the Ultimate Guide to... GETTING ON THE LADDER, THE PROPERTY MARKET AND HELP TO BUY August/ September 2019 £3.95 firsttimebuyermag.com
WIN!
A JUDGE 3-PIECE SAUCEPAN SET WORTH £130 GET ON THE LADDER WITH HELP TO BUY
BREXIT MONOPOLY! HOW HOUSE PRICES HAVE CHANGED SINCE THE BREXIT VOTE
CONVEYANCING TERMS – ALL YOU NEED TO KNOW
“Do your research and get to know the area so you have information and knowledge before you buy” Jean Johansson TV presenter
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EDITOR’S LETTER
E D I T O R I A L – 020 7258 0036
Editor-in-Chief SARAH GARRETT sarahg@spmgroup.co.uk Editor LYNDA CLARK lynda@firsttimebuyermag.co.uk Editorial Assistant DAWN HARKER Creative Director RYAN BEAL Sub Editor KAY HILL Social Media DAWN HARKER Contributors CHRIS CLARK, DEBBIE CLARK, ADAM CRAWFORD, DAWN HARKER, KAY HILL, RUPI HUNJAN, LAURA DEAN-OSGOOD, DONNA PILCHER, GINETTA VEDRICKAS A D V E RT I S I N G – 020 7258 0036
Director of Advertising/Exhibition Sales LYNDA CLARK
lynda@firsttimebuyermag.co.uk Special Events EILIDH MACLEOD – First Time Buyer Home Show – First Time Buyer Readers’ Awards boom@squarepegmedia.com Accounts DAVID SELF david.self@ultimateguidecompany.com
Welcome I hope you are enjoying the long, warm days and taking advantage of everything summer has to offer. I am sure many of you are keen to start searching for your first home and this is certainly the right time of year to begin looking. We have been very excited because we start the first in a new series from the lovely TV property expert Jonnie Irwin, who kicks off with his view of the market and what impact it is having on first time buyers (page 9). Buying your first home can be rather overwhelming and can feel like navigating a maze! We want to make the path a simple one and we have produced a little book to help guide you through the process. We thank Peabody for sponsoring it and I am sure you will find it comes in very handy to refer to along the way. For anyone looking to buy in the North West, we have another Home Show on 7 September 2019 at The Union, Manchester Metropolitan University, so do go to ftbhomeshow.com for more details and to register. It is the ideal one-stop shop to find out everything you need to know to get a foot on the property ladder. Board games are always a family favourite, especially at holiday time. Monopoly is always top of the list and on pages 24-28 we have taken a slightly different slant on some famous London areas and given them a Brexit twist! I hope you find this issue packed full of information to help you buy your first home. Until next time happy house hunting.
Managing Director SARAH GARRETT sarahg@spmgroup.co.uk Public Relations RACHEL COLGAN rachel@building-relations.co.uk SUBSCRIPTIONS 020 7258 0036 SWITCHBOARD 020 7258 1777 FAX: 020 7258 1787
firsttimebuyeronline EDITOR’S PICKS…
THE ULTIMATE GUIDE COMPANY LTD, 37 IVOR PLACE, LONDON NW1 6EA All advertising copy for October/November 2019 must be received before 16 August 2019. 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 2008-2019. 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
Paying rent in London can be so expensive and I hate spending my hard-earned savings on it! I’d like to invest in my own property. Guy Martin, House Hunter, page 16
I feel a sense of achievement that I have been able to get on to the property ladder
Lauren Cooper, Real Life, page 74
As a ftb you are in a far better position now in terms of the products that are available. Jonnie Irwin, Jonnie’s World, page 9
Without the assistance of Help to Buy, buying a new home would have been impossible at this stage.
I bought my first Luke Mitchell, A home when I was helping hand, page 30 a student doing my Masters at Leeds University in 2001. Kunle Barker, At home with, page 14
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CONTENTS
AUGUST/SEPTEMBER 2019 / ISSUE 78 / FIRSTTIMEBUYERMAG.CO.UK
What’s in… 67
For sale
74
Lauren Cooper was renting a two bedroom flat in Herne Bay, Kent, but desperately wanted her own home. She moved back in with her parents to save, and using Help to Buy she bought a semi-detached house at the Barratt Homes Aylesham Village development near Canterbury.
HOMEPAGE
some excellent advice to help first time buyers.
9 Words from Jonnie The first in a new series where TV presenter and property expert Jonnie Irwin gives his views on the state of the housing market.
16 House Hunter
11 FTB Loves....
Ezinne Ogbonna, Business Development Director at Newlon Housing Trust, answers your property question.
We try to find Guy Martin a home in south London.
18 Developer’s doctor
9
A round up of our favourite hot buys.
12 Living Enjoy the great outdoors and the summer sun with these tropicalinspired accessories that are perfect for days relaxing in the garden or on the beach.
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14 At home with... Kunle Barker
20 The View: Jean Johansson
Property expert, journalist and TV presenter Kunle Barker began his construction career while studying for an MA at Leeds University. He co-presents the ITV1 show Love Your Home & Garden with Alan Titchmarsh and Renovate Don’t Relocate with Sarah Beeny for Really and is the presenter and curator for Grand Designs Live working with Kevin McCloud. He talks to Lynda Clark about buying his first home, his fascinating career and gives
TV presenter Jean Johansson has worked on a number of TV shows. Her career started after she won a nationwide search for a presenter and her first TV appearance came when she was 18 presenting UKOOL, a magazine-style programme for CBBC. She has worked as a reporter on The One Show and is now a presenter on A Place in the Sun. She talks to Lynda Clark about her career, property experiences and tips for buyers.
FEATURED
24 Monopoly – The Brexit Edition Monopoly is a classic family favourite board game. Brexit has caused the housing market to be in flux and estate agent comparison site GetAgent.co.uk brings us Brexit Monopoly with house price data sourced from the Land Registry highlighting how house prices have changed since the Brexit vote three years ago. Debbie Clark has worked her way round the board and highlighted some property hotspots for ftbs.
30 A helping hand
How does Help to Buy work? Lynda Clark explains the whole process and highlights some great developments for first timers where Help to Buy is available.
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CONTENTS JEAN JOHANSSON, PAGE 20
WHEN YOU LOOK AT A PROPERTY, LOOK AT EVERYTHING AND ALSO ASK QUESTIONS. IS IT CLOSE TO THE ROAD WHICH COULD BE ANNOYING? ARE THERE SIGNS OF DAMP?
20
Jean Johansson REGULARS
82 Mortgage Clinic Rupi Hunjan, CEO of Censeo Financial, answers your financial related questions.
84 Finance
36 Hotspot We look at Woolwich as a place to live.
60 A friendship based in bricks and mortar Lesley Price FCILEx, Head of New Homes & Shared Ownership and Bill Dhariwal, Managing Director, at Lawcomm Solicitors, exolain the legalities of buying with friends.
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For sale
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Competition Win one of four Judge Classic JPA1 3-piece saucepan sets worth £130.
62 Financing the shared ownership market Rupi Hunjan, CEO of Censeo Financial, explains how the financial side of buying a shared ownership property works and why it is now a market leader.
Young people are doing less and less DIY these days. Kay Hill looks at how the lack of practical skills is affecting the ability to save as well as making life difficult for young first time buyers.
86 Technology Today’s buyers are demanding homes that are low in energy and have low running costs. Ginetta Vedrickas investigates how to ensure your home is a smart one.
88 Agony Agent All your property questions answered by our panel of epxerts.
91 Buyer’s Guide Check out FTB’s Buyer’s Guide, which walks you through the property process.
96 Conveyancing terms Adam Crawford, Partner and Head of New Build Homes at Prince Evans Solicitors LLP, explains all the often confusing conveyancing terminology you might come across when buying your first home.
98 Directory 80 First home, first meal Oliver Peyton OBE, Founder and Creative Director of Peyton and Byrne, creates delicious beetroot, hummus, labneh and crudité. We test out the best dips and salads from the UK’s leading supermarkets.
Where and how to contact your Help to Buy Agents or providers.
106 20 Questions We ask 20 quick-fire questions to a property expert and in this issue Craig Osborne, Assistant Director of Business Development at SiteSales Property Group is in the spotlight.
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LETTERS
Mailbox BUYING OFF-PLAN I am interested in buying a home on a new development that is currently being sold off-plan. I have spoken to the developer of the site and the company is requesting a reservation fee and a 10% deposit on exchange on top of this as well. I’m not sure whether this is legal or not? Any information would be great.
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
Patrick Courtney FTB: Almost all developers will want reservation fees and these will be shown in a written reservation agreement. As you should before entering into any agreement, you should read through this carefully and check whether this fee is refundable or not. If you decide to pay this fee then it will secure the property for you for 28 days. The 10% reservation fee is a very common amount and this will usually be paid to the developer’s solicitor. Please ensure that the developer is registered with someone like the NHBC that will cover you if things go wrong at any point. If you don’t complete the purchase the chances are that you will lose the reservation fee. This issue’s star letter prize wins the Gorilla Gift bundle worth £30, which includes Gorilla Handy Roll - a duct tape that is incredibly strong and grips most surfaces, Gorilla Glue Clear – a crystal-clear glue for virtually invisible fixes, Gorilla Super Glue Gel – a no-run, fast-setting super glue, Gorilla Wood Glue – a hard-working, water-resistant wood glue and NEW Gorilla Contact Adhesive Clear – a wonderfully versatile, repositionable glue that dries crystal clear. The Gorilla Gift bundle; for a host of DIY jobs and fixes around the home! uk.gorillaglue.com 01257 241 319
WHICH MORTGAGE? I am looking into getting a mortgage for my first home but have read about pre-qualified and pre-approved mortgages. What are the differences between the two? Jonathan Strehlow FTB: A pre-qualification mortgage gives first time homebuyers an indication of how much they might qualify to borrow. This mortgage amount is not guaranteed because no
information will have been verified. A letter from the lender may only state that you are “likely” to be approved for a mortgage. A pre-approved mortgage is a better option as it is based on a real credit score, and it puts the developer or seller at ease. The buyer has more to offer when making a deal and in a competitive market this is a plus. If you can get a pre-approved mortgage then it is something you should definitely go for.
LOCATION, LOCATION I have finally saved enough for a deposit on my first home and I am about to begin looking in a couple of different areas. Can you advise if there are any things I should be thinking about or looking for when I am house hunting? Ellen Rizzi FTB: Well done for saving up your deposit and you are now on the road to buying your first dream home. You should consider the following things when you begin your search. Does the area have good transport links? What will the commute to work be like? Is crime a problem in the area? If you have children or are planning on starting a family, is there a good school nearby? How near are the shops? Is the property near a pub or club which could potentially be loud and noisy at night especially at weekend? There are other factors which you might take into consideration like how far is the doctor’s surgery, is there a gym nearby and are there good restaurants in the area?
THINKING AHEAD My boyfriend and I are close to purchasing our first home together. We are very excited! We are also both very forward thinkers and want to know which are the most important things to sort out once we have moved into our new place. Hannah Whitehead FTB: There are a number of things you will want to consider once you move into your new home. The first thing will be to set up your utilities – gas, water and electricity. Take meter readings as soon as you move in as this is important. It is good practice to take a photo with your phone. Don’t feel you need to stay with the energy provider given to
you either. Do your research as you may get it much cheaper somewhere else. You will also need to set up payments for your council tax. Many people choose to do this through direct debit. Start to think about your internet before you move in as this can often be rather stressful. Finally, you should get yourself home insurance. Leasehold properties may have buildings insurance paid within your service charge, but you will need to purchase contents insurance separately to protect your belongings.
