square will eventually see the creation of 1,000 new homes in a previously neglected corner of the Capital. The project will transform the dilapidated Wornington Green estate, replacing all current social housing with brand new properties, while also building new homes for private sale that will contribute towards a new, diverse community. With award-winning architecture and a commitment to quality, the regeneration of Portobello Square is unrivalled in its ambition, unequalled in its conception and unparalleled in its realisation.

Lovell is developing 418 new, one to four bedroom, affordable and private sale homes in the Chadwell Heath area of Dagenham – an area with a strong sense of community, in need of signiﬁcant new development to retain its vibrancy. We will develop 259 private sale homes, 116 homes for affordable rent and 43 homes for our Registered Provider partner, Home Group. When completed, Lymington Mews will also have a new primary and secondary school extension and a variety of open spaces – a haven for wildlife. The new Crossrail station will be just over 0.5 miles away, providing improved access to central London. Our development will provide new homes with easy access to local and London-wide employment and cultural opportunities.

NEAT AND ROYAL LONDON | TNQ

PEABODY | PEMBURY CIRCUS

With the demand for housing outstretching supply, mixed use developments offer the ﬂexibility that our growing Capital needs. Transforming four and a half acres of rundown commercial land, TNQ is a leading example of mixed use, urban regeneration in London. A catalyst for Colindale’s regeneration, TNQ has created a 90,000sqft shopping destination on the Edgware Road, as well as 460 high-spec apartments. Also securing a brighter future for the wider community, TNQ is creating hundreds of local jobs and will bring signiﬁcant commercial wealth to the area. Praised by the industry as well as local government, it serves as a template for future urban regeneration projects in London.

Pembury Circus completes a regeneration process that has been undertaken by Peabody, after the Pembury Estate was transferred from Hackney Council in March 2000. Since then, Peabody has invested over £73m in improvements to residents’ homes and a further £2.2m in community programmes. The mixed tenure Pembury Circus development features 268 private and affordable homes, commercial and communal facilities, a new community centre, play/sports areas and more, and the Pembury Children’s Community offers education and apprenticeships for young people. Pembury was once a place where people felt unsafe. It is now where ftbs want to live, with over 2,000 enquiries made for the 40 shared ownership homes alone.

First Time Buyer April/May 2016

MOST INNOVATIVE REDEVELOPMENT OF AN EXISTING PROPERTY

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THIS AWARD LOOKS FOR PROPERTIES THAT HAVE BEEN REDEVELOPED USING FRESH IDEAS THAT UPHOLD THE INTEGRITY OF THE ORIGINAL BUILDING AND MAKE BEST USE OF THE RETAINED FEATURES AND SURROUNDINGS.

INSPIRED HOMES | GREEN DRAGON HOUSE

ORIGIN HOUSING | SUFFOLK HOUSE

Innovative property developer Inspired Homes is tapping into the latest social sharing trend by offering ‘community living’ for first time buyers at its award-winning Green Dragon House development in Croydon. Originally designed in the 1960s as office space for Croydon’s growing economy. Today however, with the building changing its use to residential accommodation and receiving an extensive programme of upgrading, refurbishment and development, a new era of stylish, urban living is being created offering excellent interior design and high-tech features like super-fast broadband. Apartments also include a range of shared amenities, including: 10th-floor sky garden; residents’ lounge; private meeting room; second-floor sky garden with table tennis; concierge service; residents’ bike storage and tool station.

Origin Housing took a conservation-led approach when creating Suffolk House, a highly unusual, 100% affordable housing development within a Victorian-warehouse style building, in the heart of Fitzrovia. Affordable housing set in converted buildings is increasingly rare, yet Origin have innovatively retained the heritage of the building, restoring it to its former glory. An architectural angular roof extension, reﬂecting the surrounding rooves, has been added to accommodate the scheme’s six shared ownership duplex apartments. The highest environmental performance levels have been achieved, through use of PV cells and improvements to insulation, minimising utility bills. A truly unique offer, all homes sold within weeks of coming to market.

TAYLOR WIMPEY EAST LONDON | ARENA PLACE

VIRIDIAN HOUSING | 45 QUEENS WALK

Arena Place in Colchester is an innovative residential development by Taylor Wimpey, demonstrating how traditional buildings can be faithfully restored to dovetail with contemporary newbuilds. The leading housebuilder has carefully restored a collection of historic military buildings within the site of the former Administrative Headquarters complex for Colchester Garrison Artillery Barracks. The development also comprises newbuild properties reﬂecting the heritage of the site. Block F, originally constructed as a purpose-built wagon shed during the 19th century, has undergone a number of changes, yet Taylor Wimpey has successfully retained the integrity of the building by enhancing and maintaining its traditional features.

Set within a restored Victorian townhouse, with a sensitively-built modern extension, 45 Queens Walk is a boutique-style development combining the very best in imaginative conversion and space planning. Ten one, two and three bedroom luxury apartments were available for both private sale and shared ownership. In 2010, the house was being used as a hostel, but with the hostel no longer meeting required standards and the house in disrepair, Viridian stepped in to restore and redevelop the site. A more recent extension was demolished in favour of a three-storey extension and terrace of ﬁve bedroom houses, and particular attention was given to the materials and colours used for the new buildings, to reﬂect characteristics of the original house.

First Time Buyer April/May 2016

BEST PROPERTY SUPPLEMENT OF THE YEAR

Sponsored by

THIS AWARD IS LOOKING FOR THE BEST PROPERTY NEWS SUPPLEMENT THAT PROVIDES ACCURATE AND USEFUL INFORMATION, EITHER IN PRINT OR ONLINE, TO HELP FIRST TIME BUYERS ON TO THE PROPERTY LADDER. THE SUPPLEMENT MUST REACH OUT TO AT LEAST 1,000 READERS AND SHOULD PROVIDE REGULAR ARTICLES AIMED AT THOSE LOOKING TO PURCHASE THEIR FIRST HOME.

DAILY AND SUNDAY EXPRESS

HOMEFOCUS MAGAZINE

At Northern & Shell we aim to provide wraparound property coverage, from print features in the Daily and Sunday Express that are also available online, to standalone website features and alerts for readers to downloaded on mobile devices. With the Sunday Express’ arts and showbusiness focus, the property page often follows new-release films and television – anything that’s a talking point – which is why we were the first national newspaper to link living in Cornwall with the phenomenon that was television’s Poldark series. However, we also include features aimed at helping readers who want to find out about schemes like Help to Buy. Friday’s property page will always be topical and reflect our regional readership. As for 2016, we intend to build on our success and provide readers with an even better property service.

homefocus magazine is published six times each year, to highlight the opportunities for ftbs to get on to the home ownership ladder. Focusing on shared ownership and Help to Buy, the magazine gives full explanations of the government schemes aiming to make home ownership more affordable, and help those without huge deposits to own their own home. Whether its who to apply to and how to go about it, who qualiﬁes, or how to improve your credit rating and get the best mortgage deals, homefocus tells you all. The magazine is crammed with shared ownership and Help to Buy properties and case histories, so if you’re wondering how you can become a homeowner, homefocus will point the way.

METRO PROPERTY

WHATHOUSE?

Launched in April 2015, Metro Property provides a concise and engaging mix of home and property news, catering specifically for the newspaper’s young, urban-dwelling audience. Metro Property dedicates several pages every week to first time buyers and the challenges they face. It aims not just to be aspirational, but inspirational too. Metro reaches more ftbs in London than any other national newspaper and their stories are brought to life with personal tales of people making that first step on to the ladder. Publishing every Tuesday, Metro Property allows busy readers plenty of time to arrange weekend viewings, ensuring they’re first in the queue for the best deals in a fiercely competitive market.

First Time Buyer April/May 2016

The WhatHouse? newspapers, launched in December 2013, are a complement to the long-standing new homes portal Whathouse.com These monthly tabloid publications reach 450,000 addresses, with two editions: one for the West Midlands and one for London and the southern Home Counties, both delivered free through the letterbox of recipients. The newspapers cover all aspects of buying, selling and owning a home, from advice on government-backed schemes such as Help to Buy and shared ownership to news on the latest launches. Regular features on mortgages, interiors, local market insight and a variety of other topics aim to inform and inspire readers, especially those looking to make their ﬁrst move into homeownership.

BEST LAW FIRM FOR CONVEYANCING THIS AWARD CELEBRATES LAW FIRMS WITH OUTSTANDING CONVEYANCING PACKAGES FOR FIRST TIME BUYERS.

1ST PROPERTY LAWYERS At 1st Property Lawyers, we understand that buying your ﬁrst home can be stressful. That’s why we aim to make conveyancing as seamless and stress-free as possible. Through our award-winning online case-management service, eWay, we have created a service that is tailored to the needs of the modern consumer. Our clients have access to their case 24/7, through their smartphone, tablet or PC, enabling them to complete the majority of their documentation online and speed up the transaction. eWay also contains useful video guides and help sections, ensuring that clients understand some of the more complex aspects of the process. Each of our clients is assigned their own dedicated conveyancer, who will guide and assist them through the entire process and provide them with regular updates. Our highly-trained legal professionals have extensive experience to help ﬁrst time buyers and ensure they move into their new home as quickly as possible.

BEAUMONT LEGAL Beaumont Legal constantly works to improve the service it provides to all of its customers, using its experience as one of the country’s largest conveyancing providers to build on how first time buyers can be guided through the process of buying their first home. More than any other group of homebuyers, first timers demand more information and a quicker service and, year-on-year, Beaumont Legal improves its technology and the customer service skills of its team to help give customers what they want – fast! Everyone at Beaumont Legal believes that, to provide a good service, you need to work closely with everyone involved in the process, from developers to housing associations, mortgage brokers to estate agents, and the Beaumont team works handin-hand with all of its partners to achieve the best service for everyone.

PRINCE EVANS SOLICITORS LLP Prince Evans is proud to have one of the largest affordable home ownership conveyancing teams in London; led by award-winning partners, specialising in social housing. The team benefits from a number of professional and friendly staff, all of whom are extremely experienced and well versed in helping first time buyers take their first steps on to the property ladder. Prince Evans is on the panel for several housing associations, evidencing our long-standing commitment to affordable home ownership and consistency in delivering excellent customer service at competitive prices. Prince Evans continues to act for a number of housing associations and remains at the forefront of social housing development and sales.

First Time Buyer April/May 2016

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READERSâ&#x20AC;&#x2122; AWARDS 2016

TAYLORS LEGAL As a â&#x20AC;&#x2DC;newbieâ&#x20AC;&#x2122; to the homebuyers market, you would expect to receive all the help you can when buying your ďŹ rst home. Taylors Legalâ&#x20AC;&#x2122;s main area of expertise is conveyancing. As a ďŹ rm, we embrace technology and, with an online case management system, help the purchaser communicate and track the process electronically. This allows for quicker and efďŹ cient responses, from conception to completion, with regular updates along the way. Over the years, the ďŹ rm has built strong relationships with a large number of renowned nationwide property developers and has seen an increase in ďŹ rst time buyers purchasing a newbuild property, as well as the more traditional conveyancing. We are proud that our staff offer a wealth of knowledge and experience and, with a smooth and productive approach, are able to guide ďŹ rst time buyers through the entire homebuying process. We are currently working on an online web-based application, which will initially enable purchasers of newbuild properties â&#x20AC;&#x201C; and, in time, all conveyancing clients â&#x20AC;&#x201C; to instruct us online. This will speed up the conveyancing process even more signiďŹ cantly.

THOMAS LEGAL GROUP Thomas Legal Group offers conveyancing excellence, with speed and efďŹ ciency. We understand what is important to ďŹ rst time buyers and, by using clear communication and a tailored service, we exceed expectations. Thomas Legal Group chooses to concentrate only on property law; this enables us to be experts in our ďŹ eld and our regular positive feedback from both clients and introducers emphasises that what we do, we do well! We are pleased to offer a face-to-face service for clients who would like to meet their solicitor and have a personal chat over a cup of coffee about the process. And, for those clients who cannot get to our ofďŹ ces, we offer the alternative method of a Skype, or Facetime chat to get to know their solicitor and also to make the ID process much more convenient for those with a busy lifestyle. We are experts in all areas of conveyancing, and we have a team dedicated to newbuild transactions; they are specialists in Help to Buy purchases as well as shared ownership and all other government schemes.

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READERSâ&#x20AC;&#x2122; AWARDS 2016

VOTE NOW FOR YOUR FAVOURITE IN EACH CATEGORY, AND YOU COULD WIN ÂŁ250 IN IKEA VOUCHERS. VOTE AT FTBAWARDS.COM TODAY!

First Time Buyer April/May 2016

BEST FIRST TIME BUYER APARTMENT THIS AWARD IS FOR AN APARTMENT SUITABLE FOR A FIRST TIME BUYER, WHICH IS AFFORDABLE AND ALSO OFFERS EXCELLENT DESIGN FLAIR, BOTH INSIDE AND OUT.

HEXAGON HOUSING ASSOCIATION | MALVERN HOUSE A beautifully detailed development, Malvern House enables design-conscious first time buyers to afford a sophisticated apartment in a highly sought-after location. Although a newbuild scheme, the quality of design and finish is impeccable and fully in keeping with Kenley’s large period properties. The carefully considered design detailing, both outside and in, gives these apartments plenty of character and, with features such as engineered oak flooring and wenge worktops adding a luxe touch and a strong design edge, the well-sized rooms give buyers the luxury of space as well as a superior finish. Some apartments also have desirable extras, such as balconies and en suites, and each has an allocated parking space. Malvern House is tucked away on a charming, treelined road, yet is just 12 miles south of London in an area that’s very popular with affluent commuters, giving first time buyers access to exquisitely affordable apartments and a truly enviable lifestyle.

HODSON DEVELOPMENTS | VIRIDIUM Viridium by Hodson Developments is an exclusive, gated development of stylish one, two and three bedroom apartments and penthouses, located in the popular Surrey town of Camberley, where first time buyers can enjoy modern sophistication and affordability without compromise. One particular apartment at Viridium that stands out as a winner is a spacious and luxurious two bedroom property. Beautifully designed inside and out, this unique apartment has not only got loads of room and is finished to a very high specification as standard, it also benefits from a fabulous 30ft long, south-facing, glass balcony. An ideal living space and perfect for entertaining, this bright and superbly finished apartment allows purchasers to enjoy every inch of their new home. Every property in this style, of which there are three, have been sold to first time buyers, demonstrating that there is no need to compromise on quality and space when getting on to the property ladder.

INSPIRED HOMES | GREEN DRAGON HOUSE Innovative property developer Inspired Homes is tapping into the latest social sharing trend by offering ‘community living’ for first time buyers at its award-winning Green Dragon House development in Croydon. The overall vision is about developing a way of life, rather than simply the bricks and mortar. As such, Inspired Homes has designed a series of luxury, yet affordable, apartments specifically for first time buyers. As well as offering excellent interior design and high-tech features like super-fast broadband, the apartments also include a broad range of shared amenities, including: 10th-floor sky garden with BBQ; first-floor residents’ lounge; private room for group meetings and classes; second-floor sky garden with table tennis; concierge service; residents’ bike storage and tool station. Inspired Homes also intends to take this sharing concept one step further by offering residents shared experiences which enhance their lifestyle and their business lives, such as community events, talks, workshops and group activities.

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LOVELL | MANSFIELD PARK MansďŹ eld Park is a mixed-tenure development of one and two bedroom apartments and three and four bedroom homes, for sale with Lovell Homes, situated on the eastern side of the city of Southampton and less than four miles from the city centre. Designed for 21st-century living, the two bedroom Grant House apartments offer inspiring, contemporary living spaces that are both stylish and functional â&#x20AC;&#x201C; appealing to ďŹ rst time buyers â&#x20AC;&#x201C; without the premium prices; full price ÂŁ176,950â&#x20AC;&#x201C;ÂŁ195,000. Purchasers have taken advantage of the government-backed Help to Buy Scheme, with Help to Buy prices of ÂŁ141,560â&#x20AC;&#x201C;ÂŁ156,000. The ultra-chic hub of the apartment is the open-plan dining, kitchen and living area â&#x20AC;&#x201C; a stunning place to entertain and socialise, offering high speciďŹ cation throughout, including Bosch gas hob and oven, integrated washer/ dryer, soft closers to kitchen cupboards/drawers and built-in wardrobes to the master bedrooms, all as standard.

