5 minute read
Developer’s doctor
Lauren Nicholson is Head of Marketing and Digital at Notting Hill Genesis, and has over 10 years’ experience working for some of the UK’s largest housing associations. Throughout her career Lauren has prioritised customer research and listening to buyers to establish a close understanding of the first time buyer market, and the problems that many face when purchasing a first home. Notting Hill Genesis’ aim is to empower and deliver informative and supportive guidance to customers throughout one of their most important life decisions
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QI am a first time buyer who recently
heard about shared ownership as a route to purchasing a home, but am unsure about what this entails. I also want to know more about the financial side of things – what would my monthly outgoings be, and do I have control over selling my home later down the line?
AYou’re not alone – we find many first time buyers can be confused at first by the idea of shared ownership, and aren’t quite sure how part-owning and part-renting works in practice.
The scheme is an alternative route to homeownership for those who may not have the huge deposits required to purchase a home on the open market.
Shared ownership is available across new build homes, including most of our developments at Notting Hill Genesis. There are certain eligibility requirements, such as the annual salary of your household and sometimes where you live or work, which are worth bearing in mind.
When you buy a home through shared ownership, it doesn’t mean you’ll be sharing the home with another person, rather you purchase a percentage share of your property. You will have a monthly mortgage to pay on this portion, and then you’ll pay a subsidised monthly rent on the remaining share to the housing association that you bought your property from, in addition to your service charge.
For example, a buyer at Woolwich Reach, our Thames-side development near to the Royal Docks, might buy a one bedroom apartment for £93,750 for a 25% share. The full market value of the home would be £375,000. After paying a deposit of 10% (£9,375), they would then pay a monthly mortgage of approximately £422, along with rent of £645, and a service charge of £134. This means total monthly costs would be £1,201.
The combined cost of a subsidised rent and monthly mortgage payment can often be cheaper than renting a similar home.
Once you’ve found a new home, bought it and moved in, you will then have the opportunity to buy a larger share in the property. This is called staircasing, where you buy more shares over time and reduce the portion of the property you’re paying rent on.
You can also choose to sell your home at any time after purchase, and you will receive the current market value for the share you own. One of the advantages of shared ownership is that you will benefit from any increase in the property’s value as an owner-occupier.
Notting Hill Genesis will manage the process for the first eight weeks, and after this period you will be able to sell it on the open market. If you own 100% of the property, you can also manage the sale directly.
Each year, Notting Hill Genesis helps hundreds of people buy a home of their own, so we know that understanding the financial implications can be daunting for first time buyers. Our experience allows us to provide support and guidance at every step of the process, from purchase, to staircasing, or eventually reselling.
Notting Hill Genesis is launching FROM a brand new collection of one and two bedroom apartments this £88,750* autumn, located in the Royal Borough of Greenwich and available to purchase off-plan through shared ownership.
Sustainability runs through the heart of Kidbrooke Square, with active travel routes, green rooftops, and renewable energy embraced throughout. Spacious, open-plan living areas are excellent for entertaining both indoors and on the generous balconies outside. Set to build upon this vibrant new community for south Greenwich, Kidbrooke Square east London, homes at Kidbrooke Square are ideally suited to rst time buyers looking for affordable, modern city living next to sought-after green space. Award-winning Cator Park is close by, with its grassland, meadows and wetlands, while residents can enjoy day-to-day shopping and dining, as well as a monthly farmers’ market, in adjacent Kidbrooke Village.
Greenwich’s superb transport links make Kidbrooke Square an ideal choice for young professionals wanting to work exibly. Residents have direct access to the new railway station at Kidbrooke, with trains to London Bridge in 17 minutes, Waterloo East in 24 minutes, and nearby DLR links to Charing Cross and Canary Wharf.
Guide prices for one bedroom homes start from £88,750 for a 25% share, and two bedrooms Guide prices for one bedroom homes start from £88,750 for a 25% share, and two bedrooms from £111,250 for a 25% share. Customers will soon be able to enjoy Kidbrooke Square’s statefrom £111,250 for a 25% share. Customers will soon be able to enjoy Kidbrooke Square’s stateof-the art marketing suite, where they can experience rst class show homes, innovative virtual of-the art marketing suite, where they can experience rst class show homes, innovative virtual technology, and be guided on their homebuying journey by Notting Hill Genesis’ expert sales team. technology, and be guided on their homebuying journey by Notting Hill Genesis’ expert sales team.
Register your interest online today at nhgsales.com/kidbrookesquare, or call us on 020 3797 8176 Register your interest online today at nhgsales.com/kidbrookesquare, or call us on 020 3797 8176
*Based on a 25% share with a full market value of £355,000