VISIT OUR WEBSITE For everything you need to know about buying for the first time, go to firsttimebuyermag.com
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OPINION
Photo © Mike Prior
WORLD
The start of a new series, where TV presenter and property expert Jonnie Irwin gives his thoughts and views on first time buyers and the housing market
I was recently asked to step in to present the annual FTB Readers’ Awards on behalf of the editor Lynda Clark. At such occasions, the host is often invited to give a keynote speech or address at the start of the ceremony and I must confess, after a couple of glasses of wine, I took full advantage of a microphone and audience to get a couple of things off my chest. In hindsight, I believe I may well have been preaching to the converted, but I’d like to give a flavour of what was discussed. As you may know, I spend much of my working life showing buyers around potential new homes in the UK and abroad. Very few of these punters are ever first time buyers – not their fault but I can’t help but think that the entry section of the market and indeed our society are woefully represented on our TV screens. But then that’s no massive surprise as in my opinion the first time buyer doesn’t have much of a voice. This magazine, and the awards and events it puts on, are huge steps in the right direction, as is the tremendous work that the many housing associations and house builders are doing to provide the sort of stock that’s required. But it clearly isn’t enough. Now, of course, I could now start railing against the Government for its failures to meet the self-imposed new build quotas it has continued to fall short of – but which Government over the past couple of decades should I start on first? Besides, there’s an argument that the Government’s policies are merely a reflection of the will (or perhaps the apathy) of the people. Now before you spit any more of your tea out over theses pages, please know that I’m trying to provoke a response to make a point. As a first time buyer you are in a far better position now in terms of the products that are available, compared with say a decade ago, thanks in no small part to organisations mentioned above. But they can only operate within their own financial limits. Housing associations and building companies can’t just keep building on a limitless supply of land, because it doesn’t exist. There may well be land suitable for development, but there is always an army of NIMBYs (not in my backyard) who stand in the way. I’m not saying we should all go out and build all over the greenbelt, but we as a community have to recognise a need. Now the NIMBYs will go out of their way to campaign against a development for a variety of reasons, some valid, others less so, but rarely do they stand up against the need for someone to have a home! The trouble is that the Nimbys will always mobilise – they’ll actually get off their posteriors and campaign by writing to their MP or might even get the local press involved for an angry photo shoot! Fearing a section of the electorate, the local councillor or MP is likely to take this cause up and lean heavily against such new development. But why shouldn’t the rest of us campaign FOR it? We need to challenge this perception of “evil developments” and campaign for the good they can do for our communities. There are already a number of YIMBY (yes in my backyard) groups that have sprung up across the country. If enough of us engage with the naysayers via social media, interviews or writing to our local representatives we can start to change the narrative. We can’t sit back and complain about the lack of affordable FTB stock if we’re not prepared to help its inception in some way. Nimby’s will always be prepared to argue their cause. Perhaps the rest of us should do the same...
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FTB LOVES
What’s hot in the shops? Always on the lookout for exciting and innovative new ideas and accessories that will help create the perfect space, here are our favourites this issue
Buzz off!
We all want to make the most of the summer and enjoy sitting outside, but there is nothing worse than being surrounded by insects. The Thermacell patio shield repeller is designed to keep insects away without harming them. The innovative technology creates a 20sqm protection zone to ward off unwanted intruders. It’s easy to use, and the sleek portable design means you can take it on the go, so whether it is a picnic in the park or a camping trip with friends you can be protected from unwanted guests. The Thermacell is easy to use and when the insect repellant mats run out you simply replace them; plus it comes with Lakeland’s three-year guarantee. Thermacell, £34.99, Lakeland lakeland.co.uk
F
r Furnitu l a n o i un-ct
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uldn’t mean having Having a smaller space sho . By getting key ality tion func for style ce to sacrifi cticality, you pra with ess pieces that mix stylishn ce while keeping spa r you of t mos the e can mak love Dunelm’s Fulton your home looking chic. We temporary styling range as it mixes sleek, con particular, the coffee In s. with space-saving idea makes it the perfect nish fi ct effe pine ic rust table’s al as well as tion func it’s statement piece; but en storage and hidd rs offe top g liftin The stylish. ble up as a dou to e tabl also allows the coffee ere you can eat ewh som n eve or ce spa working your dinner. 9, Fulton lift top coffee table, £19 Dunelm dunelm.com
Licence to grill
It’s always good fun having friends and family over to enjoy some delicious food, and dining al fresco in the summer sun is a fantastic way to spend your weekends. This BBQ pizza oven grill and smoker from Wilko has several different functions, allowing you to make the most of outside dining. The oven includes a pizza stone, while you can use the BBQ grill just like a traditional BBQ. You can even turn the oven into a smoker, letting you slow cook your meat for an authentic experience. The oven has handy storage space, and wheels so it’s easy to move. It’s a trendy and practical outdoor choice, allowing you to be the BBQ champion all summer long! BBQ pizza oven grill and smoker, £120, Wilko wilko.com
One Pound Vegan Meals
You may think that changing your diet to a vegan one will be costly and time consuming, but Chef Miguel Barclay’s Vegan One Pound Meals shows just how accessible eating vegan meals on a budget can be. Every recipe in his fourth book costs just £1 per portion to make, but it’s not just about cooking on a budget. Each meal focuses on maximising flavour with fewer ingredients to make cooking at home affordable and accessible for everyone. These recipes are a great way to incorporate more vegetable-based recipes into your home, so this cookbook is great for vegans and non-vegans alike. Vegan One Pound Meals, £16.99, Amazon amazon.co.uk Follow Miguel on Instagram @onepoundmeals
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Sun-sational
With the long days and warm nights it’s time to make the most of your outside space and bring your friends and family together to make the most of summer. By adding some colourful garden furniture and accessories you can create your own tropical retreat
Mono stripe deck chair, £29; Toucan deck chair, £29; heavenly Hummingbirds deck chair, £29; fruit design parasol, £10; set of four acrylic tumblers, £5; Watermelon beach towel, £8; Africa bright beach towel, £8; Alpaca beach towel, £5, Dunelm
Chip and Dip platter, £12.50, M&S
Small Flamingo Grandpa gnome, £6, George Home Set of two Flamingo gin glasses, £7, George Home
£12 Umbrella string lights, £3.50, Homebase Flamingo print outdoor cushion, £12, JD Williams
Flamingo print cool bag, £15, M&S
Four-seater Camden garden table and chairs set, £149, John Lewis & Partners
Toucan cushion, £10; Llama-shaped cushion with pom-poms, £8; Watermelon cushion with pom-poms, £10, Dunelm
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C ON TA C T S » Dunelm dunelm.com » George Home george.com » Homebase homebase.co.uk » JD Williams jdwilliams.co.uk » John Lewis and Partners johnlewis.com » Marks and Spencer marksandspencer.com » Next next.co.uk » Sainsbury’s sainsburys.com
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DIFFERENT STROKES
Solar Flamingo silhouette lantern, £12, JD Williams
You don’t have to buy new furniture to update your garden, why not renovate? You can use Frenchic’s Al Fresco weatherproof paint. This chalk paint is hard wearing as it has been designed to protect garden furniture. Available in a range of colours, you can now turn your outside furniture from drab to fab. Al Fresco paint, from £6.95, Frenchic frenchicpaint.co.uk
Lisbon dinner plate, £3.50; Lisbon side plate, £3; Lisbon goblet, £3.25; Lisbon tumbler, £2.75; Lisbon carafe, £8; 16-piece simplicity cutlery set, £22; Lisbon rectangular platter, £8; Lisbon cereal bowl, £3, Sainsbury’s Neon Flamingo light, £10, Sainsbury’s
Cactus glass, £2, George Home
Pineapple jug, £12.50, M&S Set of four fruity lolly moulds, £12.50, M&S Pineapple plastic cup, £5; set of four plastic high ball glasses, £20; set of four plastic tumblers, £12; set of four prosecco glasses, £12; set of four plastic wine glasses, £16; set of four metallic animal print plastic tumbler glasses, £16; set of four metallic animal print high ball glasses, £20; Pineapple drinks dispenser, £18, Next
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£14
Set of two orange sunrise Salsa garden chairs, £140, John Lewis & Partners
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At home with:
Kunle Barker
Kunle Barker is a property expert, journalist and TV presenter and began his construction career while studying for an MA at Leeds University. He set up Illustrious Homes in 2004 and to date has completed 8,000 residential refurbishments, 120 schools and three sports centre refits as well as countless private renovations. He co-presents the ITV1 show, Love Your Home and Garden with Alan Titchmarsh and Renovate Don’t Relocate with Sarah Beeny for Really and is the presenter and curator for Grand Designs Live, working with Kevin McCloud. He talks to Lynda Clark about his fascinating career, his first home and has some useful advice for first time buyers FTB: Tell us about your first home? KB: I bought my first home when I was a student doing my Masters at Leeds University in 2001. It was a five bedroom Victorian townhouse and cost £60,000. I was very lucky as there was a graduate scheme and I got a 100% mortgage which really helped. As I had no income it was important that I rented it out to help pay the bills, but it was in a student area so relatively easy to rent rooms. I lived on the top floor and the students lived in the rest of the house. I had no money to renovate it, so I did everything myself; but I never touch anything to do with electricity or gas – I leave that to the experts. Eventually I decided to move back to London and sold it. FTB: Where do you live now? KB: When I moved back to London I decided to rent somewhere with my girlfriend, who is now my wife, and eventually we decided to buy. We bought a larger apartment, then we moved into the house we live in now. It is an Edwardian
terrace in north west London, and now we have two small children, it works well for us. We wanted to retain the original features, but we upgraded the windows and managed to find replica sash windows which are double glazed. We also have underfloor heating and we extended into the loft and added an extension. The extension has a glass roof that lets in lots of natural light, which is essential. We also have a very large glass door at the back of the house. It is important to get on the bottom rung of the property ladder and keep moving up if you can. Rent is so expensive nowadays and far costlier than a mortgage. So, if you can buy, it will pay dividends.
FTB: Tell us about your career? KB: I did my first degree in Manufacturing Engineering and then my Masters in Human Resource Management. I then decided to set up Illustrious Homes in 2004 and started renovating various homes in London. We worked with a variety of different clients – from local and central Government to first time buyers. It is a great team and we pride ourselves on our work and craftsmanship. I was delighted to have been chosen to work alongside Alan Titchmarsh on the ITV prime time show Love Your Home and Garden. I was chosen because I deliver fairly complex and high profile builds within a very tight timeframe
“YOU SHOULD BUY A HOME AND NOT AN ASSET AS IT IS WHERE YOU WILL SPEND YOUR TIME. IT SHOULD BE A PLACE YOU FEEL HAPPY, SAFE AND SECURE IN”
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and under budget. Apart from copresenting, I was also the expert consultant leading the design and build on each show. It was great fun and I enjoyed every minute! I then worked with Sarah Beeny on a new series called Renovate Don’t Relocate, which was also really enjoyable. FTB: Are you involved in anything else? KB: I speak at Grand Designs Live alongside Kevin McCloud ,who I work very closely with. I was selected as the Grand Theatre presenter and curator for Grand Designs Live 2019. I’m also part of the expert line-up at the Ideal Home Show. I sit on lots of panels for construction and property events and work closely with RIBA, and am an ambassador of Architecture and Design, promoting the importance of good design management. I’m always very busy but I like it that way! FTB: What are your plans for the future? KB: Well, apart from dreaming of being the opening batsman for England I am looking at building my own home somewhere along the western corridor just outside London. Maidenhead or Taplow are really very nice and it will only take 40 minutes to get into central London once the Queen Elizabeth Line has opened. You have the best of both worlds – the countryside, the river and near to town too. I am having so much fun and want to continue doing so. I make a lot of YouTube videos which cover different property-related topics and I also regularly write for Grand Designs magazine. I love working and there are a few other ideas for TV shows, so it’s pretty full-on! FTB: What advice do you have for first time buyers? KB: If you decide to buy a house or an apartment you should buy with your heart and trust your gut feeling. If you do see a property you are interested in then research the area, check out transport, schools and where the shops are located. You should have solid and sensible reasons to really want to buy the property. Also consider the resale value. There is nothing worse than being trapped in a house in an area that was expected to be on the up and never quite makes it. Nobody wants to live in their first home for, say, 15 years because they can’t afford to move out. You should buy a home and not an asset as it is where you will spend your time. It should be a place you feel happy, safe and secure in. Kunle Baker, Projects Director, IH Flagship – kunlebarker.com
“IF YOU DO SEE A PROPERTY YOU ARE INTERESTED IN THEN RESEARCH THE AREA, CHECK OUT TRANSPORT, SCHOOLS AND WHERE THE SHOPS ARE LOCATED. YOU SHOULD HAVE SOLID AND SENSIBLE REASONS TO REALLY WANT TO BUY THE PROPERTY. ALSO CONSIDER THE RESALE VALUE” First Time Buyer August/September 2019
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Homepage FIRST RUNG
The
HOUSE HUNTER
What we found… THE LANDMARK DEVELOPMENT THE QUIET ENCLAVE Varcoe Road Southwark
FROM £288,000
So Resi Brixton Brixton
FROM £127,500*
This month FTB goes on the hunt with Guy Martin who is after a one bedroom home in south London
PROFILE
Names Guy Martin, 28 Occupations Retail manager Maximum budget £500,000 Requirements A one bedroom home in south London in a convenient location – within a quick commute to central London and with plenty of shops, bars and facilities nearby
What he wanted… I moved to London from Cornwall last year to set up the London branch of a new shop in central London and I absolutely love it. I work long hours, so a key requirement for me is that I live within a quick and easy commute to Oxford Circus – ideally less than 40 minutes. I’d also like to live close to shops and places to eat out – convenience is really important when you’re working all hours. I definitely want to be in south London, as I know it quite well now. I lived at home before moving to London and saved around £30,000 by working in two jobs and not paying much rent since leaving college. Paying rent in London can be so expensive and I hate spending my hard-earned savings on it! I’d like to invest in my own property and get on the ladder. My parents want to help, too, and are gifting me £20,000. This gives me a budget of around £500,000.