NEAT AND ROYAL LONDON | TNQ Located in Colindale, 30 minutes from central London, we believe TNQ provides the best opportunity for ďŹ rst time buyers in this emerging hotspot. An unrivalled product in the local ďŹ rst time buyer market, TNQ offers affordability without compromise, with high-speciďŹ cation interiors and thoughtfully designed, open-plan layouts. Priced from ÂŁ238,000, TNQ goes beyond expectation, with every apartment featuring prewired, ďŹ bre-optic cabling â&#x20AC;&#x201C; enabling broadband speeds up to 10 gigabits (500 times average), timber ďŹ&#x201A;ooring and under-ďŹ&#x201A;oor heating, built-in wardrobes, LED lighting, internal sound insulation, ďŹ tted contemporary high-gloss kitchens and so much more. More than just a place to live, TNQ offers ďŹ rst time buyers an on-site gym, crĂ¨che, and concierge as well as big brand retailers M&S, Aldi, with more to be announced shortly. SigniďŹ cant space has been given to create four large, private residential courtyards, featuring landscaped gardens with mature trees, water features and modern stonework.

NU LIVING | OLDCHURCH PARK Oldchurch Park is NU livingâ&#x20AC;&#x2122;s ďŹ&#x201A;agship development in Romford, offering 374 new homes, with Help to Buy and shared ownership available on a large selection of units. Despite being one of the most affordable London boroughs, ďŹ rst time buyers in Havering continue to feel priced out of their local market. Oldchurch Park offers a rare opportunity for young professionals, couples and families alike to get on to the property ladder, with prices starting from ÂŁ176,500 for a one bedroom apartment. Formerly part of the Oldchurch hospital estate, the 120,320sqft area has created a host of affordable property options for any ďŹ rst time buyer. Oldchurch Park provides modern apartments in an attractive and desirable environment for residents. Each home features fully-integrated Zanussi appliances, stylish bathroom suites and quality carpets and ďŹ&#x201A;ooring, offering both convenience and considerable starter home savings for ďŹ rst time buyers.

First Time Buyer April/May 2016

BEST LARGE DEVELOPMENT THIS AWARD IS FOR DEVELOPMENTS OF MORE THAN 80 HOMES, THAT HAVE USED THE BEST DESIGN AND QUALITY TO CREATE AN AFFORDABLE, DESIRABLE AND INSPIRATIONAL ENVIRONMENT, AND HAVE PROVIDED ADDITIONAL FACILITIES TO BENEFIT THE LOCAL COMMUNITY AND SURROUNDING NEIGHBOURHOODS. THESE HOMES ARE EITHER ON LARGE DEVELOPMENTS IN A MIXED-TENURE ENVIRONMENT, OR STAND-ALONE DEVELOPMENTS.

AMICUSHORIZON LTD | THE SENTINEL Situated in the centre of Croydon town, The Sentinel is a new, 12-storey, mixedtenure development, constructed by Durkan Ltd. Designed by BPTW Partnership and featuring terracotta and zinc cladding in a geometric design, it is both striking and eye-catching. The development is a mixture of apartments and maisonettes, ranging from one to three bedrooms, and comprises 22 homes for shared ownership, 17 homes for affordable rent and 59 homes for market rent.

CENTRA LIVING, PART OF CIRCLE HOUSING | BANBURY PARK Banbury Park in Walthamstow is a £70m scheme, with 349 much-needed homes. Launched in Autumn 2015 by Centra Living – part of Circle Housing – the development is the provider’s largest to date. Banbury Park, which sits between the Lea Valley and Epping Forest at the end of the Victoria line, has a range of products on offer to suit different levels of affordability; 99 homes for social rent, 76 homes for shared ownership and 174 homes for private sale. Centra Living offers a range of unit types, including apartments, duplexes and houses offering one, two, three, or four bedrooms – all of high speciﬁcation. The development suits a wide market, so is perfect for investors, families, singles, couples, ﬁrst time buyers and second homers. Over 150 people attended the launch weekend – a strong indicator of the development’s appeal.

KIER LIVING EASTERN | CONNECT21 For many years, the ever-increasing cost of property in Peterborough meant that ﬁrst time buyers found themselves priced out of the market. But all that changed in 2013, with the launch of Connect21 from Kier Living Eastern. A £50.3m collaboration between the developer, Peterborough City Council and the Homes and Communities Agency, Connect21 was created with ﬁrst time buyers in mind. Conceived as part of a wider £1bn regeneration of Peterborough city centre, the property mix includes two bedroom apartments and houses ranging between two and four bedrooms. The homes at Connect21 were constructed to an excellent standard and all feature builtin wardrobes to the master bedrooms and integrated appliances in the kitchens. In addition, the two and three bedroom houses include separate kitchens, facing the southeast where possible, to maximise natural light. Houses also have their own parking space, along with visitor parking and secure cycle sheds.

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NEWLON HOUSING TRUST | CANNON ROAD Cannon Road is an ambitious scheme helping to meet local housing need, while contributing to the ongoing regeneration of Tottenham. It is an architecturally impressive, high-speciďŹ cation development, on the site of a derelict former rubber factory on Tottenham High Road, close to Tottenham Hotspurâ&#x20AC;&#x2122;s stadium at White Hart Lane. Designed by KSS architects and constructed by Galliford Try, on behalf of Newlon Housing Trust, the site comprises a stunning 22-storey tower, offering 100 homes for shared ownership. Three further blocks provide 122 mixed-tenure homes, with both social rent and intermediate rent for key workers. The development has its own CHP power plant and communal roof gardens, all residents have balconies, or outdoor space, and there are bicycle stores and dedicated electric vehicle parking points. The site also includes a new, purpose-built, 420-pupil primary school â&#x20AC;&#x201C; developed in partnership with Spurs FC â&#x20AC;&#x201C; which is a valuable contribution to the local community.

NOTTING HILL SALES | CAMBERWELL FIELDS Camberwell Fields, the latest ďŹ&#x201A;agship development from Notting Hill Sales has brought new life to the heart of Camberwell, with its contemporary yet sympathetic design, spacious layout and mixed-tenure offering; private sale, Help to Buy and shared ownership. Camberwell Fields sits alongside recently regenerated Burgess Park and is within walking distance of eclectic eateries, theatres, galleries and entertainment spots. The developmentâ&#x20AC;&#x2122;s affordable and high-quality sustainable homes have successfully revitalised the local landscape and reconnected communal pedestrian pathways. All apartments, townhouses and duplexes satisfy the housing needs of both existing and new residents. Camberwell Fieldsâ&#x20AC;&#x2122; successful impact on the local landscape has contributed to the regeneration of the wider neighbourhood, bringing a distinctive new charm to the area.

SOUTHERN HOUSING | BOW RIVER VILLAGE A development consisting of one, two and three bedroom apartments situated on the banks of the River Lea, this striking new collection of buildings, interspersed by landscaped modern courtyards and open spaces, takes inspiration from the local factories and warehouses that once teemed with activity. These new homes combine contemporary architecture with high-quality interior speciďŹ cations that are both practical and stylish. Sleek lines, bright interiors and balconies to all apartments, create a harmonious, contemporary living environment. Positioned in a fantastic area and ideal for city living, the development offers brilliant transport links and a unique opportunity to invest for the future in one of Londonâ&#x20AC;&#x2122;s thriving creative hubs. It is easy to discover the rest of the capital from such a well-connected location, with the City, Docklands, Stratford and Canary Wharf all just minutes away via the London underground.

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BEST ONLINE PROPERTY PORTAL THIS AWARD WILL LOOK AT THE BEST PROPERTY PORTALS THAT OFFER CLEAR,PRACTICAL ADVICE AND EASY NAVIGATION.

FAMILY MOSAIC Following in-depth customer research, Family Mosaic discovered continued consumer confusion around shared ownership and the buying process. Research also highlighted the ongoing need for a useable, easy to navigate, informative sales website. Using these results, Family Mosaic decided to create and launch a new shared ownership-speciﬁc sales portal; familymosaicsales.co.uk. With other housing associations having an online presence, Family Mosaic went a step further to create a digital hub, offering practical information for buyers at every stage of the sales process, through the creation of several new interactive tools. Giving buyers complete control, these tools provide immediate access to information, while allowing buyers to track in real time where they are in the buying process and see a checklist of what is required next. Automating the buyer’s journey also enables the sales and marketing teams to react and respond quicker to customer queries, giving the buyer greater support.

MONEYSAVINGEXPERT.COM MoneySavingExpert.com, which has over 10 million subscribers to its weekly email, prides itself on having extensive tools and information for anyone looking at buying their first home. On the website, we have 13 different guides written specifically for first time buyers, on anything from how to boost your chances of getting a mortgage and practical property search tips on finding the best mortgage for you, to what fees to take into consideration. We’ve also a 60-page standalone PDF for first time buyers, which you can either download or, if you wish, request as a printed booklet. In addition to the extensive information on the site, we have numerous calculators available, helping anyone wishing to get on that first rung to compare mortgages, know exactly how much it is going to cost them and find out exactly how much they can borrow. Lastly, we’ve also got our own Mortgage Best Buys, which include all deals available to brokers and, crucially, direct-only deals too, meaning it’s easy to compare and find the best deal for you.

MONEYSUPERMARKET HOME MOVERS HUB Everyone who’s ever done it, knows moving home can be massively stressful – so first time buyers should be looking to learn from the experience of others. With this in mind, we gathered all our knowledge and experience together in one place in our Home Movers hub. This is the place where first time buyers can find out what they need to know – from identifying the right property, to managing the move and settling into their new home. The hub showcases our comprehensive library of articles, videos, tools and bespoke calculators, all delivering the support and guidance first time buyers need before, during and after the move itself. We contacted experts from across the housing market – surveyors, estate agents, mortgage providers and even a vet – to supplement our in-house expertise in household finances, energy and insurance. The result is a thorough and detailed editorial package that covers all the bases concerning the first time buyer market.

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RIGHTMOVE Rightmove has more UK properties than anywhere else, so itâ&#x20AC;&#x2122;s a great place for ďŹ rst time buyers to search virtually all of the market in the areas they are considering. Our teams carry out various focus groups and usability sessions, so that the site is easy to use and has the information that home-hunters say that they want. On each of the properties people can look at ďŹ&#x201A;oor plans, the nearest stations and nearby schools, and can easily contact the agent marketing the property by phone, or email. For those that need help along the way, there are a number of tools they can use, such as our Sold Prices pages â&#x20AC;&#x201C; where people can research prices of similar properties in their chosen areas, a step-by-step guide to mortgages and a number of top tips for ďŹ rst time buyers in our blog: rightmove.co.uk/mortgages, rightmove.co.uk/house-prices, rightmove.co.uk/ news/articles/the-government-schemes-that-could-help-ďŹ rst-time-buyers.

SOUTHERN HOME OWNERSHIP The key to our success is providing ďŹ rst time buyers with the information and tools that signiďŹ cantly help them get on to the property ladder. We were inspired by the idea of creating a product that offers the best possible user experience, through superior navigation and scalable site structure. We present the details throughout our pages in a simple, intuitive and responsive way. We deliver informative content, which guides and assists our customers through a sometimes daunting buying experience. The data we collect allows us to access precise information on the eligibility and sales point of our customers. We can conďŹ dently offer the right properties to the right people â&#x20AC;&#x201C; saving time for both potential buyers and our sales team. The responsive features of our web design offer ďŹ&#x201A;exible interaction for prospective buyers, presenting a considerable amount of information smoothly across all platforms.

ZOOPLA PROPERTY GROUP PLC Zoopla is the UKâ&#x20AC;&#x2122;s most comprehensive property website, combining hundreds of thousands of property listings with market data and local information, empowering our users to make smarter property decisions by helping them to research the market and ďŹ nd their next home. At Zoopla, we are fans of transparency and everything we do is aimed at making the market more efďŹ cient for property consumers. Zoopla has rapidly become the UKâ&#x20AC;&#x2122;s leading online destination for property consumers to search for homes and do their market research, and is the favoured online marketing partner for UK estate agents, letting agents and property developers. Launched in 2008, Zoopla has been one of the fastest growing websites in the UK, now attracting over 40 million visits per month and we are proud to have been named one of the Top 10 UK Tech Companies (The Guardian) and one of the Top 10 Most Innovative UK Companies (Smarta).

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BEST ARCHITECTURAL DESIGN THIS AWARD IS FOR THE DESIGN OF A BUILDING THAT EXCEEDS NORMAL ARCHITECTURAL STANDARDS AND MAKES A SUBSTANTIONAL CONTRIBUTION TO THE LOCAL ENVIRONMENT.

B3LIVING | BRIDGEWATER GARDENS

B3Living, in partnership with Rock Townsend and Hill Group, transformed a former suburban industrial site, adjacent to the historic New River, into 52 new, affordable and shared ownership homes – challenging the assumed density of the local area, while making a positive contribution to the public realm. The four to ﬁvestorey development was designed with the homeowner in mind, with extensive research into providing on-site underground parking, and shared accessible landscaping connecting both apartment buildings.

CATALYST | ST BERNARD’S GATE

A difficult challenge for architects is the marrying up of new buildings with old, creating structures and spaces that complement and even improve on the existing vernacular. It is a challenge being met headon at St Bernard’s Gate in Hanwell, west London, with spectacular results. Set within a site of historical interest – a former hospital with a listed chapel and gatehouse at the focus of the scheme – St Bernard’s Gate will see the creation of 270 apartments across five buildings, the first of which is currently under construction. Designed by Hester Architects, the new buildings are sympathetic to their surroundings, creating a unique new public space as the centrepiece, and homes that bring the very best of modern living to a previously neglected site.

REGAL HOMES | THE CUBE BUILDING

STOCKWOOL | VYNER STREET

The Cube Building is Europe’s tallest Cross Laminated Timber constructed building, and is set to become one of London’s most revered mixed-use projects. Each ﬂat is arranged as a corner unit and has at least two aspects, offering residents an inspiring panorama of Lonson. Intimate terraces and balconies provide unique views and a gridded brick screen wraps the outside of the building, creating an exclusive space for those inside. The development comprises one, two and three bedroom apartments, including penthouse apartments. Each apartment will have a private terrace or balcony. Banyan Wharf consists of 50 apartments with 33 for private sale and the remaining 17 for socially rented or shared ownership.

This mixed-use development in east London will offer much-needed homes and jobs for the local community, regenerating a derelict warehouse site into 23 high-quality homes and 410sqm of commercial space. Designed by Stockwool for the Aitch Group, the Vyner Street development features two blocks of four and five storeys, and ground floor office space. Situated within a conservation area, elevations reflect adjacent Georgian terraces, while a set-back top floor replicates traditional warehouse architecture. With an improved streetscape – with active frontages, the retaining of employment use on-site and the high standard of homes available, we are proud of the design quality of this regeneration scheme for Tower Hamlets.

First Time Buyer April/May 2016

MOST INNOVATIVE MARKETING CAMPAIGN

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THIS AWARD WILL BE GIVEN TO THE MOST INNOVATIVE MARKETING CAMPAIGN THAT HAS BEEN CARRIED OUT USING ALL FORMS OF MEDIA, ENABLING FIRST TIME BUYERS TO FIND AFFORDABLE HOUSING AND HAVE THE MOST UP-TO-DATE AND RELEVANT INFORMATION ABOUT GOVERNMENT SCHEMES AND MORTGAGE DEALS.

CATALYST

At the northern end of Notting Hill’s famous Portobello Road lies Portobello Square, one of London’s most transformative urban regeneration projects, that will eventually see the creation of 1,000 new homes in a previously neglected corner of the city. The marketing campaign for Portobello Square has targeted purchasers of all budgets, with a focus on ﬁrst time buyers for homes appropriate to this demographic. Promotion of shared ownership and the affordable community audience were central to the campaign. Marketing was overseen by London-based brand and digital consultancy, Philosophy, who, with expertise across all disciplines, successfully implemented innovative campaigns across a number of sectors.

ORIGIN HOUSING

Origin Housing’s Well Informed campaign aims of educate ﬁrst time buyers on shared ownership. The campaign invites purchasers to follow a customer journey online, breaking down jargon and guiding buyers through eight simple steps, before completing a prequaliﬁcation questionnaire to continue their property search. The campaign is supported by informative personalised email and text messaging. A great success to date, the project has resulted in a 10% increase in new web users, and a 90% fall in customer queries. A wellinformed customer base has resulted in a steady sales conversion rate of 51%, with a forecast of 60% for 2016, ultimately helping more buyers on to the housing ladder through shared ownership.

EAST THAMES GROUP

East Thames has developed a new marketing campaign to reach out to first time buyers. The campaign is dynamic with a solid black background, softened by a red ribbon representative of the River Thames – defining the area in which we build in. The flow of the red ribbon also symbolises the flexibility of our products and the choice offered to our customers. The message is clear and simple; ‘Quality Homes Made Affordable’. This moves away from over-complicated adverts, packed with photos and a variety of messages, and simply informs first time buyers that we are here to help, with contact details that are easy to spot. If our advertising campaign has inspired you, please vote for us and visit our website – we’re here to help!

PEABODY

Peabody’s integrated marketing campaign combined digital, outdoor and experiential activity with print media and PR to raise awareness of Upton Village in Plaistow, east London. This innovative campaign showcased a brand new development within an existing community, while embracing the positive aspects of the local area by playing on the concept of ‘The Proper East End’ and residents being ‘Plaistow and Proud’ and also engaging those new to the area. Both direct calls-to-action reafﬁrmed the area’s sense of community pride and helped garner awareness and interest among the development’s target audience. Peabody successfully engaged with ﬁrst time buyers, resulting in 100% of sales before the build was completed.

First Time Buyer April/May 2016

BEST SHOW HOME THIS AWARD GOES TO THE COMPANY WITH THE BEST SHOW HOME, ALLOWING THE BUYER TO SEE THE PROPERTY TO ITS MAXIMUM POTENTIAL AND GIVING THEM A REALISTIC INSIGHT INTO THEIR NEW HOME.

CATALYST | FARLEY MEADOWS Located on the western edge of Luton, Farley Meadows comprises a collection of contemporary, two and three bedroom houses, boasting views over the open countryside of Bedfordshire. Offering modern amenities in a much sought-after location, Farley Meadows is a brand new development that has been hugely popular among first time buyers. With 70 new homes, split between three styles of house, Farley Meadows offers a unique opportunity for young professionals to put their first foot firmly on the housing ladder, or for families to procure a spacious home designed to meet the needs of modern family life. The show home at Farley Meadows was designed with the first time buyer in mind and features a stylish interior that not only shows the property to its full potential, but creates an aspirational and yet, crucially, achievable look.

ESTUARY HOUSING ASSOCIATION | VICTORIA ROAD Victoria Road is a stylish collection of 10 brand new, two bedroom apartments, set within the heart of Romford. The development is located on a bus route and just ﬁve minutes walk from Romford station and town centre. The show home’s design and layout provides lots of space and light, and the warm, sunny palette of soft yellow, mixed with greys, taupe and black, makes the potential buyer feel instantly uplifted. High-gloss furniture, combined with glass and chrome, really shows off the dimensions of the living space, while clever use of replica Louis Ghost designer chairs makes the dining area seem to disappear as it becomes almost completely transparent. The theme follows through into the kitchen, bathroom and bedrooms, with neutral accessories, while bright yellow, homely accents complement the high-gloss neutral kitchen – all creating seamless transitions between living, dining and kitchen areas.

OCTAVIA LIVING | THE RETRO Marrying the elegant façade of a former Victorian pub with a luxurious interior full of ultra-modern finishes, The Retro perfectly embodies how London’s heritage can be preserved and enhanced. The development is a collection of eight, affordable, one and two bedroom apartments, available through shared ownership. All finished to very high standards, what makes each apartment so exclusive is its quirky charm. The Retro offers a unique chance to own a piece of luxurious history in the heart of London. Located on the corner of Southern Row and Bosworth Road, it matches peace and green space – Emslie Horniman Pleasance Park is on its doorstep – with an enviable central location. Westbourne Park tube station is a short walk away and the flats are just a stone’s throw from the bustling bars, restaurants and independent shops of Notting Hill and the famous Portobello Road.

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ORIGIN HOUSING | AXIS Origin Housing created a high-impact, design-led show home for Axis â&#x20AC;&#x201C; a private sale, shared ownership and affordable rent development that has established higher benchmark pricing for its Finchley Road location, assisting in the cross-subsidy for affordable homes. Designed to make a long-lasting impression on visitors, the premium show home blended a mix of high street and luxury brands, offset by a natural colour palette. Throughout the two bedroom property, bold prints, luxurious metallic accents and retro-inspired accessories all contributed to create a lively, stylish aesthetic, beďŹ tting of a development so close to both opulent Hampstead and fashionable Camden. The highly successful design scheme raised the bar at this groundbreaking new development, and helped to secure the sale of all properties at Axis within six weeks of coming to market.

PEABODY | CHANCERY BUILDING Peabodyâ&#x20AC;&#x2122;s Chancery Building is a stunning development within the landmark Embassy Gardens, exceeding the high speciďŹ cation expected of modern London living. Chancery Building enabled 98 ďŹ rst time buyers to take their ďŹ rst step on to the property ladder in a highly desirable new riverside district. The shared ownership show home, designed by Studio Morton, was carefully designed to give ďŹ rst time buyers looking to purchase one of these exquisite homes, a sense of both aspiration and accessibility. Spanning an impressive 1,222sqft, the two bedroom, two bathroom, duplex show home was dressed with a mixture of small luxury pieces and key products from high street brands â&#x20AC;&#x201C; including B&Q, H&M, IKEA and Home Sense â&#x20AC;&#x201C; to ensure presentation was to an achievable standard for ďŹ rst time buyers. Designed with mid-century American inďŹ&#x201A;uences and inspired by the developmentâ&#x20AC;&#x2122;s stylish brand identity, the show home reďŹ&#x201A;ected both the areaâ&#x20AC;&#x2122;s international heritage and its cosmopolitan future.

PLUMLIFE | HART HILL PLACE We developed a stunning, two bedroom show home at our Hart Hill Place show home in Salford. We took a different approach to the interior design by launching the â&#x20AC;&#x2DC;Plumlife Stylistâ&#x20AC;&#x2122; competition; a nationwide search to ďŹ nd an amateur designer to create a fresh sitting room concept. The winning Scandinavian-inspired design allowed buyers to visualise living in one of our properties. The bright, comfortable, value-formoney furnishings demonstrated to ďŹ rst time buyers how a contemporary look could be achieved on a budget. Customer feedback regarding the show home was fantastic and six homes were reserved within weeks of opening.

First Time Buyer April/May 2016

BEST FIRST TIME BUYER FAMILY HOME THIS AWARD IS FOR A FAMILY STARTER HOME, WHICH IS AFFORDABLE FOR A FIRST TIME BUYER. IT SHOULD OFFER A COMFORTABLE ENVIRONMENT, AT A REALISTIC PRICE, WHICH IS IDEAL FOR FAMILY LIVING.

EAST THAMES GROUP | MAYFIELD Mayfield, on May Road, Chingford, is a rarity in the area – an affordable development of three bedroom houses, rather than apartments. The six affordable homes, available on a shared ownership basis through East Thames Housing, and the one affordable house for rent were snapped up swiftly. Designed to appeal to young families who could not afford to buy or rent a larger property in expensive Chingford, these homes were priced from just £99,000 for a 30% share. This represents outstanding value for money; each new home has a stylish kitchen, a comprehensive range of integrated appliances, either an open-plan living space, or a kitchen/dining room and living room – opening on to a private garden, and a parking space. The uppermost floor comprises a superb master bedroom with fitted wardrobe, en suite shower room and a private roof terrace.

HEXAGON HOUSING ASSOCIATION | STORER DRIVE A place for families to flourish, Storer Drive in Welling, Kent, is a stylish development giving growing families an affordable opportunity to buy a spacious house in a safe, gated community. Set in a residential area, conveniently close to Welling’s high street, 11 of these 26 well-designed family homes are available through shared ownership. A traditional terraced design maximises space on the site, while the modernist architecture also gives an attractive contemporary aesthetic. Once inside, the floorto-ceiling windows allow light to flood in and room proportions are generous, giving families ample space to grow. Storage, often lacking in new homes, is plentiful too, with large cupboards in place of en suites. Each home comes with a private garden and parking space, and solar panels will help to keep the buyer’s bills down. The shared ownership properties here were only available to buyers with children, ensuring a strong family feel, and the fact that the development is gated fosters an even stronger sense of community and security.

LOVELL | LAVENDER GROVE Lavender Grove is a mixed-tenure development of three and four bedroom homes for sale with Lovell Homes, situated in the small village of Farmborough, northeast Somerset, yet only nine miles from Bath and 12 miles from Bristol. The three bedroom, Hazelwood house style, with a single garage and parking, is beautifully designed for the modern family, featuring expansive ground floor accommodation – that offers a warm and relaxing welcome, an inviting open-plan dining room and sleek kitchen – with a high specification throughout, including Bosch hob and oven, and kitchen cupboard soft closers, plus landscaped and turfed front gardens as standard. Owning a home in a rural location has become a reality for first time buyers, without the premium prices. Full price at Lavender Grove is £275,000–£320,000. Purchasers have also taken advantage of the government-backed Help to Buy scheme, with Help to Buy prices of £220,000–£256,000.

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READERSâ&#x20AC;&#x2122; AWARDS 2016

MILLER HOMES | SPINNERS BROOK Located only ďŹ ve miles from central Manchester and within easy reach of the Daisy Nook Country Park, lies a beautiful collection of two, three and four bedroom homes, all built to the highest level of quality, energy efďŹ ciency and sustainability. Having opened in April 2015, the cleverly-landscaped Spinners Brook development has already sold 25 homes, with an additional ďŹ ve under offer. Of those sold, 60% were to ďŹ rst time buyers, of which 75% of those used Help to Buy to secure their homes. The developmentâ&#x20AC;&#x2122;s popular Stretton home offers an entry price point of ÂŁ150,995 for a semi-detached three bedroom family home. With a spacious hallway leading into a bright, airy lounge that ďŹ&#x201A;ows directly through to an intelligently planned kitchen/dining area with French windows, the home provides both style and function. Upstairs is a master bedroom, two further bedrooms and a bathroom to perfectly balance the home. Further information is available at millerhomes.co.uk.

PEABODY | UPTON VILLAGE Built on the former grounds of Plaistow Hospital, Upton Village is a new neighbourhood of converted, period buildings and brand new homes. The development offers one, two and three bedroom apartments and duplexes, and three bedroom houses through shared ownership, within a secure, village-like development. The three bedroom homes start from as little as ÂŁ135,000 for a 30% share of a full market value of ÂŁ450,000; the share price being 30% less than the local selling average of ÂŁ439,640 for a three bedroom home*. Due to the affordable price tag, the impressive internal ďŹ&#x201A;oor space, generous outdoor space and access to other communal play and recreational areas, the homes are ideal for ďŹ rst time buyer families. Plaistow and nearby Upton Park provide all the essentials for a growing family, including retail stores, restaurants, open spaces, fast transport links, good schools and colleges, doctorsâ&#x20AC;&#x2122; surgeries and dental clinics. * home.co.uk/guides/house_prices.htm?location=plaistow

SITE SALES AND RYDON | LAVENDER CRESCENT Set in the delightful and popular suburb of Carshalton, the 15 family homes and 14 apartments of Lavender Crescent have recently been launched for sale by Site Sales, on behalf of Rydon. This new contemporary crescent of homes and neighbouring block of apartments is situated beside a newly landscaped park along the banks of the River Wandle, accessible to central London in under 30 minutes via the nearby Hackbridge train station. The spacious homes have been designed to ideally suit family living and purchasers have the choice of three layout options to accommodate various lifestyles. These properties provide much needed affordable ďŹ rst homes for families who require access to London, but have previously been priced out due to the high prices within the centre of the capital. Lavender Crescent property prices at launch started at ÂŁ435,000 for a three bedroom townhouse and ÂŁ212,500 for a one bedroom apartment.

First Time Buyer April/May 2016

BEST MORTGAGE LENDER FOR FIRST TIME BUYERS THIS AWARD IS FOR THE INSTITUTION THAT OFFERS THE BEST MORTGAGE ON THE MARKET, SPECIFICALLY FOR FIRST TIME BUYERS.

THE HALIFAX The Halifax is committed to helping Britain prosper, and has been central to Lloyds Banking Group’s aim to help one in four first time buyers take that important first step on to the housing ladder. At the Halifax, we understand that buying your first home is an exciting time, so we aim to help you every step of the way. Our dedicated mortgage advisers can tell you how much you could borrow, without leaving a mark on your credit history. This will be valid for 90 days, so that you can find your new home with confidence. Once you have found the right home, we will explain the different mortgage types available to you, recommend a mortgage that meets your needs, and talk you through your home protection options. We also support a range of government-backed schemes to help you buy your first home, including Help to Buy and, more recently, the Help to Buy: ISA. From working out how much you can borrow, to moving into your first home, the Halifax aims to be there, with the right product and support, every step of the way. 0345 727 3747 Halifax.co.uk/mortgages YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

HSBC BANK PLC HSBC is one of the UK’s leading mortgage providers and many people across the UK continue to aspire to own their own home. Insight has repeatedly shown that ﬁrst time buyers want access to competitive ﬁxed rates and are often stretched by having to save for their deposit. Our vision was to create several propositions to remove these barriers and facilitate the purchase of their dream home. The results were: 1. Unbeatable Mortgages – an innovative low-deposit mortgage proposition that checks competitor lender rates daily, to ensure that HSBC’s low-deposit mortgages are the best across the high street; 2. Cashback – providing up to £1,500 cashback; 3. Mortgage In A Day – enabling customers to receive face-to-face mortgage advice and mortgage approval all in the same day; 4. Competitive Pricing – continuous competitive pricing along marketleading and best buy rates, helping HSBC to be the right home for your mortgage.

NATIONWIDE BUILDING SOCIETY As the world’s largest building society, we are committed to helping people buy their first home. With mortgage rates falling to new historic lows, in order to continue and expand our long-standing support for this market segment, we have launched a number of initiatives over the past year that aim to help first time buyers with the upfront costs of buying a home. Alongside this, Save to Buy remains an innovative offer that is intended to support first time buyers, by providing a competitively priced savings account – aimed at helping prospective homeowners to save regularly for a deposit – and access to specific mortgage products, with up to 95% LTV and a cashback reward linked to the amount saved. In addition to a market-leading product proposition, Nationwide also supports first time buyers through our Step-by-Step Guides available online, Homebuyer’s Companion app for mobile phones and First Time Buyer Roadshows.

88 First Time Buyer April/May 2016

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READERSâ&#x20AC;&#x2122; AWARDS 2016

NATWEST NatWest is committed to helping ďŹ rst time buyers get on to the property ladder. We continue to support people with smaller deposits through Help to Buy mortgage schemes and also offer products exclusively for ďŹ rst time buyers. Our website features helpful guides and information on a range of topics speciďŹ cally aimed at ďŹ rst time buyers, such as saving for a deposit, ďŹ nding your ideal home and what to expect when applying for a mortgage. Our online tools allow ďŹ rst time buyers to ďŹ nd out how much they can borrow and see what their monthly repayments would be. We have mortgage advisers throughout the UK who can help customers in our branches and over the phone, helping ďŹ rst time buyers make the right choice and supporting them through each step of the journey to buying their ďŹ rst home.

SANTANDER We offer a competitive range of ďŹ xed and tracker mortgages from just a 5% deposit to suit ďŹ rst time buyersâ&#x20AC;&#x2122; (ftbs) needs, including exclusive deals with a discounted rate. We also offer a free standard valuation up to ÂŁ2.5m and selected products come with no booking fee â&#x2C6;&#x2019; saving ftbs money on their upfront costs. Coupled with this, customers can also get 1% cashback on their Santander monthly mortgage payment (up to ÂŁ1000 a month) with a Santander 123 Current Account. We have mortgage advisers, in branches and on the phone, who will guide customers through the whole mortgage process, helping to answer any questions and supporting them in making the right choice to meet their individual needs. Our website also has a comprehensive First Time Buyer section, with an easy-to-navigate, step-by-step guide to buying a home, along with a Mortgages Made Simple video explaining the mortgage process. Alongside this, we have a number of free, useful calculators and tools to help customers plan and budget for a mortgage.