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Arranged over seven storeys, Varcoe Road will comprise 57 one bedroom apartments. Created with young first time buyers in mind, there’s co-working space, communal roof terraces, cycle storage and a sun room. The location is perfect for London life; it’s close to some of the city’s most fashionable areas – Peckham, New Cross and Deptford – and its Zone 2 location makes it easy to get around. To be eligible for these discounted homes, potential residents must live in the borough of Southwark and earn under the affordable housing cap.
The bright and buzzing town of Brixton is just a short walk from this collection of one, two and three bedroom apartments. The homes, located in a green corner of the south London town, are bright and spacious, with chic fitted kitchens and floor-to-ceiling windows. The apartments also feature private balconies. There is a great range of restaurants, bars, galleries and parks within minutes of the development, while transport into central London takes under 20 minutes by tube. Brixton is also served by mainline trains and 24-hour bus routes.
pocketliving.com
soresi.co.uk Based on a 25% share of the full market value of £510,000
What he thought… This development is in a very trendy location! There are so many cool bars and places to go in nearby Brixton and Peckham, so it would be great for my social life! It’s in an incredibly convenient place for getting into town, too, and I could probably get to work in around 30 minutes on a good day. I had no idea you could buy a place in Zone 2 for this price! I like the idea of the shared outdoor spaces, especially the terrace, which would be great for getting to know people in the building – I bet the views are impressive.”
I really do like Brixton. It’s a great place with a really upbeat vibe – there’s always something to do. I love the cinema and music venues – plus Brockwell Park is a real gem. These apartments are very cool and in a nice spot – away from the main drag – so you’d really feel like you were coming home to a nice peaceful setting, even though everything you need is just a few moments away. Getting into work is easy from Brixton, too – and you can get home by bus or tube at any time of night!”
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I
THE LEAFY RETREAT So Resi Sydenham Sydenham
THE BEST OF BOTH WORLDS FROM £124,988*
Tiller Point Croydon
FROM £TBC
Homepage FIRST RUNG
First choice! IENCE
THE KING OF CONVEN The Tramyard Balham
With a selection of beautiful parks and pretty towns within easy reach, as well as great commuting links into London, this new development is in the perfect location for enjoying London from a laid-back point of view. Inside, the homes are bright and contemporary, with open-plan living/dining areas and fitted kitchens. Most of the properties open to a private balcony or terrace, while all residents will enjoy the communal landscaped outside areas. From Lower Sydenham station, trains run to London Bridge in 17 minutes.
Located just outside of Croydon in Thornton Heath, the 22 new one and two bedroom homes at Tiller Point strike the perfect balance between busy city and more relaxed outer-London life. Commuting into central London is a breeze from West Croydon station (Zone 5), while the Surrey countryside can be reached by train or car in around 20 minutes. Croydon town centre has a thriving entertainment scene, with the famous South End Restaurant Quarter and ever-popular Croydon Boxpark, along with an array of bars and restaurants.
soresi.co.uk
optivo.org.uk *Based on a 25% share of the full market value of £499,952
This is a new area for me, but it looks really pretty and very peaceful – which is a good thing! I do like the idea of being able to retreat from the intensity of working days in central London and coming back to a nice, relaxing apartment. I have friends in Crystal Palace, which is quite close by, and just love the park there. It’s nice to have so much greenery around – perfect for the summer. I think it’s really cool that the apartments are arranged around a central courtyard, too.”
In my house hunting research I have read quite a lot about Croydon – and it seems to have a great deal to offer. It’s a vibrant town with loads to do – plus the transport links into London are excellent! What I really like about this area is that it’s only 20 minutes from central London, while at the same time it’s also really green and close to the countryside – which I miss a lot! I think the location would be just great for getting the best out of city life as well as getting my fair share of fresh air.”
FROM £499,995*
is home London locale of Balham The popular south west range ich wh s, ion of apartment to this stylish new collect n created bee e hav es hom ms. The from one to three bedroo living/ d: light-filled open plan with modern living in min hens and kitc ate balconies, while dining areas open to priv liances. app ted gra design, with inte bathrooms feature sleek ient ven con d, Roa h Hig on Balham The homes are located edy spe while Balham station, for for shops and nightlife, away. For green lk wa rt sho a is , don commuter links into Lon rth, Tooting from the vast Wandswo spaces, take your pick and Clapham commons. josephhomes.co.uk
rmed at launch *Guide price; prices confi
THE NEXT STEP
“I have been living just up the road in Brixton for a year, but now it’s time to explore Balham and get a real feel for the area. I have set the wheels in motion by registering my interest and arranging a viewing – and I’ve also spoken to a mortgage adviser so I can move quickly if I decide to take things further.”
These apartments are seriously stylish. The kitchens and bathrooms are so cool and there’s plenty of natural light. It’s a top location, too, and one I can really see myself living in. I really like that it’s so close to everything – it’s super convenient: when I’ve been working hard all day, I just want to be able to pop to the shops in a matter of minutes. It seems like there are plenty of things to do in the area – with coffee shops, bars and restaurants within walking distance, which is really great news for me! Getting into central London will be really easy, too, which will keep me very happy indeed.”
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ADVICE
Ezinne Ogbonna is Business Development Director at Newlon Housing Trust, where she has worked since 2006, having previously worked at Gateway and Stepney Housing and Development Agency. Her extensive experience includes successfully delivering major regeneration programmes at Arsenal and Hale Village in Tottenham Hale. As a result, she understands the London market well, and the challenges facing those looking to buy their first home
Q
My partner and I are looking for a first home in London which is well located and relatively affordable. We also don’t have the means to buy outright, so need help. Where is a good location to look at and is there a good way to get on the property ladder?
A
Even for many people in relatively well paid, full-time work, it is not easy to find a place to buy in a nice, accessible area. Often this requires compromising, such as living further out or in a less desirable location. However, one area to look at is Waltham Forest which, despite being cheaper than many other London boroughs, is undergoing many improvements and has excellent transport links. Two Overground lines serve the borough, as well as numerous buses. In addition, 24-hour night tubes run on the Central and Victoria lines at the weekend – an easy way to get home after a night out. The southern part of Waltham Forest neighbours the Queen Elizabeth Park, which provides plenty of outdoor activities as well as access to the Aquatic Centre, velodrome and the ArcelorMittal Orbit. Investment has brought many other changes to the borough – numerous cafes, restaurants and breweries have emerged, with Walthamstow Village becoming a trendy hangout for both locals and visitors on sunny weekends. Waltham Forest is also the capital’s first Borough of Culture, beating 22 other local authorities. This has led to over £1m funding for arts and cultural activities, celebrating the diversity of the borough. As well as events throughout this year, it will also leave a legacy for the future. However, despite being more affordable than many other London boroughs, purchasing outright will still be a struggle for many. One option to look at is shared ownership with a housing association,
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such as Newlon Housing Trust. Shared ownership is a part-buy, part-rent scheme, which enables first time buyers to purchase a home in stages. It’s possible to buy an initial share of usually around 25% of the value of the property and pay subsidised rent on the remainder. As your income increases, you can buy further shares of your home until you own 100% of the value and no longer share the ownership. In addition, the greater the percentage that you own, the lower the percentage on which you pay rent. You will need sufficient savings to
Ezinne Ogbonna, Business Development Director, Newlon Housing Trust
cover the initial cost of shared ownership, including legal fees and Stamp Duty. You must also be able to meet the costs of rent, mortgage, service charges and other associated outgoings. If you can afford to buy a suitable property outright, then shared ownership will not be for you because it is there to assist those who are unable to buy a property on the open market. To find out more about the homes Newlon has in Waltham Forest and elsewhere in London, visit our website, newlonliving.co.uk.
Located in the south of Waltham Forest, within walking distance of Leyton underground station and the Queen Elizabeth Park, is one of Newlon Housing Trust’s newest developments – NEST. The contemporary development provides 61 one, two and three bedroom apartments and a further 12 for private sale. Each of the apartments has been NEST, carefully designed with spacious open living space, fitted L eyton kitchens, modern bathrooms and balconies. There is also access to a communal garden. World class sporting facilities are available in the nearby Queen Elizabeth Park, while Westfield Stratford City is just a short ride away and is one the best locations for shopping in the whole of London. In addition, Waltham Forest is the 2019 London Borough of Culture, meaning a year-long festival of events and activities and huge investment in the borough. Prices for NEST apartments range from £325,000 to £570,000 for shared ownership homes, with a minimum 25% share of £81,250 to £142,500. To find out more and register your interest in NEST, go to newlonliving.co.uk
First Time Buyer August/September June/July 2018 2019
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THE VIEW
A dream come true!
TV presenter Jean Johansson started her career after she won a nationwide search for a presenter. Her first TV appearance came when she was 18, presenting UKOOL, a magazine-style programme for CBBC. Having worked as a reporter on The One Show for BBC1 and as a presenter on Animal Park, also for BBC1, she is now on A Place in the Sun. Lynda Clark talked to her about her career, her interesting life and property experiences
J
ean absolutely loves her work. Her enthusiasm, passion and excitement is very obvious when we sit down to chat. She has worked on some very high-profile programmes and now has her dream job as one of the presenters on A Place in the Sun for Channel 4. Jean grew up in Glasgow and was one of seven children, and had a very happy childhood. She said, “It was a big family but a happy family and I think it set me up well for dealing with people. At home you are always surrounded by your siblings and it helped me navigate different personalities and be totally non-judgemental. It was also very noisy and now I really don’t like silence. I am not good when it is very quiet and I don’t particularly feel comfortable in empty rooms or houses. We were very happy children and I couldn’t have wished for more. "When I was at high school I joined a modelling agency in Glasgow and I had a great time working around the world and of course in London. I remember when I first came to London on a modelling assignment armed with my A-Z book. I had never been on the tube before and had to navigate around strange streets as I had seven castings in a day and they were all in different locations! Again, it was great grounding and a big learning curve which has stood me in good stead all my life." Eventually she went to an open audition as BBC Scotland were looking for a presenter for a new
"EVERYTIME I HAVE BOUGHT I HAVE GONE WITH MY INITIAL INSTINCTS AND IF I HAD IGNORED THEM I ALWAYS MADE A BIG MISTAKE" 20
magazine-style show, which was quite funky and edgy. “Open auditions are really good as it gives lots of people, who otherwise might never get spotted, the chance to see if they are good enough to get on a show. They don’t do them like that anymore, which I think is a great shame. I was so amazed that I got the job and it was the start of my TV presenting career. The show was called UKOOL and ran for a few series; it was great to work on. “I then went to the Disney Channel, which was completely different and worked on a daily show called Studio Disney. It was such fun as I got to chat with pop bands, authors and sports personalities and it gave me the chance to travel too. We filmed reports from Paris, Australia and, of course, Los Angeles. I loved going to the Walt Disney studio in Burbank, California, as it was quite awe-inspiring to be where the wonderful animated films come from and where they are drawn and scribbled and turned into life. I also hosted the BAFTA award-winning Disney Channel Awards from the London Arena, which brings back some lovely memories.” Jean is married to Jonatan Johansson who was a professional football player and coach. Due to him moving to Sweden to play for Malmo they relocated. “We were there for two years and it was a real culture shock. They have great summers but very dark, long winters and it was a complete change of lifestyle for me. I was used to going to lots of parties and premieres and suddenly my life was so different. "When we came back I decided to do a postgraduate course in journalism as during the time we had been away, the industry and moved on and social media was just starting up. It was a really good course and I learned a great deal about blogging and writing for the press, and it gave me the opportunity to write my own things as well. It also gave me time to decide exactly what I wanted to do next. I got a job
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THE VIEW
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THE VIEW
Photo © Derek Dunlop Photography
"IT WAS VERY EXCITING AND WAS JUST THE SHELL OF AN OLD CHINESE LAUNDRY. IT WAS ON TWO FLOORS – THE GROUND FLOOR AND BASEMENT – AND MY BOYFRIEND, WHO IS NOW MY HUSBAND, AND I DID ALL THE WORK OURSELVES"
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THE VIEW for Scottish TV in the newsroom and ended up presenting the weather. It was really hard work and very serious. There were deadlines, and obviously the weather has to be very accurate so I could never afford to make a mistake. "The atmosphere was totally different to what I was used to as well, as the newsroom was a very different environment. It was such a great experience though and I am glad I had the opportunity to do it. I also became a mum and that was pretty incredible. My son is now eight and it can be hard work combining looking after him and working but it’s totally rewarding.” She then became a reporter on the highly successful The One Show for BBC1. “That was another dream job and I enjoyed the fun, newsy, slightly quirky interviews I did with the public. It’s a really exciting show to work on and a super team as well. I also presented The Postcode Lottery, where I knocked on the doors of unsuspecting winners to give them a cheque for £30,000, which was their prize. It was totally lifechanging for the winners and really ethical gambling as the money raised from the lottery went to charity. After that, I was lucky enough to copresent Animal Park for BBC1. It was a week-long special programme celebrating 50 years of Longleat. I love being outdoors, so it was the perfect job, and we had to deal with everything from giraffes, lions and other wild animals to those that live on a farm. There were some dramas and moments, and it was very cold at times, but it was such a fantastic experience. Jean then went to a screen test to be a presenter on A Place in the Sun, which ticked all her boxes – her love of travel and property. She landed the job and has been filming in southern Spain and the Canary Islands: "It’s so good to meet people who are very excited about changing their lives and seeing their journey to buying a home abroad. It’s also warm and sunny and everyone is always in a great mood!” The first home that Jean bought was in 2000 in London’s East End. “It was very exciting and was just the shell of an old Chinese laundry. It was on two floors – the ground floor and basement – and my boyfriend, who is now my husband, and I did all the work ourselves. We even put up a glass wall between the bedroom and the bathroom and it turned out to be a really special space. We eventually rented it out and sold it in 2007. "When we moved to Sweden we lived in a typically Scandinavian-style house, which was quite old-fashioned and very different to our home in London. The house was very light and had a really amazing kitchen. We lived there for two years and actually got married in Sweden. We now live in a small
"WE NOW LIVE IN A SMALL VILLAGE JUST OUTSIDE GLASGOW, IN A BEAUTIFUL EDWARDIAN HOUSE, WHICH DATES BACK TO 1915. THE HOUSE IS STUNNING AND OUR SON IS VERY HAPPY HERE AND GOES TO THE LOCAL SCHOOL. IT IS ALSO NEAR THE COAST, WHICH IS GREAT TOO" village just outside Glasgow, in a beautiful Edwardian house that dates back to 1915. The house is stunning and our son is very happy here and goes to the local school. It is also near the coast, which is great too. My husband is the new gardener and he is doing a fabulous job as the gardens are quite large and need a lot of work.” Through her property experiences and work, Jean has some very sound advice for first time buyers. “The first piece of advice is to save, which is very important of course. Every time I have bought, I have gone with my initial instincts and if I ignored them I always made a big mistake. So, when you look at a property, look at everything and also ask questions. Is it close to the road
which could be annoying? Are there signs of damp? Just do your research and walk round the streets and get to know the area so you have masses of information and knowledge before you decide to buy.” Jean describes every job she has ever done as her "dream job" and she genuinely loves what she does. She has a great deal of admiration for people like Lorraine Kelly and Holly Willoughby and said, “I would love to take that next step and sit on the sofa! That REALLY would be a dream come true!" I think that Jean’s dream is well on the way to becoming reality. Jean Johansson presents A Place in the Sun every weekday at 4pm on Channel 4
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BREXIT
MONOPOLY THE BREXIT EDITION
A firm family favourite, Monopoly traditionally brings friends and family together. However, says Debbie Clark, it can also tear us apart – just like Brexit! WHAT IS BREXIT? Short for “British exit”, the word Brexit is used to describe the United Kingdom’s decision to leave the European Union (EU), following a referendum on 23 June 2016. The Leave side won by nearly 52% to 48%, but it is yet to happen following repeated delays.