VIRGIN MONEY Buying a home is a big deal. But Virgin Money can help make things simpler for ďŹ rst time buyers. We support the Help to Buy mortgage guarantee scheme, which offers purchase loans up to 95% LTV, and the Help to Buy equity loan scheme, which lets ďŹ rst time buyers purchase a newbuild with just a 5% deposit. We offer ďŹ xed and tracker mortgages, with different fee options. Cashback is available on selected deals. Compare our products, use handy online tools and check out our Three Minute Money mortgage video at our First Time Buyer Hub â&#x20AC;&#x201C; virginmoney.com/ftb. Our qualiďŹ ed mortgage advisers can recommend a deal. Flexible features include making overpayments and applying for payment holidays (subject to criteria). Customers can check their account online 24/7. Plus, Virgin Money customers get access to great Virgin Group discounts, exclusive lounges and more.

First Time Buyer April/May 2016

AFFORDABLE HOUSING PROVIDER OF THE YEAR THIS AWARD WILL GO TO THE ORGANISATION THAT HAS SHOWN INNOVATION IN THE WAY THEYDESIGN, BUILD AND MARKET THEIR PROPERTIES AS WELL AS OFFERING A VARIETY OF SERVICES WHICH CAN HELP FIRST TIME BUYERS ON TO THE PROPERTY LADDER.

AFFINITY SUTTON One of the largest providers of affordable housing in the country, Affinity Sutton has a 100-year heritage of helping people put down roots and, today, over 161,000 people call an Affinity Sutton property their home. In 2014/15, Affinity Sutton invested £109m in building 1,436 new homes; through its own resources, grant-funded programmes, Section 106 agreements, joint ventures and private sale developments – its highest level ever. With homes ranging from one bedroom apartments to five bedroom family houses, including homes for wheelchair users, Affinity Sutton delivers affordable homes across a range of tenures, while also providing a variety of products and services to help first time buyers on to the property ladder. It constantly breaks new barriers and influences the industry with its work, research and reports. Underpinning this, is Affinity Sutton’s commitment to helping people put down roots and its strong belief that investing in its residents and its communities is what matters.

CATALYST Catalyst Housing is a leading mixed tenure developer with over 50 years experience of building new homes and communities across London and the South East of England. We provide over 21,000 homes, with major developments in Buckinghamshire, Luton and West London. We provide the same speciﬁcations with our properties whether it’s shared ownership or private sale. We are committed to high quality urban and suburban regeneration of previously neglected areas into vibrant new quarters, such as large-scale regeneration schemes in the Royal Borough of Kensington & Chelsea, London Borough of Ealing & Brent. We also offer a range of opportunities that allow aspiring individuals and families to get on to or move up the property ladder and rental opportunities – including awardwinning equity loan schemes. Our award-winning community development work is integral to our promise to local communities – providing opportunities for local people to come together to improve their skills and life chances and creating more cohesive places for people to live, work and rest.

ESTUARY HOUSING Roneo Corner exemplifies Estuary’s forward-thinking approach to helping first time buyers get on to the property ladder. It makes clever use of an unkempt suburban site, to not only provide spacious affordable homes in a sought-after location, but to create a landmark development of outstanding architectural quality. Built to last, with minimum maintenance, it uses highly-efficient insulation and heating systems to keep buyers’ costs down, and solar energy for communal areas. Estuary understands that buying a home can be daunting for first time buyers and gives carefully considered support throughout; from having a financial advisor available during viewings, to contacting the Council Tax office and service suppliers on buyers’ behalf. Estuary also provides an excellent after-sales service, including a visit to the property once the buyers have moved in. The smallest of details can make a big difference for first time buyers and Estuary works hard to get every detail right for them.

First Time Buyer April/May 2016

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READERSâ&#x20AC;&#x2122; AWARDS 2016

HEXAGON Hexagon stands apart from most competitors by recognising that not all ďŹ rst time buyers want to live in an apartment, or a conventional property. It builds shared ownership houses for growing families â&#x20AC;&#x201C; a niche market thatâ&#x20AC;&#x2122;s often overlooked â&#x20AC;&#x201C; such as those at its recent Storer Drive site, and has the vision to see how shared ownership can work in older, or more unusual properties. For example, Hexagon embraces the opportunity to protect local heritage, and its efforts were recently recognised with a RICS award for building conservation and an English Heritage Angel Award for its redevelopment of a landmark historic building, known as The Concrete House. This conversion in Southwark provided six much-needed homes for shared ownership. Hexagon also gives ďŹ rst time buyers the opportunity to buy in locations they may only previously of dreamed of, by focusing on smaller sites in well-established neighbourhoods. Malvern House in afďŹ&#x201A;uent Kenley is a prime example of this.

PEABODY A pioneer of social housing and experts in affordable housing, Peabody is one of Londonâ&#x20AC;&#x2122;s oldest and largest charitable housing associations and community development organisations. It has more than 150 yearsâ&#x20AC;&#x2122; experience in providing and managing homes, and creating opportunities for Londoners. With a portfolio of over 27,000 homes across London, Peabody has an ambitious pipeline of 8,000 mixedtenure homes and a target to build 1,000 homes each year. All proďŹ ts generated from the sales of its new homes are ploughed back into the affordable housing and community services that it provides. Peabodyâ&#x20AC;&#x2122;s mission is to supply high-quality homes and a more achievable route into home ownership for as many ďŹ rst time buyers as possible. From initial enquiry to full completion of a new home purchase, Peabody offers an outstanding customer service, with an 80% recommendation rate from its customer database.

PLUMLIFE Plumlife is one of the northwestâ&#x20AC;&#x2122;s leading affordable housing providers. We use our website, community initiatives, PR and marketing to interact and promote our costeffective and spacious homes to buyers. In 2015, we worked with four local MPs to launch new sites and also set up a nationwide competition to ďŹ nd a new amateur designer to work with us. This year, we are aiming to design, build and market 210 innovative new properties for ďŹ rst time buyers, across 25 sites in the northwest. We offer buyers comprehensive, expert advice about the homebuying process, and our experienced sales team work with a network of specialist solicitors and IFAs to provide buyers with free, impartial mortgage advice at our many open days and show home launches. Our customers have described us as â&#x20AC;&#x153;fantastic throughout every stage of the developmentâ&#x20AC;?, and said that â&#x20AC;&#x153;Without Plumlifeâ&#x20AC;&#x2122;s help and patience, this wouldnâ&#x20AC;&#x2122;t have been possibleâ&#x20AC;? and â&#x20AC;&#x153; I can honestly say youâ&#x20AC;&#x2122;ve made myself and my family so happy.â&#x20AC;?

First Time Buyer April/May 2016

PRIVATE DEVELOPER OF THE YEAR THIS AWARD WILL FOCUS NOT ONLY ON THE DESIGN AND QUALITY OF THE PROPERTIES BUILT, BUT ALSO ON ALL ASPECTS OF THE DEVELOPER’S PERFORMANCE.

BARRATT LONDON Barratt London is the market-leading residential developer, with over 30 years’ experience in the Capital. We have crafted our portfolio of residential developments and partnerships to deliver homes for all Londoners, from state-of-the-art penthouses to complex, mixed-use regeneration schemes. We are proud that half of our 2016 portfolio sits within the government-backed Help to Buy initiative and that, for the sixth year running, we have been awarded a five-star rating by the Home Builders Federation. Barratt London’s on-site property management company, Barratt Residential Asset Management (BRAM), was set up to exclusively manage and maintain our developments. This means we take care of all of the communal areas, allowing you total peace of mind when you buy a new Barratt London home. Our homes also come with a ten-year NHBC Buildmark Warranty, which covers customers for defects in specified areas of their home – providing extra reassurance from your five-star house builder.

HODSON DEVELOPMENTS Whether building stylish apartments with town centre convenience, or family homes with rural charm, family-run Hodson Developments never fails to impress. Understanding its customers, Hodson’s principle thought is to create distinguished, innovatively-designed homes, while offering individuality to each of its developments. Its homes are of timeless character, carefully created to reflect their surrounding environments, while understanding the demands of today’s lifestyle – by installing the highest specifications, with a strong prominence on attention to detail. With years of experience of helping buyers on to the property ladder – most recently, with its range of contemporary apartments in Camberley – Hodson Developments supports the needs of its customers at every stage of the homebuying process. It’s an exciting time for Hodson Developments as the house builder is looking set to further expand, creating even more high-quality homes in popular locations throughout southeast England – allowing even more homebuyers to benefit from its quality-led approach.

MILLER HOMES As a leading homebuilder, we recognise our responsibility to provide high-quality homes in great locations, for a wide variety of buyers. During 2015, almost a third of all our properties sold were to those making their first move on to the property ladder, demonstrating our ability to cater for their needs – in terms of affordability, specification, style and location of our properties, and also the support, information and care provided during every step of their customer experience with us. We are passionate about delivering excellent customer service and our desire to delight all our customers throughout their home buying journey is at the heart of our business philosophy, ‘The Miller Difference’. We are aware that first time buyers require support, advice and guidance, so we provide that throughout their customer journey with us. For further information visit millerhomes.co.uk.

First Time Buyer April/May 2016

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NEAT Founded just over three years ago, NEAT has successfully built a reputation specialising in true mixed-use developments, creating great places and much needed homes and jobs. Viewing their developments as â&#x20AC;&#x2DC;productsâ&#x20AC;&#x2122;, NEAT are leading the way to drive up industry standards and deliver more functionality, added features, better styling, and higher quality in the homes they build. To do this, NEAT work with investment managers and institutional funds â&#x20AC;&#x201C; such as Royal London and DTZ Investment Management â&#x20AC;&#x201C; and have projects underway in Colindale and Hendon as well as others in the pipeline. Using this business model, the company is able to mobilise institutional funds and help increase the supply of housing across London. Each development reďŹ&#x201A;ects founder and Managing Director, Joe Crawleyâ&#x20AC;&#x2122;s vision to create exceptional living spaces that are both aspirational and affordable, â&#x20AC;&#x153;We wanted to create a brand that is instantly recognisable as stylish, sustainable and a cuttingedge product.â&#x20AC;?

REGAL HOMES London developer Regal Homes, founded in 1998, is now widely-renowned for high quality, in terms of location, design and delivery. Examples of its current projects are: St Pancras Place in London WC1, where light industrial will transform into a mixeduse scheme of apartments and commercial space; Royal Quay in Limehouse E14, which sees the conversion of warehouse buildings under Permitted Development Rights; a development in Dalston which will be Regal Homesâ&#x20AC;&#x2122; ďŹ rst scheme for the Private Rented Sector (PRS) and The Cube Building development near Old Street station in London â&#x20AC;&#x201C; the tallest cross-laminated, timber-frame residential building in Europe. As Regal Homes continues to expand, the companyâ&#x20AC;&#x2122;s ambition, innovative developments, bold vision and strong ďŹ nancial grounding ensure that they are able to keep pace with many national homebuilders. The companyâ&#x20AC;&#x2122;s ever-increasing award wins, press coverage and industry proďŹ le strongly indicate that the Regal Homes success story is set to continue into 2016 and beyond.

TAYLOR WIMPEY EAST LONDON Part of leading UK homebuilder Taylor Wimpey plc, Taylor Wimpey East London currently offers a wide selection of high-quality, brand new homes at developments across Essex and Greater London, for purchasers under a range of circumstances. As a considerate, responsible homebuilder, Taylor Wimpey East London is committed to maintaining the highest standards of health and safety, promoting environmental sustainability and energy efďŹ ciency, encouraging innovative design, offering a widerange of incentives to make moving easier, and providing exceptional customer care and after-sales service. Taylor Wimpey East London continues to set the standard for delivering high-quality homes and superb value for purchasers taking their ďŹ rst step on to the property ladder, with ďŹ rst time buyers making up 70% of its customers during 2015.

First Time Buyer April/May 2016

buyer

READERSâ&#x20AC;&#x2122; AWARDS 2016

HOW TO VOTE VOTE NOW FOR YOUR FAVOURITE IN EACH CATEGORY, FOR A CHANCE TO WIN ÂŁ250 IN IKEA VOUCHERS Voting closes on 10 April 2016. FTB Award winners will be announced during the Awards lunch at the Waldorf Hilton in London on 22 April 2016. A full list of winners will be published in the June/July issue of First Time Buyer.

TERMS & CONDITIONS sĂľ sĂľ sĂľ sĂľ sĂľ sĂľ sĂľ

Your details will automatically be entered in a free draw to win ÂŁ250 in Ikea vouchers. Forms must be completed in full. Voting closes on 10 April 2016. The winner of the vouchers will be notiďŹ ed by email. Voting is open to FTB readers, aged 18 and over, with the exception of employees of shortlisted nominees, their immediate families, agents or anyone else associated with the administration or production of these awards. Entries will only be classed as valid when all contact details are completed. Random authenticity checks will be made.

SPECIAL THANKS TO ALL OF OUR SPONSORS MEDIA PARTNERS

AWARD SPONSORS

94 First Time Buyer April/May 2016

COMPETITION

Building the dream! Have you always dreamt of building or renovating your ﬁrst home but needed some expert advice? If so, then a trip to The National Homebuilding & Renovating Show at NEC, Birmingham, will give you all the information and inspiration you need – plus you can sit in on one of the 16 free seminars and over 50 masterclasses

! WIN IR

A PA TS, OF TICKE 36 £ WORTH

HOW TO ENTER Answer the following question: The Government’s recent commitment to double the number of UK custom and self-build homes, driven by the Right to Build and the new Housing and Planning Bill, is set to bolster the self-build market and the country’s overall housing supply in 2016. The National Homebuilding & Renovating Show takes place at the NEC, Birmingham, from 14-17 April, and has over 450 exhibitors, 16 free seminars and over 50 masterclasses. A variety of resident property specialists and TV personalities will also be on hand to discuss all building and renovating queries, and leading companies will be presenting their latest ranges of services and products, from a variety of industries including architecture, design, financial topics, kitchens, bathrooms, doors and windows, lighting, heating, ventilation and planning permission, to name a few. In addition to free one-on-one advice, seminars and masterclasses, the event will introduce a series of workshops, offering up to 50 people the opportunity to attend immersive one hour sessions on essential eco topics, featuring information on the recommended use of oak frames, underfloor heating, insulation, heat pumps and much more. The Show’s mobile app will personalise visitors’ experience, helping them to plan and guide their day and will notify visitors of exclusive offers throughout the show, while also providing them with an interactive timetable for the relevant seminar and masterclass sessions. Two of the UK’s most popular celebrity property experts,

First Time Buyer April/May 2016

Charlie Luxton, sustainable architectural designer and presenter of More 4’s new Building the Dream series, and Julia Kendell, interior design expert and co-presenter of ITV’s Rebuild Our Home, will be available for 15-minute individual consultations. Their topics will cover ecological living, advising people how to reduce their carbon footprint and save money in the long-term, and design ideas on how to improve homes. The show’s resident DIY Doctor, Mike Edwards, will be hosting live demonstrations to inspire visitors to take care of some of the key aspects of their projects without the help of a contractor. The Advice Centre, a hub for one-on-one impartial guidance, is where self-builders can run their ideas past property specialists with years of practice in this field. Within this zone, visitors can head to the Ask the Architects area where they will receive first-hand knowledge and experience from members of the Royal Institute of British Architects. They will be able to advise on how to tackle building challenges and take plans from start to finish. For those interested in 15-minute consultations via interactive sessions with some of the UK’s property specialists, the Advice Centre also features the Ask the Experts zone, where you can discuss your plans with a variety of experts. Standard tickets are £12 in advance or £18 on the door (children under 16 go free). For further information visit homebuildingshow.co.uk/national, or call the ticket hotline on 0844 854 0503 (calls will cost 7p per minute, plus standard network charges).

How many free seminars are taking place at the show? Send your answer, with your full name, address and telephone number to: lynda@firsttimebuyermag.co.uk Closing date: 4 April 2016

THE PRIZE… WE HAVE 25 PAIRS OF TICKETS, WORTH £36 PER PAIR, TO ATTEND THE NATIONAL HOMEBUILDING & RENOVATING SHOW. The prize is non-transferable and no cash alternative will be given. Competition is open to UK residents only.

COMPETITION

WIN!

WIN A H ANDCRA FTED WOODE N BED F R O M WARREN EVANS WORTH £495

HOW TO ENTER Answer the following question:

Where in London is the Warren Evans workshop? A) Walthamstow B) Westminster C) Wimbledon Send your answer, with your full name, address and telephone number to: lynda@firsttimebuyermag.co.uk Closing date: 9 May 2016

THE PRIZE… A KING SIZE HAZEL BED T&Cs: This competition is open to residents of mainland UK aged 18 years or over, except for employees of Warren Evans, First Time Buyer Magazine, or anyone else associated with this competition. The prize cannot in anyway be used in conjunction with, or against a current product order already placed with Warren Evans. Delivery of the prize may differ to Warren Evans’ normal delivery lead-time for the same item. If the winner falls outside of Warren Evans’ normal delivery zones a cash alternative of no more than £500 will be offered. One entry per person. Winner must claim the prize within one calendar month of notification.

Bedtime STORY It’s so important to get a good night’s sleep at the end of a busy day and what could be better than relaxing in a gorgeous handmade bed from Warren Evans Established in 1978, Warren Evans has 37 years of award-winning experience crafting beds and mattresses. From their environmentally-friendly Walthamstow workshop in northeast London, items are made and delivered, without middlemen, so you get superior service, quality and price. Here’s your chance to win their beautifully crafted king-sized Hazel bed! Warren Evans’ Hazel bed is bursting with warmth and character. It features an elegant design that has been expertly handcrafted to highlight the natural character and beauty of the wood. The solid headboard features inset curve detailing to create a striking focal point for your bedroom. Warren Evans also craft a top-quality range of pocket sprung, coil and memory foam mattresses, handmade with superior springs and fillers, all designed for a comfortable, relaxing night. They are one of Britain’s leading stockists of Tempur® mattresses and were voted within the top two ‘Best Mattress Retailers’ 2015 by Which? members. Perfect for any bedroom, this beautiful bed will be delivered to the winner’s home, and Warren Evans’ delivery team will build the bed for you – all ready for a great night’s sleep! warrenevans.com

First Time Buyer April/May 2016

FIRST MEAL

FIRST HOME, FIRST MEAL Scandi-inspired food has become really popular recently. Jens Folkel, head development chef for KuPP, shares his delicious recipe for salmon coulibiac with KuPP potato salad and coffee, mustard and dill dressing

SALMON COULIBIAC WITH KUPP POTATO SALAD AND A COFFEE, MUSTARD & DILL DRESSING

Ingredients (Serves 4) Coulibiac 2 puff-pastry sheets (rolls) 800g centre-cut, good quality salmon, pin-boned and skinless 200g cream cheese 25g dill 1 lemon 2g ground black pepper, plus 1g for seasoning the fish 3g Maldon sea salt, plus 3g for seasoning the fish 1 egg KuPP creamy potato salad 400g washed new potatoes 1 tsp wholegrain mustard 1 tsp Maldon sea salt

METHOD FOR THE COULIBIAC 1

Blend the cream cheese, dill, lemon juice and zest, salt and pepper in a food blender, so it’s a nice green colour. Lay one sheet of puff pastry down on greaseproof paper, cut the salmon in half, season with salt and pepper and put one side of skinned salmon on top of the pastry with belly side down. Spread the cheese mix on to the salmon. Lay the other side of the salmon on top so its belly side is up. Egg wash the pastry and cover with the other sheet of pastry making it snug by crimping it, score the top and make 3 small holes to let the steam out. Egg wash the pastry, put greaseproof paper on a tray and refrigerate for 1 hour before cooking. Heat a flat tray in the oven and slide coulibiac on to it, cook at 220c for 21-25 minutes, fan level 4.

First Time Buyer April/May 2016

After cooking, let the coulibiac stand for 10-15 minutes before cutting.

METHOD FOR THE POTATO SALAD 1 2 3 4 5 6

Cook the potato in salted water. Cool and cut in half. Finely dice the red onion. Finely chop the chives and dill. Squeeze the lemon; add sour cream, mustard and seasoning. Mix all together.

METHOD FOR THE MUSTARD & DILL DRESSING 1 2 3

Wash and chop the dill Combine all other ingredients and mix well Add the chopped dill

1 tsp chopped capers A pinch of ground black pepper 40g sour cream ½ small red onion 10g fresh dill 10g fresh chives ½ medium size lemon Mustard & dill dressing 25g fresh dill 35g clear honey ½ medium size lemon 2g Maldon sea salt 1 shot of double espresso 35g coarse-grain mustard Pinch of ground white pepper 55ml good quality rapeseed oil

Jens Folkel has spent the last 20 years honing his trade in both restaurant and hotel kitchens. Starting out in Sweden, working for the Institute for Leading Companies (IFL), he learned a lot about the importance of using quality ingredients, seasonality and also the foundations in classical cooking skills. He worked in Jersey at L’Horizon Hotel, then in England where he had stints as head chef at Axis, One Aldwych hotel, Hotel Du Vin and Reform Social & Grill. He is now a head development chef for new Scandi-inspired casual dining brand, KuPP. With a real passion for Scandinavian and French styles of cooking, Jens Folkel said, “Working for Scandi-inspired KuPP has been brilliant. There was a natural synergy to my own philosophies on food and drink, which fit so well with the owners of KuPP and the whole ethos of the brand. It is all about the simple things, done just right; where the quality of core ingredients need to shine through and seasonality, sustainability and balance of taste strongly influences each dish that I create.”

FIRST MEAL

FTB’S FAST FOOD Forget the diet! It’s that time of year when we all look forward to indulging in some yummy Easter eggs. We tested eggs from the UK’s top supermarkets, to see which ones were the tastiest

TEST WINNER

EASTER EGGS

ASDA

TESCO

finest* chocolate square eggs, £8; finest* hand brushed eggs, £3; Help for Heroes egg, £4; finest* coconut egg, £10

WAITROSE

Extra Special Belgian milk chocolate egg with honeycomb, £6; Extra Special milk chocolate golden egg with truffles, £8; yolky chick, £2.50; DIY chick egg, £5 FTB SAYS:

SAINSBURY’S

Alfie bunny, £6; chirpy Charlie chick, £12; gold and velvet sculptured egg, £15; Percy, Penny and piglets, £10; origin cocoa pod, £12

TtD Belgian milk chocolate salted caramel egg, £6; TtD Belgian dark chocolate cocoa egg, £6; TtD white chocolate pistachio egg, £6; jelly bean egg, £1; freefrom chocolate egg, £3.50

M&S

White egg with jelly drops, £4; caramel and fudge egg, £7; Heston egg, £20; seriously chocolaty egg, £12; 12 milk chocolate praline quail eggs, £5 FTB SAYS: We liked the packaging on the children’s egg and the Belgian

FTB SAYS:

These eggs look and taste

The chocolate was thick and

deliciously indulgent and yet

FTB SAYS: Who can resist Percy

FTB SAYS:

white chocolate was not over

creamy and we particularly liked

don’t cost a fortune. We loved the

pig? This delightful duo comes in

It is great that there is a freefrom

sweet. The caramel and fudge

the hand brushed eggs, which are

golden egg, which is coated in a

white chocolate and a raspberry

egg and, at only £3.50, it’s great

egg really didn’t work well and

available in four flavours. They are

metallic gold lustre dust, and the

flavour and includes some piglet

value. The children’s range of eggs

would have been better without

very reasonably priced and we

truffles were really special. The

sweets too. The sculptured egg

is also fun and, at just £1, will

the dark chocolate. The little mini

loved the lemon and Persian lime.

white chocolate little yolky chick is

looks spectacular and tasted very

certainly not break the bank! We

bars with the seriously chocolaty

And if you buy the Help for Heroes

very cute and we also thought the

rich and creamy and, although a

did find the cocoa egg rather bitter

egg were very good and we

egg, Tesco will donate 100% of

DIY egg would be a great hit with

little on the pricey side, we felt it

though and the salted caramel was

loved the pistachio, hazelnut and

the profits to the charity.

the younger members of the family.

was worth it for the luxury.

not very flavoursome either.

almond one.

FTB LOVED... Planning an Easter egg hunt? Then this delightful bag of bunnies and eggs will be perfect to keep the little ones entertained. Large Easter egg hunt bag, £8.99, Dobbies dobbies.com

FTB LOVED... This gorgeous little rabbit from PAUL is mouthwateringly delicious, £5.95. paul-uk.com

CELEBRATE IN STYLE Create the perfect Easter tea with this pretty table setting. 16 Easter napkins, £1.50; table confetti, £2; plywood tree, £5; 6 Easter decoupage hanging eggs, £3; 6 Easter mini crackers, £4; 4 laser cut decorations, £3, Waitrose

First Time Buyer April/May 2016

LEASEHOLD

HOW DO I KNOW WHERE TO GET THE BEST ADVICE?

With the pace of change in technology, it can be very difﬁcult to keep up to date and know what is the best mobile device for you, or which home entertainment system will best serve your needs. However, at least with technology, you are using it every day and engaged with it most of the time. So generally, people will know what works for them, or will listen to friends and family and rely on the experts in the stores

If we now think about your prospective home, how do you get the advice you need? Beyond the visual appeal and deciding the location that is right for you, how do you know if the building is well constructed? Or that you know all the costs and charges that you will face? Who do you trust for sound, quality advice?

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First Time Buyer April/May 2016

If I set the scene on who fulﬁls what role during the home purchase process, then it may be possible to give you some clear guidance on who to trust and how best to equip yourself. Your home will be THE major purchase you make and one that is extremely infrequent, and so, therefore, it is entirely fair to assume that you would not have the knowledge base, or clear path for assistance. The players in the home purchase process will typically be the estate agent, the developer, the mortgage company and the solicitor. With all those roles, how many are acting for you? Well, only the solicitor in reality, because that is the only person you instruct. The estate agent is there to act for the person SELLING the property. They are not there to help you buy. They have a duty of care and they have a code to follow to ensure they do not mislead you, but it is important to realise that they are there to get the best price for the seller. The seller may be an individual, or you may be buying direct from the developer. If you are buying from an individual, they should be transparent and answer all questions fairly, however, I have come across situations where deliberate misinformation has been given by the person selling. If you are buying direct from the developer, then you can be pretty sure you will get clear information and assistance. Of course, the developer is trying to get the best price they possibly can and will present their property in the best light. Most are professional and abide by codes and will want to take you through the process to work with you. However, you must be clear, they are not on your side, and you are their customer. The mortgage company are there to lend the money to facilitate you buying your

Roger J Southam, Non-Executive Chair of Leasehold Advisory Service

home. Their role is entirely for themselves. They want to ensure their financial return by lending money and receiving interest plus the money lent back over the life of the loan. They care that the home you are buying is a good investment for them and that their loan is safe and protected. That means they can be as sure as possible the home will hold its value. Therefore, if they arrange a homebuyer’s report and valuation, then that is for them and their requirements. It is not something that will necessarily be an assurance to you on the property. You will be expected to pay for it as part of the transaction costs, but do not believe it will meet your needs. The solicitor you appoint is most certainly on your side. Choose your solicitor with care and diligence. You should research who would best serve your needs. Personally, I would avoid a solicitor recommended by the estate agent, because I would want to obtain quotes from a number of different firms and know who will be best for me. As tempting as it may be, do not be suckered into accepting the lowest quote. There are a large number of very large firms of conveyancers who will offer a very cheap service. For something as important as your home purchase, I would not want to be part of a factory conveyancing process! So, how do you level up the teams and ensure you are not playing a one-sided game? Well, there is wealth of guidance available that exists online. The Leasehold Advisory Service has excellent guides on its website. Equally, the National Housebuilding Federation, the RICS, the NHBC also provide guidance. Alternatively, there are organisations such as Home Owner’s Alliance and Which? who can all give assistance. Make sure that the most exciting purchase you can make is done with eyes wide open and you even up the teams. Dream as you view, but wake up to the reality of the seriousness of the buying process. lease-advice.org

AFFORDABLE HOMES Essence

First Time Buyer August/September 2014

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FINANCE ADVERTORIAL

Important steps on the first time buyer journey Becoming a homeowner for the first time can be both exciting and a little daunting. We’ll help you on your way, by looking at some of the steps on the journey to getting your first home FIRST THINGS FIRST… You may already be looking at areas you want to live, but before you start property hunting, it’s important to work out what’s in your price range. That means working out how much you could afford to borrow. You’ll need to think about how much you can afford to pay back each month. There are plenty of mortgage calculators online to help you do the sums, like nationwide.co.uk/quickquote.

SAVING UP YOUR DEPOSIT Before you can get a mortgage, you’ll need a deposit ready to pay on your property. This can vary, but, usually for a ﬁrst time buyer, your deposit will need to be at least 5% of the total value of your property. Your deposit is likely to be a sizeable chunk of money, and many people save up for years to get a deposit together, but putting down more of a deposit now, means you’ll need to borrow less overall. Many mortgage lenders offer you savings schemes and products to help you save up your deposit. The Government Help to Buy: ISA scheme is an example that could help you to start saving towards your new home. The amount you can borrow is ultimately up to your lender, but they’ll base their decision on how much you earn, as well as any outstanding loan repayments or savings you have. They will check your credit rating too. You might be able to ask another person to act as a guarantor for your mortgage. This means that your lender will take the guarantor’s income into account as well as yours, on the understanding that they will cover repayments if you’re not able to do so.

FINDING A PROPERTY When you’re property hunting, don’t forget to check out online property sites like Right Move UK and Prime Location. It’s a good idea to keep your eyes peeled for ‘For Sale’ signs in your favourite area, and you might also want to contact house building companies to ﬁnd out about any newbuild properties nearby. Knowing what you’re looking for in a property can help to speed up the process. Think about what you want, and what you need. Garden, patio, garage, number of bedrooms, nearby schools – what are the essentials, and what are the nice-tohaves? Try and prioritise what is most important to you. Most people’s ﬁrst home requires some compromise between your ideal property and what you can get for your money.

CHOOSING YOUR MORTGAGE LENDER A mortgage is a long-term ﬁnancial commitment, which means that your mortgage provider could be a part of your life for a long time. So be ready to look beyond whether they’re prepared to give you a mortgage – and the headline rate they offer you. Looking at everything a provider is ready to do for you won’t just save you money now, it could help make sure that this is a relationship you can rely on in the future. If you’d like to see what Nationwide offers first time buyers, visit nationwide.co.uk/firsttimebuyer, or ask at any Nationwide branch. All Nationwide Mortgages are available to those aged 18 and over, and subject to eligibility, underwriting and criteria. All

APPLYING FOR A DECISION IN PRINCIPLE Before you make a full mortgage application, it’s worth going to see a lender to get a Decision in Principle. This gives you an idea of what your lender is willing to lend you, based on what you’ve told them. You can then start visiting estate agents and looking for your perfect place.

102 First Time Buyer April/May 2016

APPLYING FOR A MORTGAGE Once you’ve found a property you love and made an offer, you’ll need to go back to your lender to make a full mortgage application. They’ll look at the price of the property and your financial circumstances. If your lender is satisfied with your full application and your offer is accepted, you’re on the way to signing contracts and buying your first property.

mortgage offers may be withdrawn at any time without notice.

YOUR HOME MAY BE REPOSSESSED, IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

FINANCE

Mortgage Clinic As a ﬁrst time buyer, understanding mortgage terminology and knowing what mortgage is right for you can be difﬁcult, so David Blake at Which? Mortgage Advisers has joined up with First Time Buyer, to answer your mortgage-related questions

Q A

What paperwork do I need to get ready ahead of applying for a mortgage?

There are a number of things you can do to get off the starting blocks as quickly as possible, although these may require getting all that mounting paperwork organised! Firstly, you’ll have to prove your identity, so make sure you have your passport ready. If you don’t have a passport then a driving licence should suffice, or possibly a tax code notification letter from HMRC. Lenders will be conducting a number of affordability checks to ensure you can meet the cost of repayments, both now and in the future. Bank statements will play a key role in evidencing this by clearly illustrating your income and outgoings. Most lenders will want to see at least your latest month’s bank statement, while some may ask for more. Consider your overdraft use, as it could flag an issue with you managing your finances. Your regular utility bills, other evidence of outgoings, along with statements relating to any other debt you’re currently repaying may also be requested. A lender will ‘stress test’ your finances to check whether you could still afford repayments should interest rates go up, or if your circumstances were to change. Lenders will look for a consistent income track record, so be sure to have at least three months’ payslips and your p60 to hand. If you’re self-employed, lenders will generally expect to see at least a two year record of your earnings – for which you’ll need your tax returns or accounts and bank statements. Poor or patchy credit history can present a real issue, so make sure you’re on the electoral register and run credit reports on yourself, to see if there are any debts, missed payments, or even fraudulent activity, that could throw a spanner in the works.