THE GAME SO FAR Over the last three years, negotiations have been taking place between the UK and the other EU countries. Negotiations far more pressing than who gets to be the banker or whether the car or the dog is the best counter, and even more contentious. The Withdrawal Agreement includes how much the UK will have to pay to leave the EU, what will happen to UK citizens living in the EU, and vice-versa, and how we can avoid a physical border between Northern Ireland and the Republic of Ireland. Despite agreeing the deal in November 2018, Theresa May failed three times to have it approved by British MPs and was forced to delay Brexit. The UK and EU have now agreed a Brexit deadline of 31 October 2019
THE CURRENT STATE OF PLAY Theresa May has resigned her post and the Conservative leadership contest has begun. The new leader will need to decide whether to pursue a "No Deal" option or hope the EU will renegotiate. Meanwhile, much like the frustrated Monopoly players stuck in Jail and waiting to roll a double, the people of Britain are living in hope and wondering why they ever agreed to play in the first place. The housing market is also somewhat in limbo; buyers and sellers alike are wondering what Brexit will bring if and when it finally happens. Leading estate agent comparison site, GetAgent. co.uk, brings us Brexit Monopoly with house price data (sourced from the Land Registry) showing how house prices have changed since the Brexit vote three years ago.
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HERE AT FIRST TIME BUYER MAGAZINE, WE’VE WORKED OUR WAY AROUND THE BOARD, HIGHLIGHTING SOME PROPERTY HOTSPOTS FOR FIRST TIME BUYERS.
THURROCK BREXIT VOTE: LEAVE
AVERAGE HOUSE PRICE £263,630
Thurrock is part of the London commuter belt. with speedy transit times into London. The unitary authority, part of Essex, lies to the east of the capital, on the River Thames. It is excellently served by public transport, with eight stations on the railway line into London Fenchurch Street. The borough also provides many local opportunities for work, with scores of successful businesses, and large commercial and industrial development sites. Thurrock is an area of ongoing regeneration. Famous for Lakeside shopping centre, and just across the river from Bluewater shopping centre in Kent, it is the perfect spot for some retail therapy.
GROWTH SINCE VOTE 7.0%
EXPERT COMMENT With no end in sight, we could be talking Brexit for some time yet, and
WEST THURROCK
FROM £204,995
Renovo
so at least this can provide a brief respite from the politics and bring a lighter-hearted spin to things. We’ve tried to keep it as impartial as possible to ensure there’s a square for everyone, and while it is just a bit of fun, we appreciate Monopoly can get quite heated, so hopefully this doesn’t add fuel to those flames.
Colby Short Founder and CEO,
Bellway’s Renovo development is a collection of one and two bedroom apartments and two, three and four bedroom houses being built around a central piazza, located near Lakeside, West Thurrock Green. The apartments feature an openplan kitchen/living room/diner and come with a balcony or terrace. The two bedroom apartments also have an en suite shower room to the master bedroom. Lakeside shopping centre is a few minutes' walk away and it’s just a 10-minute walk to Chafford Hundred Lakeside station for rail travel to London and less than three miles to Grays.
GetAgent.co.uk
bellway.co.uk
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Brexit Monopoly created by getagent.co.uk
Hackney, in trendy east London, has undergone considerable HACKNEY gentrification in recent years and is now one of the most fashionable postcodes in the BREXIT VOTE: REMAIN capital. There is plenty to do, whatever your interests; iconic local hotspots include Hackney Empire, London Fields Lido, AVERAGE HOUSE PRICE Victoria Park and Hackney City Farm. The area is also £505,478 hugely appealing to foodies GROWTH SINCE VOTE with a staggering choice of independent eateries as well as 1.0% the famous Broadway Market, which has been trading since the 1890s. Hackney doesn’t have an underground station but it is on the London Overground network and is a mere 20 minutes from Oxford Street.
HACKNEY The Otto
There are 89 one, two and three bedroom apartments at The Otto, which FROM is adjacent to £490,000 the open space of Hackney Downs. They feature open-plan living and dining areas, designer kitchens, and master bedrooms with fitted Italian wardrobes. Every apartment enjoys its own outside space, with either balconies or larger terraces. The roof garden links the two pavilions, which each include a wellness room for residents to relax and enjoy, plus a children’s play area. theotto.co.uk
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BREXIT
BASILDON BREXIT VOTE: LEAVE
AVERAGE HOUSE PRICE £306,777 GROWTH SINCE VOTE 10.1%
Basildon in Essex was created as a new town following the second world war, to accommodate the overspill from an overpopulated London. The town is well connected to the City of London and Docklands financial and corporate headquarter districts, so is popular with commuters wanting more for their money. It is also served by the A13 and A127, important commuter roads running from London to Southend and offering easy access to the M25. Despite being a relatively new town and undergoing several regeneration projects, Basildon retains its rich heritage and many original parish churches from the 13th century still stand proudly today.
BASILDON Westley Green
There are 41 three, four and five bedroom homes available at Redrow’s Westley Green development in Langdon Hills, Basildon. The new homes are adjacent to one of the UK’s largest nature reserves and close to Festival Leisure Park with its multi-screen cinema, restaurants FROM and bowling alley. Commuting is easy £404,995 with nearby rail stations in Laindon and Basildon connecting homeowners to the bustling capital in just 35 minutes. Basildon offers open spaces, top class sports facilities, superb shopping and excellent local schools. Help to Buy is available on selected homes.
LAMBETH
SO Resi Clapham Park The first shared ownership homes at SO Resi Clapham Park have now been released, comprising contemporary one and two bedroom apartments. They feature spacious openplan living spaces and each has a private balcony or terrace. The sleek contemporary FROM kitchen has fully integrated £ 9 9,500* appliances – including a fridgefreezer, dishwasher and washer-dryer. The exciting regeneration of Clapham Park is creating a thriving new community, with plans for retail and community facilities, a new school and a nursery. The development features extensive open green space to enjoy, including parks, gardens and play areas, all linked by a network of avenues. Improved walking and cycle routes, and two new bus stands, will make it easy to get around without a car. Clapham South is just a 20-minute walk away, from where the Northern Line gives quick access to central London, Victoria and Oxford Circus in around 20 minutes. From Clapham Junction there are excellent travel connections across the city and direct trains to Waterloo and Victoria which take approximately 10 minutes.
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Gardiners Park Village The two and three bedroom homes at Westwood by Inland Homes, the newest phase of Gardiners Park Village, feature integrated kitchen appliances, built-in wardrobes and en suite bathrooms, along with lovely, spacious gardens that are ideal for a growing family. Basildon is a thriving market town offering leisure pursuits, including a theatre, museums, a cinema, plentiful shopping and dining facilities and a wakeboarding park. Ideal for commuters, Westwood offers easy access to London with nearly 100 trains per day running from Basildon directly into the capital, with the fastest journey taking just 30 minutes. Help to Buy is available on selected homes. inlandhomes.co.uk
LAMBETH
redrow.co.uk
soresi.co.uk
BASILDON
FROM £365,000
*Based on a 25% share with a full market value of £398,000
South of the river, BREXIT VOTE: REMAIN this eclectic and culturally diverse south west London borough AVERAGE HOUSE PRICE stretches from £493,005 the touristpacked GROWTH SINCE VOTE South Bank -3.3% to Clapham Common. It is the fourth most densely populated area in Britain and with good reason. Lambeth is a relatively young borough and is hugely popular with professionals who come for the excellent transport links and relatively affordable housing and stay for the incredible social scene. The area is served by the Northern, Victoria, Jubilee and Bakerloo lines on the London Underground, in addition to excellent National Rail and bus services. Despite its busy nature, the borough is also home to some enviable green spaces for residents to escape to.
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BREXIT
CAMBRIDGE BREXIT VOTE: REMAIN
AVERAGE HOUSE PRICE £422,834 GROWTH SINCE VOTE -0.7%
Another popular Remain location, but moving away from the hustle and bustle of the capital, is Cambridge. Cambridge is famous for its worldrenowned university and deep-rooted heritage. Located in East Anglia, just 50 miles north of London, property has traditionally been very expensive. However, following the relaxation of greenbelt land, the city has seen substantial development in the last decade and now offers some far more affordable options for first time buyers. New developments are mostly found to the south of the mostly pedestrianised city centre, conveniently located for Cambridge train station. The further you head out of the city centre, the more square footage you will get for your budget, so if that extra space is a priority for you, it is well worth considering some of the beautiful villages on the outskirts of the city.