What are the differences between the mortgages available on the high street and the mortgages you get through a mortgage broker – what’s best?

Choosing the right lender may leave you overwhelmed. There are several different types of mortgage and thousands of different mortgage products - with a myriad of fees and charges attached. You can go directly to a high

104 First Time Buyer April/May 2016

David Blake of Which? Mortgage Advisers has more than nine years experience in the financial services industry and prides himself on helping first time buyers get on to the property ladder. In his current role at Which? Mortgage Advisers, David and the entire team provide independent, impartial advice and search thousands of mortgage deals, to help buyers find the deal that is right for them.

application typically takes and their service levels thereafter – these are as important as the mortgage rate itself.

street provider, or consult a mortgage adviser or broker, and each of these avenues has their own set of pros and cons. A high street mortgage lender, like your bank or building society, is able to provide you with mortgage advice on their own range of mortgage products. An independent mortgage adviser on the other hand, may be able to offer you products tied to a certain lender, a range of products from different lenders, or best of all, they will search the ‘whole of the market’. It’s worth noting that both can offer you exclusive deals. Your bank or building society may be able to provide you with preferential rates if you hold an account with them, while a mortgage adviser may have an agreement direct with a lender. You may need to pay a fee for independent mortgage advice, but an adviser’s knowledge can really help you navigate the options available. Some charge a ﬂat fee, while others charge a percentage based on the amount you borrow, but it’s also possible to obtain free mortgage advice. If the adviser earns commission from the lender, a good mortgage adviser will let you know the fee they are earning, if any at all. It pays to shop around, so it’s worth exploring both avenues if you have the time. In this competitive market, time scales can be tight, so it can be good to have someone like a mortgage adviser do the legwork for you. They should also be able to advise on how long a lender’s

My friends and I are looking to buy our ﬁrst property together. There would be three of us in total. Is this possible and is there anything we should be aware of?

The main attraction for considering this approach is the added spending power that comes from grouping together. However, while it’s possible, most lenders will restrict the number of applicants to two, so you may find the number of lenders to choose from restrictive. It’s also likely that only two of your incomes will be assessed, despite there being more of you joint holding the mortgage. A mortgage is a significant financial commitment, so you need to consider how any life changes could impact your or the co-owners’ ability to make repayments. Consider things like what will happen should one of you become unemployed, or need to relocate for work. Anyone named on the mortgage is jointly liable for it, so it’s essential that you each seek independent legal advice. Also consider how you will set up the ownership of the property, whether that be as ‘joint tenants’ (where you each have equal right to the property); as ‘tenants in common’ (where you each own a share in the property); or a ‘deed of trust’, whereby your solicitor will set out the varying percentage shares of the property each tenant owns. For further help and advice from Which? Mortgage Advisers, please visit: which.co.uk/ftbmortgages, or call 0808 159 4852

FINANCE

Credit Clinic Experian expert, Joe Green, answers your credit-related questions

Shopping around I have recently approached my own bank, an independent financial mortgage advisor and a couple of building societies to try and get the best possible mortgage deal, as I plan to buy my first property. My parents have told me that I might have made a mistake in going to so many different people as they may all have done credit checks and this could hurt my credit rating. I haven’t actually taken out a mortgage yet, but I am now very worried and I not sure what to do. Ben Byrne Shopping around is definitely the right thing to do before you commit to a mortgage deal and I’d certainly encourage anyone to do this as finding the best deal may save you money in the long run. The essential thing you need to be conscious of is that for a quote, a lender will generally ask your permission to conduct a soft search, while for an agreement in principle, the lender will request your permission to do a hard search, which will be visible to other lenders on your credit report. As long as you’re looking for quotes from each of the lenders, this won’t affect your credit rating so you should have nothing to worry about. Before committing to a mortgage deal, you need to get yourself in to the best possible position, so take some time to understand your current position by checking your credit report and then you can start taking some steps to ensure it is in the best shape to support your application. I think you might find it useful to check out our Experian Guide to Mortgage Applications, which can be found on our website at Experian.co.uk/Improve.

Credit card dilemma I am trying to save for a deposit on my ﬁrst home. I have a credit card, but I know that sometimes I can get rather carried away and buy things using it, which I really don’t need and can’t afford. Because I can’t trust myself, I think the best idea would be to close it, but a friend told me that this could seriously

106 First Time Buyer April/May 2016

damage my credit rating. She suggested that I don’t close it, but instead just cut it the card so I can’t use it. Can you advise me what the best solution would be? Fleur Turner Given that you’re planning to apply for a mortgage, it’s really important to get your finances in check. Losing control of your finances could not only negatively impact your credit rating, but could also impact how a lender makes their decisions around affordability. Since the introduction of the Mortgage Market Review a couple of years back, lenders now have to abide by strict affordability rules when giving mortgages. This means they’re likely to scrutinise your monthly income and outgoings with a finetoothed comb to make sure you can afford your monthly mortgage repayments, both now, and if interest rates were to rise. If you can’t pay back what you spend on your card, then I’d advise you don’t spend it. Given you say you don’t trust yourself, I’d listen to your friend, pay off everything you owe and cut up the card. You could consider leaving the account open, though, as it is likely that it will help your credit rating – especially if you have managed this credit card well in the past, ensuring that you have made payments on time and kept within the agreed limits. Lenders not only like to see a positive track record of responsible credit management, but some will also look at your credit utilisation – which is another way of saying how much you are using of the credit available to you. After you’ve paid off the remaining balance your utilisation will be 0%, so this is likely to be seen as a positive for credit scoring. We’d usually recommend using no more than 50% of your credit limit, so owing nothing will do no harm to your mortgage application.

Soft search I am a ﬁrst time buyer and I am nearly ready to hopefully buy my ﬁrst home. I recently had to buy a new laptop as my one was broken and I need it for work. The shop that I bought it from was offering interestfree credit, so, as it was expensive, I decided to go for this option. When setting up the

If you have a question for Joe, please get in touch by emailing us at lynda@ﬁrsttimebuyermag.co.uk and you may see your question answered in the next issue.

agreement they told me that they had done a soft search of my credit rating, but this would not affect me in any way. I have never heard of this and wondered if you could explain what it is and also confirm that it will not be detrimental when I come to try and a get mortgage. Will Matson It seems unusual that the company you bought your laptop from only opted to do a soft search before offering you a credit agreement. Soft searches are generally used by lenders when providing a quote, or eligibility rating, that gives an indication of whether you might be successful applying for credit and what rate you’re likely to be given. This type of search just looks at key information in your credit report, and doesn’t leave a ‘footprint’ that other lenders can see. When you make an application for credit, like buying the laptop in your case, the lender will usually carry out a full credit check, which will leave a footprint visible to other lenders. It’s unusual for lenders to make a decision based purely on a soft search, as it doesn’t give a full picture of how someone manages their credit. To confirm what type of credit check the lender has done, I’d recommend getting a copy of your credit report to see how this has been recorded. Check all three credit reference agencies to be sure. I would delay making your mortgage application until you know exactly what has been recorded on your credit report. Making several applications for credit over a short period of time can influence a lender’s decision, so if a hard search has been recorded, it could be worth holding off by a couple of months before you apply for credit again. If you want help understanding how credit referencing works and how to improve your Experian credit score, visit experian.co.uk/improve

FINANCE

Mortgage mates Not able to buy alone and not ready to pool resources with a spouse? Kay Hill looks at the financial implications of the growing trend towards buying property with friends, siblings, or an unmarried partner Once upon a time, love and marriage went together like a horse and carriage and most homes were bought by married couples (although back in the ‘good old days’, they only took the husband’s wages into account for the mortgage). Now, according to the Office of National Statistics, 88% of couples having a civil wedding and 78% of those having a religious ceremony co-habit before marriage. In addition, the pressure to get on to the property ladder has led to a rapid increase in mortgages shared between siblings and friends – Barclays, for example, promotes mortgages that are shared between up to four friends or relatives. By and large, lenders don’t care about the relationships of those buying a home together, only their ability to pay back the loan. Indeed, companies are popping up that aim to help complete strangers buy property together – Property Buyers Match (propertybuyersmatch. co.uk) describes itself as a ‘match-making service for those trying to buy their first place in the capital’ while at Share a Mortgage (shareamortgage.com), conveyancing director Andrew Boast says, “We wanted to create a community where you can come and find someone to safely buy a home with – to share the deposit, mortgage, living and legal costs, and the increase in property value on sale.”

The thought of buying a home with even a good friend strikes many people as being a bit risky, compared with sharing a mortgage with a girlfriend or boyfriend – but, from a ﬁnancial point of view, there is little difference. EXPERT COMMENT

LEGAL TITLE If you are buying a property with someone else you can become ‘joint tenants’ or ‘tenants in common’, and here your type of relationship really matters. Being joint tenants means that you both own the whole home, so if one dies, the other automatically becomes the owner of the whole property. For most people in a romantic partnership, married or not, that is probably what they want, but if you are friends or siblings buying as an investment, then you would want to be tenants in common, as this allows you to specify who owns what percentage of the house, and for that percentage to be able to be left to someone else in a will.

Buying a house could be the biggest financial decision you’ll ever make. While most buyers are couples, or young professionals, there are those who see the current climate as an opportunity to get on the ladder with friends or even siblings – a recent survey revealed that one in ten potential house buyers would consider buying with a friend and a quarter said they’d buy with a friend or sibling within the next five years. But, unlike the permanent prospect of buying with a life partner, there are long-term issues to consider. In particular, you should think about the legal ramifications of choosing your stake in the property. If

DEED OF TRUST

you both hold the home as joint tenants

Tenants in common should formalise their arrangements by asking a solicitor to write a Deed (or Declaration) of Trust, conﬁrming such details as the percentage of the property

automatically takes that stake in the

then, should one of you die, the other property as a joint tenants status means you both own the whole home. Being legally recognised as tenants in common means that your stake can be defined

CA S E S T U DY

as a percentage of the home’s value, and paid off or bequeathed to another

Fred Johnson (right), who runs his own website development company Fred Beast fredbeast.com, wanted to be based in the capital for the sake of his business, but found London property prices well beyond his means. His brother Will, Founder of The London Residents Club thelondonresidentsclub.com, was in a similar position and had been renting for three years. “Both of us needed a place to stay and buying somewhere together was also a long-term investment, so it made sense,” says Fred. “It would have been too much of a stretch for one of us – it was a stretch even buying together, we were only just able to do it. I’ve crashed out with him before so I know that we get on well.” By pooling their resources, the two were able to get a mortgage for a £600,000 two bedroom flat in Fulham. “I winced at the price,” says Fred, “but it was a case of getting a foot on to the property ladder before it was too late.”

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family member or partner as you please – although your will should be updated accordingly to reflect your wishes, especially if you want the remaining owner to be allowed to remain in the premises if they don’t wish to sell.

Paul Broadhead Head of Mortgage Policy at Building Societies Association

FINANCE

EXPERT COMMENT Whether you are purchasing a property with your spouse, a family member, your best friend, or a stranger off the street, the law relating to property ownership is the same. The law takes the view that, unless otherwise stated on some form of legal document, the property is

each tenant owns, what happens if one person dies or wants to sell their share, and arrangements if someone wants to bring a partner into the house. This document, which costs around £250, can also be used to set out who should pay which bills, or to stipulate a minimum period for remaining at the property.

MORTGAGE LIABILITY Many lenders will allow up to four people to have a joint mortgage, although for affordability they will usually only consider the income of the two highest earners. They will require all borrowers to ﬁt the lending criteria, so if one person has a poor credit history, or is not a ﬁrst time buyer, it will affect everyone. All borrowers are jointly liable for the mortgage repayments – so if one can’t pay, the others need to make up the full amount.

WILLS AND INHERITANCE TAX Those who are legally married, or in a civil partnership, will inherit the family home on a spouse’s death (the law makes the assumption that this would be desired). For unmarried couples, siblings or friends, no matter how long they have lived together they will receive nothing if they are tenants in common, unless it has been left to them in a will, (if they are joint tenants they will

automatically receive the property as it cannot be left to anyone else). In all circumstances, it’s best to make a will, and to take advice on inheritance tax, which tends to be much more of an issue for those who are not married. In addition, unmarried couples do not receive bereavement beneﬁts.

owned in equal shares and so proceeds of sale would be split equally between the number of owners. For this reason more and more people are executing a “Declaration of Trust”, which is, in effect, a legal contract which sets out a whole host of points, including the protection of

FINANCIAL LINKING

the original deposit as well as the split

When you apply for a joint mortgage with someone, whether it’s your spouse, or just a friend, they become a ‘ﬁnancial associate’, which means that their credit report becomes linked with yours. If they have a poor credit history it could affect your own ability to take out loans. For this reason, embarrassing though it might be, check that the person you are planning to buy with has a good ﬁnancial history before making applications.

of the profit you would hope to make

of general household bills and any split over the period of ownership. This should be dealt with when the property is purchased so that the relevant Restriction is placed on the property title listing at the Land Registry. If you do not place that restriction on the title at the point of completion and registration, it would be necessary to go to court to solve a dispute about ownership shares. Plus,

BANKING AND INSURANCE

if you later get married the declaration

A ﬁnancial association also takes place when you open a joint account (where both parties have full access to the money). It’s a useful way of paying for household bills, but make sure you draw up clear guidelines as to how much each person contributes and what the money can be used for. It’s also worth taking out life insurance on your co-owner if you wouldn’t be able to pay the mortgage alone; you don’t have to be in a romantic relationship to do this.

matrimonial law will apply.

will no longer be enforceable, as

Bradley Bernett Residential Conveyancer, Curwens LLP

First Time Buyer April/May 2016

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MARKET

Market report: Stamp duty surcharges on buy to let, is it good news for ftbs? Few could have predicted that the Government would clamp down on buy to let landlords, with a rise in stamp duty for purchases on investment property. From April, investors must pay a 3% surcharge and the autumn statement also introduced measures to restrict tax relief on mortgage interest for buy to let landlords. On paper, this sounds like good news for ﬁrst time buyers as competition for starter homes will be less, but inevitably, the picture is more complex. Whilst some welcome the move, other property experts believe that the changes could damage both the rental market and the supply of new homes, with some concerns that the proposed changes have been ill thought out and could even negatively affect ﬁrst time buyers, whether they are renting, or buying

EXPERT COMMENT It is great the government is trying to use stamp duty to help homeowners, but they have made a real hash of it. The ridiculously complex way they are planning to introduce the scheme will end up harming many of the very homeowners it is meant to help, and lead to widespread confusion among homebuyers. Rather than push ahead with a well-intentioned but dangerously flawed scheme, it should go back to the drawing board and put it right.

Paula Higgins

THE HOUSING MARKET According to Your Move’s recent house price index, prices jumped on average by £700 in January and property prices are now increasing at twice the pace of earnings, up 5.5% annually, compared to 2.1% salary growth. A typical property in London has increased in value by £34,485 in the last year, almost equal to the £35,333 median gross annual earnings in the capital, so there are few signs yet that the market is slowing.

CURRENT RENTAL MARKET Most first time buyers rent before they buy, but there are concerns that they are becoming ‘locked in’, i.e. trapped by high rents with little chance of saving for a deposit. A recent report by the Association of Residential Letting Agents (ARLA), suggests that home ownership is increasingly getting further out of reach for many as a lifetime cost of rent is already over £50,000, a figure which will increase to £64,400 for those starting their rental journey this year. A first time buyer purchasing their first home this year will have spent £52,900 on rent by the

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time they get on the ﬁrst rung of the ladder, and future FTBs can expect to spend 22% more according to ARLA’s Cost of Renting report. Depressingly, the study found that a ﬁfth of those renting in the UK do not expect to ever be able to afford to buy a home, thanks to rising house prices and low wages. Nine out of 10 (87%) of tenants feel that they are being held back from being able to buy. Saving for a deposit is the biggest obstacle, with over half (51%) claiming this is stopping them. Around 23% would not be able to afford monthly mortgage repayments and a further 26% cannot afford the associated costs, such as stamp duty.

Chief Executive, HomeOwners Alliance

EXPERT COMMENT While it may be bad news for investors it means a much-needed turn in the marketplace for first time buyers. For the past five years we have experienced a marketplace where demand far outstrips supply, and with a reported 500,000 additional properties expected to come to market in 2016 it could mean both

REGIONAL DIFFERENCES But there are differences across the country. Those buying a property for the ﬁrst time this year in the northeast will have spent £31,300 on rent, the lowest amount in England, compared to London where the average amount spent is more than double that, at £68,300. The southeast is the only region – other than London – where the total lifetime rent spent is above the English

a shift towards a buyers’ market, and a reduction in house prices.

Graham Lock CEO, House Network

MARKET

EXPERT COMMENT Penalising the buy to let market will have damaging ramifications for developers, and ultimately consumers, particularly renters and first time buyers. Off-plan investor purchases have enabled housebuilders to secure development funding where it would not have otherwise have been possible. First time buyers find it difficult to commit to offplan purchases, because the mortgage offers that they are so reliant on are usually only valid for six months, while the projects take significantly longer to build. First time buyers are already priced out of the market and rely on schemes such as Help to Buy and shared

average, where the total rent expenditure equates to £55,900. Last year alone (2015), on average, people in the UK spent 22% of their wages on rent, increasing to 30% in London. Those living in the east enjoyed the most affordable rents due to relatively high earnings in the region, yet rent still accounted for 18.9% of their disposable income.

WILL TENANTS BEAR THE BRUNT OF 3% STAMP DUTY SURCHARGE FOR BUY TO LET PROPERTIES? Some property experts are concerned that, when the surcharge is introduced, landlords will simply pass on their extra costs to tenants, forcing up rents and making it harder for tenants to save for deposits. A recent YouGov survey of 1,000 landlords, undertaken by the Council of Mortgage Lenders, suggested that the restriction of mortgage interest relief would cause 13% of all landlords to consider selling whole, or part of their portfolio, while 14% indicated that it would either stop them adding to their portfolio, or slow the rate at which they do so. The survey suggested that this is likely to limit the supply of new rental stock from private landlords, whilst demand for rental homes is continually rising.

WHAT THE CHANGES MEAN FOR THE RENTAL MARKET Will the stamp duty changes and restriction of tax relief on buy to let mortgages lead to a loss of rented accommodation? According to Savills’ recent report Spotlight: Rental Britain, the rental market will still expand by more than one million households over the next ﬁve years, despite measures to turn what they call ‘generation rent’ into ‘generation buy’. The study

points out that the supply of rental homes will be constrained as both measures are likely to limit the ability of private investors to expand their portfolios. Savills believe, however, that largescale investors may step into the gap created by a fall in off-plan sales to buy to let investors, to create large rental-only developments, and investors will also start to look beyond London to cities with concentrations of households in the rental market, such as Manchester, Reading, Edinburgh and Bristol.

ownership, which are only available on new homes. You don’t have to be a rocket scientist to see what will happen; fewer new homes means fewer first time buyers getting onto the property ladder.

Martin Skinner CEO, Inspired Asset Management

THE SMALL PRINT There are concerns that the legislation is muddled and will hit the very homeowners that the Government claims it wants to help. A recent statement from the Homeowners Alliance says that they “strongly welcome the Government’s ambition to help homeowners”, especially by differentiating homeowners from landlords in the stamp duty system. However, they believe that the way the Government is planning to introduce the surcharge is too complex and contains flaws which could lead to unintended consequences for several groups, including first time buyers. The Alliance unearthed several potential anomalies when the legislation comes into force and they warn of the possibility that a first time homebuyer will unfairly be charged the stamp duty surcharge, if they jointly purchase their home with someone who already owns a property. The Alliance also has concerns that first timers could end up paying more stamp duty than an existing homeowner who owns a major property portfolio. Their report suggests ways of simplifying the system, so that no one should pay the surcharge if they are buying the property to live in.

EXPERT COMMENT It’s really worrying that so many renters don’t ever expect to be able to afford a home. Although housing is high on the political agenda, all we’ve seen come out of Parliament recently is legislation which is set to hinder the experiences of tenants; and the sheer lack of affordable housing means many renters will never fulfil their dreams of homeownership. As rent costs continue to rise, unfortunately, more and more tenants will find themselves renting for longer as they have less ability to save. We need to take action now, before we become a nation of forever renters.

David Cox MD, Association of Residential Letting Agents (ARLA)

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EXPERTS

Agony agent Our readers put their property questions to our guest panel of experts; solicitors, mortgage advisers, property gurus and Help to Buy providers THIS MONTH’S PA N E L O F E X P E R T S

Tony Harker Director of Sales and Marketing, East Thames

Felicity Gentle Head of Sales and Marketing, Viridian Housing

Olivia Scrimshaw Marketing Director, L&Q

Simon Scott Head of Sales and Marketing, Origin Housing, and Chairman of the London Home Ownership Group (LHOG)

T E S T T H E PA N E L

We need your questions... If you have any queries, or difficulties in understanding the property buying process, our panel of experts is waiting to help. Send our team your questions on buying property, Help to Buy, legal issues, or your financial problems and we’ll find the best person from our panel to give the advice you need. Send your questions to: First Time Buyer 37 Ivor Place, London NW1 6EA

or email lynda@firsttimebuyermag.co.uk

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Is this affordable housing?

I’ve heard shared ownership talked about as affordable housing, but seen shared ownership properties with values as high as £800,000 being advertised. I’m confused! What exactly is shared ownership and how can an £800,000 property be made affordable? Juliette Averill, Bromley

There are a number of high-value properties being advertised for shared ownership in London and many of these are in desirable central London areas, hence the high values. Whilst it’s hard to comprehend that these may be affordable, there are a number of factors, which make them so. You may well have heard people talking about percentage deposits needed for buying a property, for example, people talk about needing a 5%, or 10% deposit. You’ll need that 5% or 10% regardless of whether you buy on the open market, or through shared ownership – the key with shared ownership is that the 5% or 10% will equate to a lesser amount. Let’s work on the basis that you only need a 5% deposit. If you bought a property on the

open market valued at £800,000, you would need a deposit of £40,000. However, if you were buying just a 25% share of a property valued at £800,000 you would need just 5% of the share value (£200,000), which is £10,000. This is still a considerable amount, but much less than £40,000. There are two signiﬁcant payments to be made each month with shared ownership; 1) your monthly mortgage and 2) your monthly rent – this is paid to the housing association you buy your property from, for the share that you do not own. Often you will see with high value properties that this rent is a relatively low percentage, this is another way in which high value properties can be made more affordable through shared ownership. The great thing about shared ownership is that, across the years, when you are ready and you’ve saved a bit more, you’ll also be able to buy more shares. In most cases you can own up to 100%, but it’s always worth double-checking this before you buy. You can check which shared ownership properties are available in your area through your local Help to Buy agent. Find out who your local one is at helptobuy.org.uk. You’ll also ﬁnd properties advertised on the Help to Buy agent’s website from all housing providers, so you won’t need to contact each one individually. Felicity Gentle

EXPERTS

Is the lease long enough?

I have seen a pre-owned ﬂat for sale under shared ownership, with a lease of 86 years left. I am told this will be a problem in the near future – is this the case? Tom Allan, Lewisham

Is shared ownership for me?

I’m considering buying a shared ownership home, so that I can avoid saving for a large deposit. But I would like to know: will I ever be able to own the home outright, and what happens when I decide to move out and sell my share? Craig Groves, Islington

When you buy an apartment you will usually buy it on a leasehold basis. You will have a lease with the landlord/ freehold of the building, and lease terms do vary. On most newbuild shared ownership leases now, the lease is generally for 125 years, but older leases may have been for 99 years. When you buy a pre-owned apartment, either on the open market, or through shared ownership, you will be buying the apartment with the remaining term of the lease. A lease is generally acceptable to a lender if it has more than double the term of the mortgage. If it falls below this, it may be problematic sourcing a mortgage, or ﬁnding a buyer. A lease of 80 years or less is known as being ‘Short’. It is recommended to extend your lease before you reach 80 years, as at this point, a lease can become more expensive to extend, as a marriage value is included within the calculation to determine the premium you would have to pay.

Leases are usually extended by 90 years. A landlord of a shared ownership property doesn’t have to extend the lease but most offer an informal lease extension process, as it is beneficial for both parties. To do a lease extension will involve a valuation and will also need the services of a solicitor. Increasing your lease will vary as it depends on the value of your home, generally you can expect to pay from £4,500 upwards in London. Leave it until it becomes ‘Short’ and the premium is likely to double. Extending your lease by an additional 90 years will, however, make your property more valuable and desirable when you decide to sell. If you own a property outright, you can extend a lease formally by issuing a section 42 under the Leasehold Reform Housing and Urban Development Act 1993. A formal lease extension is slightly more complex as you have to issue a notice after consultation with your solicitor and valuer. Sometimes this can be more expensive than the informal process offered by landlords of a shared ownership property. On some occasions, there may be a Head Lease to your flat lease. In this case, you may need to extend both leases and gain approval from the Head Lessor. Leases can be slightly complicated and I would recommend you speak with a solicitor, or landlord to determine the specific details of the property you are interested in.

Yes, it is possible to own your property outright, through a process called staircasing. This means you can buy additional shares in your property, bit by bit, as your circumstances change – so you can move from owning 25% to 50% and so on, eventually moving to owning 100% of the property, as if you had bought it on the open market. Here at Origin Housing, we have helped 5% of our shared ownership homeowners staircase up in recent years. If you chose to sell your share before you reach 100% outright ownership, you’ll need to inform your housing association of your decision to move on and sell your share. You would then have a valuation of your home carried out by an independent RICS valuer, in order to determine its current market value. When you buy your shared ownership home, your contract will detail how long your housing association will agree to market your home to potential new buyers for – at Origin Housing, the period is eight weeks. In the unlikely event that your home isn’t snapped up during that period, the responsibility falls to you to ﬁnd and instruct an estate agent to market your property – and to cover their fees.

Buying a place of your own is such an exciting process and, once you get the keys, there’s lots of ideas and plans that you’ll want to put in place to make it feel like home. When you buy a shared ownership home, you pay mortgage on the part you own and rent on the part you don’t own. This makes you a leaseholder, so you will need to make sure you have permission from the freeholder (the organisation you are renting the remainder of your property from) before you go ahead with any structural home improvements. If you want to decorate, i.e. put up wallpaper, blinds, curtains, pictures etc, that’s normally ﬁne, but it’s always worth checking with the freeholder ﬁrst and look at any contracts relating to your purchase.

Simon Scott

Olivia Scrimshaw

Tony Harker

Home improvements

Q A

I am a ﬁrst time buyer and, having recently bought a shared ownership apartment, I would like to do some home improvements. Could you tell me if I need permission before I start? Lauren Adderley, Stratford

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Buyers’ guide FTB EXPLAINS ALL THE OPTIONS TO HELP FIRST TIME BUYERS

Your options What are your funding options if you want to get on the housing ladder?

FUNDING OPTIONS

JARGON EXPLAINED

G O V E R N M E N T- B A C K E D SCHEMES

EQUITY LOAN

HELP TO BUY The government will provide you with a 20% equity loan that is interest free for the first five years with interest charged at 1.75% in the sixth year and at annual RPI (retail price index) inflation plus 1% after that. The loan must be repaid when the property is sold or within 25 years. Buyers need to raise a deposit of 5% and a 75% loan-to-value (LTV) mortgage. Only new build homes valued up to £600,000 can be bought. The scheme is available for ftbs and movers.

NEWBUY FIRST STEPS

ARE YOU ELIGIBLE FOR A GOVERNMENT-BACKED SCHEME? The government runs several Help to Buy schemes to help people get on to the property ladder. To be eligible for Help to Buy your household income needs to be less than £60,000 a year. For more details, contact a Help to Buy Agent. Help to Buy Agents are housing associations that handle the application process for Help to Buy products. Details of Help to Buy Agents start on page 99.

BUYING ON THE OPEN MARKET Most people buy property on the open market. Homes are either offered for sale by estate agents or sold privately. These include flats, houses and former local authority properties.

Available on all newly built properties offered by homebuilders participating in the scheme up to the value of £500,000. Under the scheme, the house builder will put 3.5% of the sale price into an indemnity fund, and the government provides an additional 5.5%. The mortgage lender is then able to offer 90-95% LTV mortgages, and the purchaser only needs a 5-10% deposit.

NEW BUILD HOMEBUY, ALSO KNOWN AS SHARED OWNERSHIP OR PART-BUY, PART-RENT

Some house builders offer first time buyer incentives on new build homes. These include cash back, a loan to help you with costs or paying your mortgage for a set period of time. To find out more, contact developers directly.

HOMES AND COMMUNITIES AGENCY This is a government organisation that funds affordable homes including those under Help to Buy.

STAIRCASING This applies to New Build HomeBuy schemes and occurs when the resident tops up the number of shares they own in their part-owned, part-rented home until they own the maximum share or own the property outright. The shares can be bought in 10% increments.

This scheme gives buyers the chance to purchase as little as a 25% share in a property and pay the rest in the form of subsidised rent. In the majority of cases, there is the opportunity to own the rest of the property outright by a method known as ‘staircasing’. FUNDING OPTIONS

RENT TO HOMEBUY PRIVATE INITIATIVES

This is a loan for a certain percentage of a property’s value. If you remain in the property, you repay the equity loan within 25 years. If you sell the property, you repay the percentage of the property price the loan was for. For example, if the equity loan was originally £30,000 on a £100,000 property (30%) and you sell the property for £200,000, you’ll have to repay £60,000 (30% of £200,000).

With this scheme you rent a newly built property for up to five years and pay a reduced rent. This gives you the chance to save for a cash deposit so you can apply to buy a share of the home later.

BUYING ON THE OPEN M A R K E T & P R I VA T E I N I T I AT I V E S

To buy on the open market or from a house builder you’ll need to get a mortgage from a bank or other mortgage lender. To do so you’ll need to save a deposit and meet the lender’s lending criteria.

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BUYERS’ GUIDE

The ftb process F

TIPS

Unless you have enough money to buy a property outright you’ll need a mortgage. A mortgage is a loan used to buy a property and is normally repayable over 25 years. The loan is ‘secured’ on the property, which means the mortgage lender could repossess your home if you fail to make repayments on time. For this reason it’s vital only to buy a property you can realistically afford. Before you start, ﬁnd out how much money you can borrow. A mortgage adviser at a bank will need details of your income, outgoings, savings and credit history – they will then be able to give you an ‘agreement in principle’, which will state, in theory, how much they will be able to lend you. An agreement in principle, however, doesn’t tie you, or the bank, to anything. Instead, it will just give you a rough idea of how much money you’ll be able to borrow. You’ll also need a deposit, normally at least 10% of the property price. The bigger the deposit, the better the mortgage rate you’ll be offered. Each mortgage product will have a maximum loan-to-value or LTV.

inance

APPLICATION You will need to have at least three months of bank statements, payslips or tax returns, a valid passport and information on any outstanding loans. Banks will look at your outgoings to assess how much you can afford to pay on your mortgage each month. The bigger deposit you have and the better your credit score, the better the mortgage rate you’ll be offered.

BUDGET Work out how much you can afford to repay each month. Look at your income and outgoings, including bills, council tax, food, insurance and travel. If you are buying a leasehold flat, you’ll also have to budget for service charges, so find out how much they will be.

MORTGAGE BROKERS VS BANKS CREDIT SCORE Get a credit report from Experian or Equifax, and make sure there are no default accounts, CCJs (county court judgements) or missed payments. If you are making lots of enquiries to find the best deal, make sure the lenders log your enquiry as a ‘quotation’ (soft) search rather than an ‘application’ (hard) search. Too many applications will leave ‘footprints’ on your credit score and can affect your rating. To improve your credit score, make sure you’re on the electoral roll, and pay your bills and any loan repayments on time.