CAMBRIDGE Aura
Aura is a new collection of homes at Great Kneighton, a new neighbourhood in Trumpington, Cambridge, by Countryside. The latest phase of homes, Aura The Next Chapter, comprises a range of studio apartments through to three-storey, four bedroom family houses. Homes feature FROM generous kitchens with integrated £ 2 75,000 appliances and open-plan living and dining areas. Many properties also benefit from outside space, in the form of a private garden, balcony or terrace, as well as either a garage or allocated parking. At the heart of the new community is Hobson’s Square, a central square that will become home to a range of shops, an open plaza and a new community building with meeting rooms, public library, exercise studio, cafe and health centre. Aura is just three miles from Cambridge city centre and Cambridge railway station is eight minutes away by car, with services to London Kings Cross taking 49 minutes and trains to London Liverpool Street taking around 1 hour and 10 minutes. auracambridge.co.uk
TOTTENHAM Brook Place
Brook Place offers a choice of stylish apartments just off Tottenham High Road in the London Borough of Haringey, in one of the most exciting regeneration FROM areas in London. Bold, £437,500 eye-catching architecture is matched by spacious, contemporary interiors that make ample use of light to create a warm and welcoming home. The nearest station is Bruce Grove on the Overground, which is 0.3 miles walk away. From there, it’s just over 20 minutes direct into Liverpool Street or travel less than a mile across to Tottenham Hale tube station for Victoria Line connections to the West End. Help to Buy is available on all properties. brookplace.site-sales.co.uk
CAMBRIDGE
FROM £299,950
Athena
Hill’s new development, Athena is a highly sustainable collection of new homes in Eddington – a new neighbourhood created by the University of Cambridge. Homes include spacious interiors, large windows, stylish kitchens and bathrooms, areas for home working, underfloor heating and outside space with either a balcony, terrace or courtyard garden. A 16-minute car journey to Cambridge train station will allow residents to reach London Kings Cross in just 52 minutes. There is a selection of studios, apartments and two, three, four and five bedroom homes starting from £299,950. athena-cambridge.co.uk
HARINGEY BREXIT VOTE: REMAIN
AVERAGE HOUSE PRICE £553,422 GROWTH SINCE VOTE 4.2%
Home to Tottenham Hotspur Football Club, this north London borough is one of contrasts, with areas in the west some of the most prosperous in the country and some areas in the east the most deprived. Green space makes up over 25% of the borough’s 11 square miles, including 25 parks with Green Flag status, which makes it really appealing to buyers whose budget won’t stretch to a garden. Nature lovers will also be right at home exploring the borough’s five ancient woodlands. Haringey boasts 16 National Rail, London Overground and London Underground stations, so getting about is a breeze.
WHEREVER YOU DECIDE TO BUY, GETTING ON THE PROPERTY LADDER WILL MAKE YOU FEEL LIKE A WINNER. JUST BE REALISTIC ABOUT YOUR BUDGET AND YOUR PLANS – IT’S UNLIKELY YOU’LL BE BUILDING HOTELS ANYTIME SOON!
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HELP TO BUY
A HELPING HAND
For many first time buyers, the thought of buying their dream home seems an impossible task; but there are options available to bring homeownership within reach. The Government’s Help to Buy: Equity Loan scheme is one way to get on the ladder
T
he average price of a home in England is £230,000, which would still require quite a hefty deposit, a sum that is often far too much for many first time buyers. Also, with stricter mortgage regulations and a general lack of wage increases, it is very hard to get on the first rung of the property ladder. Help to Buy is due to end in 2023, but from 2021 it will be available to first time buyers only, purchasing a new build home. Also from 2021, there will be new regional price caps, which could reduce the maximum value of homes that can be bought through the scheme. This is a serious option that can ease the burden on finances and the need to raise a large deposit.
HOW IT WORKS With a Help to Buy: Equity Loan the Government lends you up to 20% of the cost of your newly built home or 40% if you live in London, so you’ll only need a 5% cash deposit and a 75% (or 55% if buying in London) mortgage to make up the rest. You won’t be charged loan fees on the 20% or 40% loan for the first five years of owning your home. Equity loans are currently available to first time buyers as well as homeowners looking to move, and the home you want to buy must be newly built with a price tag of up to £600,000. You won’t be able to sub-let the home or enter a part exchange deal on your old home. When you come to buy your new home with Help to Buy, you must not own any other property. The Help to Buy: Equity Loan scheme is run by Governmentappointed Help to Buy agents. They can guide you through your purchase, from providing general information about the scheme to dealing with your application. Turn to page 98 for details of Help to Buy agents. Also look out for the Help to Buy logo on new build developments and ask about the scheme there. This scheme is available in England only. The Scottish Government, Welsh Government and Northern Ireland Housing Executive run similar schemes. You don’t pay any interest or fees on the Government’s Equity Loan for the first five years. In the sixth year, you’ll be charged 1.75%. After that, the fee rises by inflation based on the Retail Prices Index (RPI) plus 1% each year. These fees do not, however, go towards paying off the Government loan.
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KEY FACTS (TAKEN FROM A HELP TO BUY REPORT BY THE NATIONAL AUDIT OFFICE 2019) 352,000
37%
31%
is the Department’s forecast for the number of home purchases to be supported by Help to Buy: Equity Loans in England by March 2021 is the proportion of buyers in England who said they could not have bought without the support of the scheme (measured between June 2015 and March 2017) is the proportion of buyers in England who said they could have bought a property they wanted without the support of the scheme (measured between June 2015 and March 2017)
38%
is the proportion of all new build properties which have been sold with the scheme in England between April 2013 and September 2018
4%
is the proportion of all property sales sold with the scheme in England between April 2013 and September 2018
81%
is the proportion of loans to first time buyers in England, at December 2018
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HELP TO BUY
£10,000 Buyer’s 5% deposit
£40,000
EXAMPLE: 20% EQUITY LOAN FOR A HOME PURCHASED FOR £200,000. If the home in the example on the right later sold for £210,000, you would get £168,000 (80%, from your mortgage and the cash deposit) and you would pay back £42,000 on the loan (20%). You would need to pay off your mortgage with your share of the money. You can also pay back part or all of your loan at any time. The minimum percentage you can pay back is 10% of the market value of your home. The amount you pay will depend on the market value at the time.
Government’s 20% loan
£150,000 75% mortgage from commercial lender
HOMES AVAILABLE WITH HELP TO BUY KEW BRIDGE
SOUTHALL Southall Village
The 274 apartments comprise studio, one and two bedroom apartments with the next phase on offer FROM from £295,000, with Help £295,000 to Buy available. Designed to maximise space, including sliding doors that double as display walls, plenty of storage, multifunctional furniture, ceiling heating and cooling and three metre floor-toceiling windows that make the most of the views, the apartments amplify space and create a natural flow. Each apartment comes with a fully fitted kitchen and engineered oak floors throughout. The new amenity space includes a fully equipped gym, cinema, games room, a residents’ lounge, parking, bike storage, concierge and green roof terraces that look out across 180 acres of Gunnersbury Park, which will soon be home to the largest sports hub in London. Restaurants, bars and cafes are all within a five-minute walk, while a new arts centre and cinema are planned as part of the wider area regeneration. Apt Living Kew Bridge is easily accessible by both car and public transport. Kew Bridge Overground station is an eight-minute walk away with regular services into Waterloo in 18 minutes, while Gunnersbury tube is a 12-minute walk away with trains into Leicester Square in less than 30 minutes. Prices start from £295,000 for a studio apartment, £325,000 for a one bedroom apartment and £540,000 for a two bedroom apartment.
Southall Village from Catalyst Homes, next to the Grand Union Canal, offers the best of waterside living and is an exciting new community FROM with redesigned open £310,000 spaces, shops and leisure facilities. Crossrail, which is just a 10-minute walk from the development, will also make Southall one of the best-connected places in London, reaching Liverpool Street in 24 minutes. The latest phase of contemporary three bedroom homes, which start from £540,000 with London Help to Buy are perfect for families, offering spacious, light-filled rooms, elegant bathrooms and modern kitchens. In addition to a new park, there will be private courtyards and "home zones" offering semi-communal space for play and cycle storage. New roads are also being built within the development, which will make further improvements to connectivity by creating a direct link from the park to the canal. Located within easy reach of Hanwell and Ealing, Southall is a lively area offering an array of street food and market stalls, awardwinning restaurants and shops. One bedroom apartments start from £310,000, two bedroom apartments from £430,000 and three bedroom houses from £540,000. London Help to Buy is available on properties up to £600,000.
apt-living.co.uk
southallvillage.co.uk
Apt Living Kew Bridge
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HELP TO BUY
CASE STUDY
CHISWICK The Gateway
A new development of 95 homes on Chiswick High Road, The Gateway offers a selection of one and two bedroom apartments. Homes come with a private balcony and are FROM centered around a landscaped £460,000 communal podium garden. Inside, the apartments feature bright open-plan living areas and integrated kitchen appliances. The Gateway is ideally located for Kew Bridge Station, with regular trains running into London Waterloo taking less than 30 mins. Nearby, Gunnersbury Station is just a nine-minute walk away and is conveniently connected to both the London Overground and the District Line. The majority of homes at The Gateway come with an underground parking space. The first launch includes one bedroom apartments from £460,000, and two bedroom apartments from £575,000. London Help to Buy is available. thegatewayw4.london
Finchwood Park from Legal & General Homes offers 1,500 one two, three and four bedroom homes set in 140 acres of leafy, open space, including a village FROM green, woodland clearings, £ 2 45,000 brooks and a pond. Residents will benefit from many on-site amenities including a new primary school, shops, children’s play areas, trim trails and allotments. There are a variety of different styles of homes available and all have been designed with sustainability in mind. Finchwood Park is less than five miles away from Wokingham and near to Bracknell and Reading. Regular trains from Wokingham can take commuters to London in less than 45 minutes. Help to Buy is available.
A young Cranleigh couple have bought their first home together by using the Government-backed Help to Buy scheme. Milford-born plumber Luke Mitchell, 23, and Cranleigh-born beauty therapist Rebecca Kirkland, 20, were living in Rebecca’s three-bedroom family home until they bought their first home at Little Meadow, their local Bellway development. The move has enabled the couple to enjoy all the benefits of living in their own home, while also allowing them to take a valuable step on to the property ladder. Luke said, “Without the assistance of Help to Buy, buying a new home would have been impossible at this stage. We would have had to save for a very long time to secure a property of this size and quality. “With a deposit of just 5%, we were able to purchase our new home. It has really turned our lives around and we would recommend the scheme to anyone.” The couple also made the decision to buy off-plan to help them save even further. Luke added, “After seeing the plans for the Little Meadow site and knowing that we wanted to stay in Cranleigh, we couldn’t resist making the most of this amazing opportunity. It couldn’t have been more ideal. "I commute around the area by van and Rebecca often works in the village, so we love the location because everything is easy to access and there are lots of very convenient facilities nearby. We purchased the property as it was handy for both of our jobs, as well as being close to many of our friends and family. We both think it’s great that we are based in the countryside, and still have all the local amenities we need in the area. "We love the open-plan kitchen and living room as it’s a really good size and allows us to have family and friends over to socialise. There will be lakes and play areas on site which we are both looking forward to seeing. It’s exciting to be able to experience the journey of the site coming to completion. It’s so hard to find any flaws with our new home, and we believe that the Help to Buy scheme has improved our lives and made everything so much easier.”
finchwood-park.co.uk
bellway.co.uk
HERSHAM Aspect
Aspect from Crest Nicholson is a contemporary collection of 38 one, two and three bedroom apartments with Help to Buy FROM available on selected properties. £299,500 Homes feature spacious balconies, open-plan kitchens with integrated appliances, and communal facilities, including a roof terrace, parking facilities and cycle storage. Residents at Aspect benefit from excellent travel links, with trains reaching London Waterloo in just 26 minutes from nearby stations Hersham and Walton-on-Thames, which are a 15 and 20-minute walk away respectively. crestnicholson.com/developments/aspect
FINCHAMPSTEAD, BERKSHIRE Finchwood Park
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LOCATION
HOTspot
FAC T F I L E
Average property price (April 2019) – £396,529 Property breakdown* (London Borough of Greenwich) Detached – £820,783 Semi-detached – £576,093 Terraced – £433,394 Flat – £431,588 *According to the Land Registry House Price Index April 2019
Woolwich – A Crossrail Winner
FA M O U S R E S I D E N T S
Woolwich has long been described us "up-andcoming", but the much anticipated arrival of the Elizabeth Line is now looming and this south east London town will finally have arrived. There couldn’t be a better time to make this historical haven home Situated in the borough of Greenwich, Woolwich has a 2.5km frontage to the south bank of the River Thames. The town is steeped in history, having been inhabited since at least the Iron Age. Woolwich remained a small settlement until the 16th century, when it began to develop into a maritime, military and industrial centre. It is most famous for the former Royal Arsenal, which was the heart of the munitions industry for well over 200 years and, at its peak during the first world war, employed 80,000 people and covered nearly 1,300 acres. The Royal Arsenal’s workers soon made their own history. In 1868, workers founded The Royal Arsenal Co-operative Society which owned farms, bakeries, shops and even housing estates. Their listed headquarters in Powis Street has a statue of Alexander McLeod, one of the society’s
founders, with the motto “Each for all and all for each”. Nearly 20 years later, another group of workers started a football club, and while Arsenal eventually moved and dropped the Woolwich from their name, fans still call the team “the Gunners” as a nod to their roots. Woolwich, like all industrial towns, has had its ups and downs through history, but recent years have seen a positive change in its fortunes. Regeneration began in 2003 with the building of the residential towers of Royal Artillery Quays, where the town borders Thamesmead. This was shortly followed by a new town centre square which further transformed the area. Most notable, however, is Berkeley Homes’ Royal Arsenal Riverside redevelopment which, alongside other ambitious new developments, has breathed new life into the area.