You can apply for a mortgage via a mortgage broker (or ﬁnancial adviser) or direct from a lender. A broker can look at the deals available and advise you which one would be best for your circumstances. Some mortgage products are only sold through brokers, not directly to customers. A broker will help you with the paperwork and deal with the lender on your behalf up until completion. You may have to pay them a fee or they may earn commission from the lender – ﬁnd out how they are paid before committing to anything. Mortgage advisers in banks will only be able to sell you products offered by that particular bank, so it’s unlikely they will be able to offer you the very best deal for your circumstances. It’s important to shop around. You can compare mortgage deals yourself using websites such as

SET A BUDGET

FINANCE

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Work out how much money you have for fees, deposit and the monthly mortgage you can afford.

CREDIT SCORE

Make sure your credit rating is sound, and pay off any debts you can.

Buying your ﬁrst property can be a daunting experience. It’s a big decision, so it’s important to get it right. We take you through all the steps involved

moneysupermarket.com or moneynet.co.uk, then apply directly to your chosen lender.

FIXED-RATES Some mortgages are fixed-rates. This means you’ll pay the same rate of interest for a certain period of time, and your repayments won’t change. If interest rates go up, you’ll be protected from the increase, but you won’t benefit from any fall in interest rates. Normally at the end of the fixed period your mortgage rate will revert to the lender’s standard variable rate (SVR) for the rest of the term. You can either pay this rate or remortgage to another lender. Remortgaging to another lender will usually mean you have to pay a fee or early redemption charge (ERC).

VARIABLE-RATE MORTGAGES Variable-rate mortgages are either linked to the lender’s SVR or the Bank of England base rate, and the rate you pay can change. Lenders can change their SVR whenever they want, but they normally only change it when the Bank of England base rate changes. ‘Tracker’ mortgages have repayment rates directly linked to the base rate and are liable to ﬂuctuate, so you need to be sure you could afford higher repayments if rates rise.

REPAYMENT OR INTEREST-ONLY You can either pay your mortgage on a repayment or interest-only basis. If you choose a repayment mortgage, your monthly payments will pay off some interest and some capital. At the end of the term, you’ll own your home outright. With an interest-only mortgage you’ll have smaller monthly payments, but these only pay the interest on the loan. At the end of the term you’ll still owe the original mortgage sum. If you take out an interest-only mortgage, you’ll need to have a plan in place (such as an investment) as to how you’ll pay off the capital.

SHOP AROUND

Speak to a mortgage broker, but also look at lenders’ direct products and search the internet for the best deal.

RESEARCH

BUYERS’ GUIDE

TIPS

RESEARCH AN AREA

Buying a home is a big investment. You need to buy a home you can afford and one you’ll be happy living in.

horough research

ﬂoor plan. Sign up with as many estate agents as you can (and your local HomeBuy Agent housing associations if you’re looking at shared ownership properties). They should send you new properties that match your description, but it’s worth phoning agents regularly.

If you like a property, aerial shots of the area can be viewed at earth. google.com

LOCATION IS KEY The ﬁrst step is to shortlist the locations you feel you’d like to live in, then check if you can afford the house prices in those areas. It’s also worthwhile visiting places you like: it may be that there’s an up-and-coming hot spot just down the road you didn’t know about that’s much more affordable. Ideally, you will have rented in the area before buying, but if this isn’t the case, at least spend some time there, check out the commuting time to work, and visit local pubs, shops and leisure facilities. Visit the area at night, too.

VIEWING Once you see a property you like, arrange a viewing. Most people see at least 10 properties before putting in an offer. It’s worth bringing a friend or relative and also arranging a second viewing to check out any bits you may have missed. Don’t get taken in by the furnishings and décor too much. Remember that a property that is slightly run down can still be a great investment and may only need a touch of paint and a change of furniture.

PROPERTY SEARCH

ESTATE AGENTS

Once you have found the right location, go online and check out what’s on offer. Most properties are listed on property portals such as ﬁndaproperty.com or propertyﬁnder.com or estate agents’ own websites. Most of the properties featured have pictures and descriptions and some have a

It’s a buyers’ market, so make use of agents’ legwork in ﬁnding properties that ﬁt your requirements. Be aware that estate agents are paid commission by the seller on the sale, so try to inspect the property yourself rather than just the parts the agent shows you. Don’t get sucked in by the hard sell.

DECIDE ON A LOCATION

Be practical. Think about the commuting time and if you can afford to buy in the area.

RESEARCH THE AREA

Check out crime rates, future regeneration or new transport links.

Check online for prices of sold properties in the area, and make sure properties you like fit your budget. You can search for recent sold prices of property in any area at nethouseprices.com, although be aware that prices have dropped significantly in the past year.

VIEWINGS

Look at several properties, and visit ones you like more than once and with someone else.

Before you put in an offer, visit the street at different times to make sure it’s safe. Ask neighbours and local shop owners about the area.

BEFORE YOU BUY When looking at buying apartments, check exactly what is included in the service charge and how much it is. Also, ask about the terms of the lease and its length. If the lease has less than 80 years left, use this as a negotiating tool and make an offer below the asking price.

OFFER

When making an offer, don’t be afraid to ask for less than the asking price. If the property needs work done on it, use this as a negotiating tool.

SURVEY

BUYING

Make sure you get a survey done – it could save you money in the long run.

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BUYERS’ COSTS SOLICITOR’S/CONVEYANCING COSTS £500-£1,500

MORTGAGE FEE

uying process

£0-£1,000

SURVEYS AND VALUATIONS

£0-£300

Once your offer is accepted, tell your mortgage lender. They will do a valuation to ensure the property is worth the money being advanced. At the same time, instruct a surveyor to carry out a survey. If this shows problems, ﬁnd out how much they would cost to rectify and use this information to renegotiate the sale price. Or, tell the seller certain repairs need to be carried out before contracts are exchanged. TIPS

Push the seller to take the property off the market. This will limit the chances of being gazumped (another buyer making a larger offer). The seller can insist on continuing to show the property, especially if you haven’t offered the asking price. Use a recommended solicitor who you know to be reliable and can move fast.

English property law is different to Scottish law: in England, if you put in an offer and then have a change of heart, you can legally back out of the deal or negotiate up until the exchange date. But, in Scotland, an agreed price is binding.

Compare quotes from solicitors, and ask your friends if they can recommend someone. A good solicitor can make a big difference to a purchase completing or falling through.

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SURVEY £300-£500 (depending on the type of survey you have done)

LOCAL AUTHORITY SEARCH FEES £300 (included in your solicitor’s bill)

£50-£920

After the offer is accepted, you will also need to appoint a solicitor or conveyancer who will oversee the contract, deal with the ﬁnances and exchange the deeds. Your solicitor will carry out searches, check the terms of any lease and tell you how much stamp duty you have to pay. The seller will also appoint a solicitor, and the two legal teams will be in regular contact to make sure the purchase goes as smoothly as possible.

(depending on the property’s value, e.g., £200 on a property costing between £100,000 and £200,000).

MORTGAGE BROKER’S FEE 0-1%

STAMP DUTY 0% for properties costing up to £125,000

EXCHANGE AND COMPLETION

Never get pressured into an exchange and completion date without knowing all your finances and documents are in place. If you can’t complete, you may have to pay the seller’s costs.

SOLICITORS

(depending on your mortgage deal)

LAND REGISTRY FEES

SOLICITORS A QUICK SALE

VALUATION

Once the mortgage offer is in place, the contract is satisfactory and buildings insurance has been organised, both parties will agree an exchange date. On exchange of contracts, you pay a deposit, and a completion date is set. At this point, there’s no going back – the seller could sue you if you pull out, and you could lose your deposit. The exchange can be on the same date as the completion, but they are usually a week to 10 days apart. On completion, the ﬁnal paperwork is done, and the property is legally yours.

TIME SCALE From offer to completion usually takes about six weeks to three months, but don’t feel pressured or rush into anything you’re not sure of just because the seller or estate agent wants you to exchange.

SEARCHES

Look at the results of searches your solicitor has done. They will tell you, for example, if a main road is about to be built at the end of your garden.

INSURANCE

After you’ve exchanged contracts, arrange buildings insurance – this will be a condition of your mortgage offer.

REMOVALS

Shop around for a removals firm, and find one that can move your possessions on completion day.

for properties costing between £125,000 and £250,000

3% for properties costing between £250,00 and £500,000

4% for properties costing between £500,000 and £1,000,000

BUILDINGS INSURANCE £300 per year, payable monthly or in advance. Buildings insurance can cost a lot more if your property is at risk of flooding.

SERVICE CHARGES AND GROUND RENT ON LEASEHOLD FLATS £100-£4,000

COMPLETION

Your solicitor or estate agent will call you to tell you the property is yours. The solicitor will have some final paperwork to do, and you will then have to pay the solicitor’s bill and your stamp duty payment (if applicable).

GLOSSARY

Home buying glossary Confused by ﬁnancial acronyms and industry terminology? Buying your ﬁrst house is daunting enough without having to decode property lingo. FTB’s home buying glossary is here to make the process a whole lot easier to understand

AGREEMENT IN PRINCIPLE

DISBURSEMENTS

The initial document your lender will give you outlining the amount you are likely to be lent. An agreement in principle is not a guarantee of getting a mortgage.

These are additional charges incurred during the home buying process such as stamp duty and Land Registry charges. You must give the money to your conveyancer or solicitor who will then pay the charges on your behalf.

APR APR stands for annual percentage rate. It is the interest rate you’d pay over a year. It takes into account not just the interest on your loan but also any other additional charges.

BASE RATE The interest rate set by the Bank of England. Lenders use the Bank of England base rate to set their own charges.

BROKER A broker is someone who gives you advice on your mortgage. Some are independent, while others work for lenders.

This is an amount of money you have to pay a lender if you decide to move mortgage providers or if you pay off your mortgage quicker than expected.

The difference between the value of the property and the value of the mortgage you have secured.

This is when you exchange contracts with the seller. When this has happened, both sides are legally bound to complete the transaction.

A type of contract where you buy the right to occupy the property for a ﬁxed period of time. You usually have to pay annual ground rent each year.

LTV This stands for loan to value – the ratio between the amount of money you have taken out as a loan and the valuation price of the property.

LUMP-SUM REDUCTION

FREEHOLD

In order to reduce your mortgage, you can make a lump-sum reduction. This is where you pay more than you owe each month in mortgage repayments.

A freehold is when you fully own a property and the land it stands on.

REDEMPTION

GAZUMPING

Paying off your mortgage in full is known as redemption.

When a seller accepts an offer and then later on rejects it in favour of a higher offer from another bidder.

REPAYMENTS The amount you have to pay back each month to your mortgage provider

GUARANTOR

The ﬁnalisation of the sale. Completion day is when all money is transferred and you become the legal owner of your new home.

A person, usually a parent, who guarantees that you can pay your mortgage repayments. You often need a guarantor if you are struggling to get a mortgage based on your own income. If for some reason you cannot pay your mortgage, your guarantor has to pay it for you.

CONVEYANCING

HIGHER LENDING CHARGE

The legal process of transferring ownership of a property.

If you take out a large mortgage on a property, some lenders charge you an extra fee. This is

COMPLETION

LEASE

EXCHANGE OF CONTRACTS

COLLATERAL Something of value that is offered as a guarantee against a loan. With mortgages, your home is collateral.

This is a fee you have to pay in order to register your ownership of the property with the Land Registry.

EQUITY

BUILDING SURVEY A survey carried out by a qualiﬁed surveyor to spot any structural problems or faults in the home you are buying.

LAND REGISTRY FEES

EARLY REPAYMENT CHARGE

ARREARS This is a term used to describe payments that haven’t been made on time.

because the more money you borrow the more of a risk the lender is taking.

STAMP DUTY Stamp duty is a shortened name for stamp duty land tax. This is an amount of money that the government tax you when you purchase a new property. Your solicitor or conveyancer will organise the payment for you.

TITLE DEEDS The legal documents that outline your rights and liabilities in relation to your new property. The title deeds also act as proof of ownership.

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Pathway to home ownership You ﬁnd the home you want, get a mortgage offer and it’s time to actually buy a house, but you can’t move in overnight. Adele Barker is Director of Conveyancing at Beaumont Legal – First Time Buyer’s Best Law Firm for Conveyancing for the past three years – and she explains the process you’ll go through, before you can pick up the keys

Step 1 – Find a conveyancer ‘Conveyancing’ is the term for the legal process of transferring ownership of a property from one person to another. You need legal expertise from either a solicitor, or licensed conveyancer to do this – it’s not something you can do on your own, especially if you’re buying with a mortgage. The conveyancer’s job is to look into the legal aspects that could catch you out and make sure the new property legally becomes yours.

Step 2 – Consider getting a surveyor Conveyancers help look at the legal title, Land Registry plans and obtain searches to identify any problems that might come up, such as the risk of ﬂooding, or future subsidence that may affect the property. Surveyors look at the physical property – the actual building and problems it may have, such as damp or structural problems. The older the property, the more likely you’ll want a surveyor to look at it. If the surveyor notices something serious, you may be able to use it to negotiate a lower price.

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Step 3 – Choose your searches Property searches give information about the property you’re buying, such as checking if it could be at risk of ﬂooding. They can also give other local information, like any developments planned to be built nearby, or whether the property is built on contaminated land. Your conveyancer is likely to recommend a package of searches, but you may want extras to give you more assurance before proceeding. Your mortgage provider might insist on some searches being carried out, for example, if the home you’re buying is in an area where coal mining has taken place.

Step 4 – Title and lease checks This is where the legal expertise really begins to be needed – your solicitor will look at the title of the property you’re buying and, if it’s a ﬂat, they’ll look at the lease. If you’re buying through a shared ownership scheme, there will be further agreements to be checked around that as well. The solicitor’s job is to act in your interests and to look for anything that could cause concern – such as a lack of clarity over a boundary, conditions in the lease that mean you have to pay more money than you think, or restrictions that mean you can’t do something you want – such as keeping a pet in a property.

BUYERS’ GUIDE

Step 6 – Contracts The next step is that you will sign the contracts that have been checked by your conveyancer on your behalf. You should receive a full explanation of the contract details, and all matters relating to the title deeds and the property that you need to be aware of, before proceeding. Once you have signed the contract, provided your mortgage offer has come through, you’ll be able to get to the crucial part of exchanging contracts.

Step 5 - Questions Once your legal expert has checked the key information, they may have extra questions for the person you’re buying a home from, or their conveyancer. Thankfully, nowadays there are standardised forms for areas such as fixtures and fittings, which confirm what will, or won’t be included with the property you’re buying. These forms help to make the process smoother. Delays can happen when dealing with any questions, because you’re reliant on the seller and their solicitor getting back with answers quickly. And, of course, if the answers aren’t what you want, it can mean further negotiation might be needed.

Step 8 – Completion This is it – the point where the ﬁnal balance is paid – and your new home is ﬁnally yours. The day of completion can be a long one for solicitors, especially if you’re buying as part of a long chain. Each home’s completion needs to take place one after another, as the money passes up the chain. When this is done, you can collect the keys from the estate agents and move in!

Step 7 – Exchange This is the point where a deposit is paid and the purchase is legally binding – signed contracts are exchanged and, after this, neither buyer nor seller can pull out of the transaction without potential legal action being taken. When this point is reached, there is a conﬁrmed date when you’ll be able to move in, so you can start to plan the actual moving day.

Step 10 – Registering the Title The owner of every property in the country is logged at the Land Registry and your legal expert will sort this out for you, making sure the title is changed from the previous owner to you. It’s not something you need to worry about and is completed after you move in. You should expect to receive a copy of the deeds, showing you as the new owner of the home, within a few weeks of completion.

Step 9 – Paying Stamp Duty For you, the process effectively ends at completion, but your solicitors still need to complete some other tasks on your behalf. The ﬁrst is paying Stamp Duty Land Tax (often abbreviated to SDLT), which has to be paid within 30 days for every property that costs more than £125,000. This is something you shouldn’t need to worry about, as your solicitor will complete it for you.

Beaumont Legal is one of the UK’s largest providers of conveyancing and winner of First Time Buyer’s award for Best Law Firm for Conveyancing in 2013, 2014 and 2015. For a free quote, visit Beaumont-legal.co.uk, call 0345 122 8080, or email quote@beaumont-legal.co.uk

First Time Buyer April/May 2016

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