HOMES AND RESIDENTS
Royal Arsenal
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Woolwich has a large population of well over 60,000 residents, with an average age of 31. Recent regeneration projects have rejuvenated the town, and the appeal for young first time buyers is clear. Nearly 80% of the town’s properties are flats, perfectly suited to the needs of young professionals commuting to the city.
• Scientist Michael Faraday • Poet Richard Lovelace • Footballer Ian Wright • Engineer Henry Maudsley • Squeeze singer Glenn Tilbrook
Buyers are spoilt for choice with new build properties, including some seriously desirable homes in heritage buildings, and factory and warehouse conversions. However, buyers should not overlook the excellent stock of period properties including 1930s' houses in the Shooters Hill area and Victorian properties close to Woolwich Dockyard Station, and Right to Buy flats on estates of social housing.
OUT AND ABOUT Woolwich offers residents a great worklife balance, with a riverside walk, several parks and an excellent range of cafes and restaurants to enjoy. Unsurprisingly for a town with such a strong history, the traditional British pub also retains its appeal in Woolwich. The Dial Arch pub is particularly popular with locals who enjoy the locally sourced menu and relaxed atmosphere. For those looking for something trendier, The Taproom serves Hop Stuff’s independent craft beers, alongside sourdough pizzas and chicken wings. There is plenty to see and do in the town, including the Waterfront Leisure Centre, the Greenwich Heritage Centre and the Thames Barrier Information Centre. The borough has also committed £3m to the development
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LOCATION of a cultural district which includes an auditorium and theatre, in addition to studios and rehearsal spaces, and promises to raise the profile of the arts in the town further.
Woolwich Market
SHOPPING Over the past decade or so, Woolwich has seen a surge of new businesses including high street stores and big supermarkets. There is also a large retail park, home to Currys PC World and Halfords, among other popular stores. However, beyond this, traditional businesses continue to thrive. Harry Perry Cycles is a fine example of such, as one of the oldest continual businesses in Woolwich. Family owned, they have been operating since 1908 and are still the go-to shop for anything bike related. Fans of tradition will also be glad of the thriving Royal Arsenal farmers’ market on the second and last Saturdays of the month, well worth a visit for local produce. In addition, Beresford Square hosts a weekly Sunday market, bustling with traders and already proving hugely popular having launched late last year.
TRANSPORT Woolwich is excellently connected to central and Greater London with regular DLR and
Southeastern North Kent services from Woolwich Arsenal Station (Zone 4) and Woolwich Docklands station (Zone 3) to major stations including London Bridge, Dartford and Stratford. Woolwich’s rail links are set to improve even further with the arrival of the new Woolwich Crossrail station. Situated on the Elizabeth Line, on route from Abbey Wood to Paddington, journey times into London will be cut to just eight minutes to Canary Wharf, 14 minutes to Liverpool Street and 22 minutes to Bond Street. It will also make the journey to Heathrow a mere 47 minutes, opening up plenty of options for easy international travel. Woolwich’s enviable position on the
River Thames also gives residents the option to travel by boat, in the form of the free Woolwich Ferry, connecting the town to North Woolwich in the borough of Newham, or into the city on the Thames Clipper from Royal Arsenal Pier.
5 REASONS WE LOVE… … W O O LW I C H
1 Enviable riverside location 2 Rich culture and heritage 3 The reliable ferries; John, Ernest and James 4 Excellent primary education 5 Ongoing improvements to the town
HOMES on offer in the area… WOOLWICH
WOOLWICH
Royal Arsenal Riverside
WOOLWICH
Battalion Court
FROM £390,000
Insignia Place
FROM £348,000
FROM £92,500*
A selection of suites and one bedroom apartments are available at Pavilion Square with London Help to Buy or Discount Market Sale available. These two restored Grade II listed buildings are set around a central landscaped courtyard. Residents will also have exclusive access to The Waterside Club which has its own spa, swimming pool, gym and cinema room. With great transport links, there is a forthcoming on-site Crossrail station, an on-site Thames Clipper Pier, plus the National Rail and DLR station only 300m away. Furnished homes are also available.
Bellway London is building 65 apartments at Battalion Court, off Artillery Place, regenerating a brownfield site into a development of one, two and three bedroom apartments. Bellway is also investing £197,000 in local services and infrastructure. With a high specification throughout, homes come with either a balcony or terrace and there are also landscaped communal gardens for residents to enjoy. The first homes will be ready to move into towards the end of the year but can be reserved now.
Insignia Place is a collection of one, two and three bedroom apartments being developed by The Home Group. The apartments, which are due to be completed in the autumn of 2020, will be available for purchase using the shared ownership scheme. Featuring open-plan kitchen and living areas that lead out on to a balcony with striking views, the attractive, light-filled apartments are very spacious. Bedrooms are all good-sized doubles. Woolwich Arsenal railway and DLR station is very close by, with fast links to central London.
royalarsenalriverside.co.uk
bellway.co.uk
homegroup.org.uk/buyahome *Based on a 25% share of the full market value of £370,000
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AFFORDABLE HOMES
PECKHAM’S CULTURAL CREDENTIALS ARE CAUSING A STIR
Now taking on the likes of Shoreditch and Dalston in its appeal to fashion-conscious, creative Londoners, Peckham is a vibrant hub of trendy rooftop bars, characterful restaurants and quirky cafes. It is fast becoming one of London’s favourite village destinations – hence the influx of buyers looking to be part of its future. Within easy reach of central London, it draws in homebuyers both as a result of its own cultural credentials and thanks to its proximity to the bright lights of the city centre There is much to love about Peckham. From 1980s video game fun at Four Quarters to a plethora of music, comedy, theatre, film and art events at the CLF Art Cafe, this pocket of London is awash with entertainment possibilities. Locals can sip cocktails while enjoying panoramic views of south London from the roof of Frank’s Cafe or head down to Peckham Bazaar for an outstanding yet affordable feast. At the centre of this melting pot of culture and cool is the brand new Peckham Place. Launching in July, this flagship development on Queen’s Road from Notting Hill Genesis will deliver a selection of one, two and three bedroom homes for private sale and shared ownership. Help to Buy will be available on private sale properties and shared ownership will initially only be available to those living and working in the London Borough of Southwark. A three bedroom show home will be
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available to view from July, together with a two bedroom show apartment. Designed by Suna Interiors, the award-winning interior designers have tapped into Peckham’s unique, creative vibe in order to deliver stylish, engaging interiors that show off the potential of this exciting development. Prudence Forde, Senior Interior Designer at Suna Interiors comments, “When designing, we tend to seek a lot of our inspiration from the surrounding areas. Peckham Place is located around parks and schools with bars and cafes spilling on to the streets. There is a pulse and vibrancy to Peckham that we have touched on through the eclectic artworks and greenery in each space. The multicoloured palette is soft with bold accents. The layering of textures brings a depth and luxury to this family oasis.” Located right at the heart of the action, Peckham Place is just a five-minute walk
away from Queen’s Road railway station, while Peckham Rye tube station is a sevenminute walk. Residents can be in central London from both stations in less than 15 minutes, further adding to Peckham’s attractions as a place to live. For further information visit nhgsales.com or call 020 3815 2222
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AFFORDABLE HOMES
ORBIT LAUNCHES RIVERSIDE PLACE AT PETERS VILLAGE, KENT
Following the completion of its hugely popular Kiln View development at the new riverside community of Peters Village, near Wouldham in Kent, affordable homes specialist Orbit proudly announces the launch of a new collection of beautifully appointed homes. The prestigious enclave of stylish one, two and three bedroom apartments and houses will form Riverside Place, and will, as the name suggests, benefit from a picturesque location next to the River Medway Peters Village is an idyllic place to live, with all the trappings of traditional village life, but offering a superb standard of modern living, local facilities, and excellent transport links to London and other major towns and cities, thanks to the newly opened Peters Bridge, which spans the River Medway. Karen Holdsworth, who recently moved into an Orbit-built home at Kiln View, comments, “Peters Village is a hidden paradise! It is so refreshing to find a tranquil environment within such easy reach of everything you need for modern life. We’re surrounded by a nature reserve, and yet we are an easy drive to Chatham and Maidstone, and there is a train station with fast connections to London just a short walk away. “We were delighted when we viewed the Orbit show home and discovered that buying a new build property doesn’t mean you have to compromise on space or quality. The house we chose was comfortably within our budget, yet offers everything we hoped for from our new home.” Of particular interest to people struggling to get a foot hold on the property ladder; 22 homes at the development (a mix of two bedroom apartments and houses) will be eligible for purchase through the shared ownership scheme. This means that purchasers with an annual household income of less than £80k can buy a share of a property at Riverside Place, and pay a Government-subsidised rent on the remaining portion, while only having to find a deposit for the purchased share of the total sale price. However, this doesn’t mean that those benefiting from the scheme are stuck with paying rent forever, because an option known as staircasing allows buyers to increase their percentage stake in the property in the future, as their personal circumstances and household income allow. There are 49 further apartments and
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houses at Riverside Place available with Help to Buy, which is a Government-backed equity scheme, whereby buyers of new build homes only need a 5% deposit, and the Government will lend them up to 20% of the purchase price, meaning they are just required to secure up to a 75% mortgage. Final pricing was due to be confirmed as this article went to print, but as a guide, new homes at Riverside Place will cost from approximately £70,000 for a 40% share of a brand new apartment through shared ownership, or from £144,000 for outright purchase with Help to Buy. As well as having access to a wide range of shops and services within easy reach in the nearby village of Wouldham and
Snodland town, Peters Village will boast its own thriving village centre, with shops, health and community centres, leisure facilities and a new school. Peters Village as a whole is set in a beautiful, natural landscape, which has been nurtured and protected as part of the development, against the backdrop of the North Downs, which is home to a wealth of wildlife, and adjacent to the tidal stretch of the River Medway as it meanders towards historic Rochester. The Orbit marketing suite at Peters Village is open from Thursday to Monday, and more information about homes available at Riverside Place can be found at orbit.org.uk
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AFFORDABLE HOMES
PEABODY SHOWCASES SHARED OWNERSHIP AT MOTION Research from Nationwide states that buyers and Londoners in particular, are willing to pay an average of £43,000 more for their homes to be within a fiveminute walk of a tube or railway station. Peabody’s latest shared ownership development in east London, Motion, offers just this – where buyers can avoid parting with those extra thousands and still own a home next door to a station, for a starting price tag of just £98,000* Located in the stunning Lea Valley, Motion is a unique collaboration between award-winning partners Peabody and Hill. It is situated across the road from the entrance of Zone 3’s Lea Bridge station, making it a popular choice for first time buyers commuting into the City. Stratford is accessible in just sevenminutes, while Canary Wharf can be reached in just nine minutes from Stratford via the Jubilee Line. Additionally, Liverpool Street is just 26 minutes away – making Lea Valley a potential up-and-coming hotspot for first time buyers looking to settle down east of Hackney. As well as being within close proximity to a station, Motion is located in a blossoming area that offers an active and desirable lifestyle with a plethora of green spaces to discover, explore and enjoy, providing the perfect blend of urban and suburban living. Motion is less than 10 minutes away from the stunning wetlands of Middlesex Filter Beds and the vast greenery of Hackney Marshes. This natural haven offers striking landscapes and active waterways, while the nearby WaterWorks Centre nature reserve provides residents the opportunity to explore the wildlife garden, willow dome and bird hides. A multitude of water activities can also be
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discovered at Lee Valley Park, including white water rafting, canoeing, kayaking, rowing and sailing – a perfect day out for families and friends alike. Commenting, Debbie Coombs, Director of Sales & Marketing at Peabody, says, “Motion is marking the beginning of the regeneration of the area, and with its close proximity to Lea Bridge station which links to Stratford, connectivity is endless. Not only does it offer connectivity, but also green living on the fringe of the City. Local hidden gems and a vast amount of natural space for leisure activities surround the development for all to enjoy.” Peabody has launched shared ownership
at Motion, with prices starting from just £98,000†* for a 35% share of a studio apartment. Meanwhile, private sale homes were released to the market earlier this year and are already over 70% reserved in the first phase, with prices starting from £450,000† with Help to Buy available. For further information on shared ownership, visit peabodysales.co.uk or call the Peabody sales team on 020 7021 4842. Alternatively, for private sale enquiries visit motion-e10.co.uk or call 020 3906 1955 † prices correct at time of going to print *Based on purchasing a 35% share of the property
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OPEN MARKET
RURAL AND URBAN BLEND IN THE SOUTH WEST
The South West is the largest of England’s regions, boasting the longest coastline of any region, as well as four World Heritage sites. But it’s not just the scenery that appeals to residents of this picturesque region. In an area where rural and urban merge beautifully, Larkfleet Homes South West is building homes to match When buying a home in the South West, you will always be surrounded by natural beauty, with two national parks (and part of a third) present in the region. While house prices do vary across the area, homes are – on average – substantially cheaper than those in London and the South East, making it a great value choice for buyers. Alongside the natural beauty of this coastal area, the South West is an economic powerhouse. There are high levels of employment in traditional sectors like agriculture and tourism, but also in more modern sectors like high technology, manufacturing and knowledge-based
industries. Earnings in the region are currently increasing at twice the national average rate. With low levels of crime and brilliant educational opportunities, the South West is an ideal location to bring up a family. There are more than 30 further and higher education colleges, as well as 12 universities. The blend between rural and urban is embodied by the fact that a higher proportion of people in the South West live in small towns and villages than anywhere else in England. These local communities provide the benefits of rural living while also offering
access to the region’s urban centres (including its eight cities and numerous large towns) through strong transport links. It is in these rural-yet-connected areas that Larkfleet chooses to build high-quality, contemporary-styled and energy-efficient new homes. Larkfleet Homes South West is part of the Larkfleet Group of Companies, known for its developments in the East of England and East Midlands, but now rapidly establishing a reputation in the opposite corner of the country. Its focus is on producing highquality, sustainable housing, which is delivered to exceed customers’ expectations.
CORNWOOD CHASE
QUANTOCK VIEW
At Cornwood Chase, in the picturesque Devon town of Ivybridge, Larkfleet has created a small development of just 35 contemporarystyled, eco-friendly new homes. Each home is fitted with solar panels on the roof which generate electricity even on cloudy days. Every house also has an integrated mechanical ventilation heat recovery (MVHR) system which provides fresh filtered air while retaining most of the energy that has already been used in heating the building. Taken together, the solar panels and MVHR make these houses extremely energy-efficient – and therefore cheap to run. On offer is a range of two and three bedroom detached and semidetached homes to suit first time buyers. Three bedroom homes are currently available from £245,000. Ivybridge itself is commonly known as the Gateway to South Dartmoor because of its location at the southern edge of the Dartmoor National Park, alongside the A38 Devon Expressway.
Quantock View is located on the edge of Cotford St Luke in Somerset, and offers a range of three, four and five bedroom homes. This popular village is surrounded by stunning open countryside at the foot of the Quantock Hills. The village’s facilities include a store and post office, pub/restaurant, pre-school, primary school, village hall and playing field. The nearby village of Bishops Lydeard offers additional amenities, such as pubs, a library and a doctor’s surgery. The county town of Taunton is just five miles away, featuring independent and high street stores, cafes and restaurants. It has several excellent schools in both the private and state sectors. The M5 motorway is nine miles away, allowing easy access to both Exeter and Bristol. Taunton also has a mainline railway station, offering transport to London within two hours. Homes are currently available from £220,000.
To find out more, call 01823 774 009 or search for ‘Larkfleet Cornwood Chase’ online
To find out more, call 01823 774 009 or search for ‘Larkfleet Quantock View’ online for more information
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OPEN MARKET
THE BEST OF LONDON LIVING
Sometimes it’s hard to believe that the world’s most exciting city is so close; but when you want to tap into its treasures, you can be at the heart of it all in no time Montmorency Park is perfect for anyone who loves London living combined with the best of local community life. The tube is just five minutes away. Arnos Grove station is on the Piccadilly Line, from there you can reach central London in 25 minutes. The New Southgate mainline station – also five minutes’ walk – lets you reach Moorgate in a similar time. Then there are the excellent road links – to the A406 and the M1 – so you can be up and out and on the road, quickly and easily. However, it’s only when you close the door on your home at Montmorency Park that you discover everything it has to offer - including spacious layouts and the
latest fixtures and fittings, balconies, or terraces and gardens to ground floor apartments. Every detail is designed to make you feel at home. Beautiful modern kitchens make cooking a pleasure, while relaxing living spaces give you room to unwind and the communal open garden space provides a haven to enjoy. London living is famous across the world for everything it has to offer, and at Montmorency Park, the choices are endless. To the south lies Alexandra Palace with its wide-open spaces and glorious Victorian leisure palace, while Muswell Hill, Finchley and Hornsey all lie within easy reach. Montmorency Park is superbly located
for all the everyday amenities that make for easy living, from good schools and shopping areas to parks and health centres. There is a large selection of local coffee shops and restaurants, perfect for an after work meal or a weekend brunch. You’ll never be bored, as the development reaches some of the UK’s greatest cultural attractions just a short train or tube ride away. If reaching the cultural and business hotspots of London is easy, Montmorency Park also puts you in touch with a welcoming community. The 14 apartment blocks and 81 houses are designed around vibrant hubs where you can walk, meet and watch the world go by. The development has something for everyone, with one bedroom apartments starting at £327,500 all the way through to three bedroom homes featuring two en suite bathrooms and walk-in wardrobes. Help to Buy is available for properties under £600,000. Whether you’re enjoying a weekday evening at home, a Saturday night on the town or a relaxing Sunday afternoon with coffee and friends, Montmorency Park is the perfect place for your first home. The second phase of Montmorency Park has now launched. Go to montmorencypark.co.uk or call SiteSales Property Group on 020 8508 5078 to register your interest
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APPS
HELP IS ON HAND FOR FIRST TIME BUYERS
Buying your first home is arguably one of life’s most important – and challenging – goals. Whether it is understanding how to get a mortgage, knowing how much you need to save for a deposit, ensuring that your credit score is watertight, or even navigating the finer points of conveyancing, there are many potential pitfalls for first time buyers
“I DIDN’T KNOW HOW TO GO ABOUT BUYING A HOUSE BEFORE FIRSTHOMECOACH AS IT’S SO CONFUSING. USING THE CALCULATOR FEATURE ON THE APP IS A GREAT WAY TO WORK OUT WHAT I CAN SAVE AND HOW MUCH I CAN SPEND. I’M SAVING NOW, AND WE’RE PLANNING TO BUY OUR NEW HOME BY THE END OF 2020,” RUEBEN PEACOCK Whatever stage you are at, the problem is that the process is fragmented from start to finish: the average buyer has to use more than 18 products and services to get on the ladder. At each step, you have to get your head around new jargon – such as equity release loans, Lifetime ISAs, mortgages and leaseholds – while trying to make decisions at the same time. The result is that it can take over five years (eight in London) to buy your first home. At this key stage in your life, as with all big life moments, it is useful to have a helping hand to guide you towards the right decisions – someone who has been there before, knows the ropes and can advise you on every aspect of the complex house buying process. FirstHomeCoach, a new free app available on App Store and Google Play, does just that. It offers digital coaching, an online knowledge base and functional checklist to individual users to help them
get their first foot on the property ladder. At the heart of the platform – which is also available online – is a basic desire to help people, explains Ben Leonard, CEO, “A recent study claims that changing the home buying process is one of the most important things first time buyers would wish for, in addition to having the Help to Buy scheme extended, and we are responding to that. At FirstHomeCoach, we see our mission as fixing the broken process by making it faster, cheaper and less stressful for people to buy their first home.” The beauty of the app is that it has a human focus and it’s not simply a generic online tool: users tailor it to their individual situation to make it work for them. “It’s a coach that gives you personalised guidance – based on the information you provide – to enable you to make smarter decisions and find the right products and services to help you buy your first home,” says Leonard.
The app provides one-on-one coaching, guiding you through small steps in the form of missions such as: Finding out what your credit score is Checking out rent reporting to boost your credit rating Taking out a Lifetime ISA (LISA) to save your deposit faster FirstHomeCoach gives you the information relevant to your unique situation at every step, as well as a clear action plan to keep you motivated, help you to spend less money and get to your dream goal faster. One of FirstHomeCoach’s satsified customers, Rueben Peacock, says, “FirstHomeCoach has been brilliant. The app was very helpful and I felt I was treated like a person, not just a number. FirstHomeCoach has given me the confidence to move forward with a proper plan.” firsthomecoach.co.uk
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AFFORDABLE HOMES
ANOTHER WAY TO STEP ON THE LADDER
Buying your first home can be a daunting experience and the costs involved can make first time buyers think they’ll never own their own home. But, there are options available to make homeownership a realistic prospect. Shared ownership with SO Resi makes buying beautiful new homes in excellent locations accessible for first time buyers Are you dreaming of buying your first property in an area where homes on the open market seem out of reach? Shared ownership could be the answer you’re looking for. SO Resi offer homes through the shared ownership scheme and it works like this: you buy anywhere between 25% and 75% of your new home and you will only need to raise between a 5% and 10% deposit of the share you are buying. You will then need to take out a mortgage to cover the rest of your share and pay SO Resi a monthly payment on the share you do not own. You can increase your share when you can afford to do so, which gives you flexibility and control of your finances. As you buy more shares you own more of the property and this means that the SO Resi monthly payment
decreases. You can buy 10% or more at any time, right up to the point where you own 100%.
SO RESI PLUS So Resi Plus is a unique scheme, offered only by Metropolitan Thames Valley, which enables you to buy an additional 1% of your home each year for 15 years – fixed at a price agreed at the beginning of purchasing your new home – without the cost and hassle of arranging a solicitor each time you want to buy a new share. After this, you can continue buying more shares in the usual way if you want to.
SOME OF THE SO RESI HOMES IN FTB HOTSPOTS ALPERTON
FROM £82,500*
SO Resi The Rise
So Resi The Rise offers contemporary one, two and three bedroom apartments which are close to the revitalised Grand Union Canal at Alperton, a vibrant area of north west London. The fully fitted kitchens include integrated appliances including a fridge-freezer, dishwasher and washerdryer. The development is a convenient short walk from the Piccadilly Line, taking just 33 minutes to central London, and the surrounding area has plenty to offer with shops, supermarkets, open spaces and lovely waterside facilities.
SO Resi Essex Brewery
soresi.co.uk or call 020 8607 0550 *Based on a 25% share for a one bedroom apartment with a full market value of £330,000
HOOK
SO Resi Hook
WALTHAMSTOW
FROM £121,250*
FROM £102,000*
These traditionally styled two bedroom apartments have sleek and contemporary interiors, and are perfect for first time buyers, offering plenty of open-plan living space, high-quality finishes and allocated parking. The fully fitted kitchen comes with integrated appliances and the bathrooms feature ceramic tiles on the floor and walls. The homes at So Resi Hook are perfect for combining countryside living with commuting. The well-connected Hampshire village of Hook is less than an hour’s commute into London Waterloo. Hook is surrounded by open countryside, and there are golf courses, country pubs and river walks nearby for relaxing weekends. Alternatively, a short drive into Basingstoke offers great shopping, with Festival Place featuring more than140 shops from big name brands to quirky independents. The quiet Hampshire village really does offer the possibility of combining commuting with country living. soresi.co.uk or call 020 8607 0550
This new collection of one and two bedroom apartments are located in the very popular east London area of Walthamstow. All the homes offer a balcony or terrace and access to a communal concierge service. Kitchens comes with integrated appliances and most two bedroom apartments offer an en suite to the master bedroom. The development is conveniently located a few minutes’ walk from St James and Queens Road Overground stations. Walthamstow Central station is also just half a mile away, with easy access to the Victoria Line and several local bus services. Walthamstow town centre is also close by, offering a wide variety of shops, the famous Walthamstow market, bars and restaurants. soresi.co.uk or call 020 8607 0550 *Based on a 25% share of a two bedroom apartment with a full market value of £485,000
*Based on a 40% share of a two bedroom apartment with a full market value of £255,000
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NEW HOMES
HEAD SOUTH FOR YOUR NEW HOME
With house prices soaring in major cities like London, many buyers are settling down outside of the capital to coastal towns in particular¹ , where a different type of landscape and quality of life can be enjoyed. Areas south of the city, particularly Kent and West Sussex where a variety of desirable homes are available through award-winning housing association Hyde New Homes, are proving popular among many first time buyers and families EVABOURNE AT PETERS VILLAGE Wouldham
Kitchen/diner, four bed home in Evabourne
Evabourne at Peters Village is a selection of 81 contemporary homes located in Wouldham, Kent, bordering the banks of the River Medway. The properties include houses for outright sale and apartments for shared ownership, with a selection still available for families or young couples seeking their first home. They offer light and spacious rooms with ample entertaining and outdoor space to host friends, family and neighbours. Regular trains to St Pancras, London, take less than an hour from Snodland and Halling stations, each in close proximity to the development. For international connections, Ebbsfleet International Station in less than 20 minutes’ drive away. Prices start at £295,995 for a two bedroom home, £354,995 for a three bedroom home and £510,995 for a four bedroom home. One bedroom apartments will be available in phase two at Evabourne. evabourne.com
NEW WAVE Hove
Similarly, New Wave consists of a collection of apartments available through outright sale and Help to Buy in the heart of the seaside town of Hove. Just a six-minute walk from Hove Station, commuters can take a direct service to London Victoria in just over an hour. There are only eight two bedroom apartments remaining, with prices starting at £380,000. nw-hove.co.uk
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COLLEGE GROVE, CHRISTS HOSPITAL Horsham
College Grove is a selection of generously sized homes located on the doorstep of Christs Hospital train station, just outside the thriving market town of Horsham. Homes are built to a high specification and there’s a dedicated children’s play area and extension to the popular Downslink footpath through the woodland area. The scheme has been purposely designed with families in mind. Prices start at £499,995 for a three bedroom house and £675,000 for a four bedroom house. collegegrove.co.uk
for a three bedroom terraced house start at £575,000 and £875,000 for a four bedroom house. thewaterfrontshoreham.co.uk
THE ELEMENTS Herne Bay
Kitchen/living room at The Elements
THE WATERFRONT Shoreham-on-Sea
The Waterfront exterior
The stunning collection of homes in Shoreham-on-Sea is available through both private sale and shared ownership and showcases the perfect balance between waterside living and modern life. Ideal for first time buyers, young professionals looking to live outside of the city, and young growing families, The Waterfront offers the very best of countryside and coastal living. The development is nestled on the stunning River Ardur, meaning buyers are surrounded by tranquillity and within a short walking distance of the seafront. Prices start at £260,000 for a one bedroom apartment, £315,000 for a two bedroom apartment and £895,000 for a penthouse apartment. Additionally, prices
For buyers seeking that coastal breeze, Hyde New Homes has two developments in seaside locations. The Elements is a striking collection of homes available to buy in Herne Bay – an area that has maintained its traditional charm, making it a favourite for young families, commuting professionals and first time buyers. For those interested in experiencing the natural elements, the area surrounding Herne Bay is a genuine treasure trove. Residents can travel to London’s St Pancras and Victoria stations in under two hours via Southeastern’s high speed service. Only one two bedroom apartment remains from £240,000 through shared ownership – perfect for local first time buyers looking for their starter home. Four bedroom family homes are available from £350,000 for outright sale through sales agent Miles and Barr on 01227 740 840. elements-hernebay.co.uk For more information on properties available from Hyde New Homes, please visit hydenewhomes.co.uk or call a member of the sales team who will be happy to help out on 0345 606 1221 1 telegraph.co.uk/property/uk/speedy-commuter-trainsaffordable-homes-fresh-sea-air-londoners
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AFFORDABLE HOMES
A SHARED JOURNEY
A journey, they always say, starts with a single step. But sometimes, through no fault of your own, you just can’t make that step – especially when it comes to buying your first home. Unobtainable deposits and unrealistic mortgage repayments, combined with a lack of suitable houses, means that first rung on the property ladder is more of a leap than a step away There is an alternative, however, that can bring that first step closer. One of the North West’s fastest-growing house builders, Laurus Homes, offers first time buyers the opportunity to purchase a new home through shared ownership. Shared ownership reduces the overall mortgage price tag as well as bringing down the amount of deposit required; the home is still your home, but Laurus shares the journey with you – how long is up to you, as in many of the company’s developments you can begin to take on more of the share until you own it solely. Laurus Homes was set up to be different; it is a profit for purpose business and many of these homes developed by Laurus are available through shared ownership. Different to wholly private house building companies, Laurus has a strong social purpose with the aim of getting as many people into their own home, reducing the reliance on the private rented sector and making a positive impact on the housing crisis by building thousands of new homes across the North West in the coming years. Where being different starts is quality. Every home built by Laurus – regardless of whether it’s being classed as affordable or for outright sale – has the same high level of quality of design, building materials and features inside the home designed specifically for you. These include contemporary kitchens and bathrooms, all with modern tiling. At Laurus, a range of items come as standard in many of our developments, for example, turfed and fenced gardens with outdoor lighting. A selection of fully integrated appliances is also included in the spacious kitchens of all homes. Unlike many other developers which have set house designs that are imposed on the local community, every Laurus development is designed individually. The company takes extraordinary steps to blend in with the community in terms of matching house styles and building materials. As well as sharing your homeowning journey, Laurus creates a shared community between its developments and its residents and the existing communities surrounding them. This creates a harmony between the old and new communities rarely seen around new developments.
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Woodfield Road
Egerton Rise
Egerton Rise
Woodfield Road
The company has an extensive sales and support service at each development, and is on hand both to help you through every step of the housebuying process as well as providing a link to the existing community. Through the dedicated site sales support team, you get a worry-free purchase at the same time as a welcoming community to move into. The strong focus on quality, design and community integration, along with the large number of affordable homes – and the option of shared ownership – means most
Laurus Homes developments are extremely popular with buyers. The company has an ambitious development plan – 20,000 homes in 10 years’ time – so first time buyers looking for a profit for purpose, committed-to-quality and community-minded house builder to share their journey will find their way with Laurus Homes. Visit laurushomes.co.uk or call 0161 968 0300 to find out more about Laurus Homes developments
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OPEN MARKET
A BIG WELCOME IN BRITAIN’S SMALLEST COUNTY
Rutland’s motto is “Multum in Parvo” – much in little – which is very apt. Despite being the smallest county in England, there is so much on offer here if you are looking for a new home. It recently won the title of “best rural place to live in the UK” in the Halifax Rural Areas Quality of Life Survey. The county’s main centre, Oakham, is the perfect choice for a house in a traditional market town Oakham, with its rural charm, is just a short distance from major urban centres such as Peterborough (23 miles), Leicester (25 miles) and Nottingham (28 miles). Oakham railway station provides links to Birmingham, Leicester, Peterborough, Cambridge and Stansted Airport. There are four universities within 30 miles (two in Leicester and two in Nottingham) and there is soon to be one in Peterborough. Rutland Water, which is England’s largest artificial lake, is close by. The reservoir provides renowned water sports facilities and stunning nature and wildfowl reserves. There is also an outdoor adventure centre and cycling and walking routes to enjoy. Although development in Oakham is tightly controlled, as you would expect in such a historic setting, there are new homes being built to suit a wide range of budgets and lifestyles. Much of the new housing is in Oakham Heights, a well-planned expansion of the town which will eventually include more than 1,000 homes as well as shops, leisure facilities and extensive open space. All of this is just a few minutes’ walk from the town centre where Oakham hosts open-air markets twice a week as well as monthly farmers’ markets, alongside a wide range of traditional local retailers and some of the big national brands. Farriers Reach at Oakham Heights offers a new range of contemporary styled, energy-efficient homes. There are two, three and four bedroom properties to choose from. All of them are fitted with solar panels to generate electricity from sunlight, cutting carbon emissions and, importantly, also cutting your power bills! Developer Larkfleet Homes offers a range of incentives for first time buyers and many of the homes are available with assistance from the Government’s Help to Buy scheme.
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T H E H E X H A M AT FA R R I E R S R E A C H
The stylish two bedroom Hexham house style from Larkfleet Homes at Farriers Reach in Oakham has two good-sized bedrooms and a bathroom on the ground floor. Kitchen, dining and living spaces are all part of a single open-plan area occupying the whole of the first floor. They open out on to a terrace above a car port below, allowing indoors and outdoors to blend into a single space on summer days. The contemporary styling extends from the appearance through into details such as a high level of energy efficiency, which is assisted by solar panels on the roof to help cut electricity bills. A number of detached Hexham homes are available, currently at £208,995, with a number of special offers for first time buyers. For details search Larkfleet Homes Farriers Reach online
T H E B A N B U R Y AT FA R R I E R S R E A C H
Detached three bedroom Banbury style houses at Farriers Reach in Oakham have three good-sized bedrooms and a family bathroom taking up the ground floor. The kitchen, dining and living spaces are all part of a single open-plan area occupying most of the first floor alongside an additional WC, utility area and store. A terrace above a car port allows the living area to be extended outdoors when the weather is good. Designed to be highly energy efficient as well as stylish, the houses are fitted with solar panels which will generate electricity even on cloudy days. Banbury homes are available currently at £237,000, with Help to Buy and other offers for first time buyers from developer Larkfleet Homes. For details search Larkfleet Homes Farriers Reach online
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LEGAL
A friendship based in bricks and mortar... Lesley Price FCILEx, Head of New Homes & Shared Ownership, and Bill Dhariwal, Managing Director at Lawcomm Solicitors, give their thoughts on the modern trend of non-couple co-ownership and whether this can be a viable option for buyers struggling to fund a sole purchase Should you require any further information regarding this article or the services provided by Lawcomm Solicitors, please do not hesitate to contact Lesley Price (E: lesley.price@Lawcomm. co.uk) or Bill Dhariwal (E: Bill.Dhariwal@ Lawcomm.co.uk)
Couples have traditionally purchased homes together, but keeping pace with modern trends and due to the increase in house prices, the idea of pooling resources to buy a home with a friend or work colleague is becoming an increasingly attractive option for many homebuyers – in particular in London and its suburbs, where house prices and therefore deposits can often be beyond many on a single income. Funding for this type of purchase is also starting to become more readily available, with a range of lenders now willing to consider this as an option when assessing mortgage applications. There are many issues to consider before deciding to set up home with a
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friend or friends and it is worth having a full overview of the legal and practical implications before setting your heart on sharing your home.
EXPLORE ALL OF YOUR FINANCIAL OPTIONS While there are more lenders out there willing to consider this kind of co-purchase, not all of them do. Therefore, your mortgage options may be limited which may drive up mortgage costs. Take advice from a reputable mortgage broker or financial adviser and look at the range of product options. available. Don’t hesitate even at this stage to take their advice on all of the options open to you, which may include options to buy on your own such as shared ownership schemes or renting rather than buying together. You should consider a broad range of options and have an overview of all
surrounding costs, such as mortgage arrangement fees, legal and insurance costs and rent and service charge costs (if you are buying an apartment) so you can fully review the available options and decide if buying in this way is really right for you.
AGREE ON YOUR PROPERTY CRITERIA AND BUDGET BEFORE YOU GO TO VIEW Agree from the outset what type of property you want and how much you can afford to pay for it. Don’t forget to leave some contingency in your budget for unforeseen costs and expenditure. It is very easy to view a property and fall in love with it on the spot, but don’t pick something that one of you would struggle to afford more than the other or that is at the top end of your budget without taking into account the legal, valuation and mortgage brokerage costs. Otherwise, you could end
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up with an imbalance in your finances right from the start. You should sit down and budget together carefully, ideally before you start viewings, so you all have a clear picture of what you can realistically afford while leaving a little contingency for unforeseen expenditure and repairs.
SET OUT ALL YOUR CONTRIBUTIONS IN WRITING Land law is still behind the times when it comes to its treatment of property shares. Particularly on the death or bankruptcy of an owner. It still assumes that contributions and payments are on a 50/50 split unless set out otherwise. It is therefore vital to get a Declaration of Trust drawn up which can give a detailed breakdown of who has contributed what to the purchase, including your legal costs, and what will happen to the proceeds of sale following a disposal of the property. This can serve to protect not only your individual contributions but also money that someone else such as a parent has given to you as well.
AGREE THE BASIC GROUND RULES FOR SHARING YOUR HOME Whilst some things can’t be covered by legal agreement, many things can. A Cohabitation Agreement is a great way to make decisions in advance such as who will pay what share of the bills and how you will fund emergency repairs. You can also set out rules for more practical aspects like what happens if one of you wants a new partner to move in or to rent their room to someone else rather than live there.
BEWARE ‘JOINT AND SEVERAL’ When you purchase a property with someone else you create a financial link with them. This means their spending behaviour can influence your own credit score. If they run into financial difficulties the law considers most debts, including mortgage and utility payments as ‘joint and several’. This means you jointly enter into the contract to pay them but if one of you cannot or won’t pay the bill at the end of the day the lender or creditor can pick the more financially stable party to pursue for the debt on their own. It’s a big financial commitment to link yourself with someone in this way, whether you are a couple or just friends, so we would suggest a full and frank discussion
with your co-owners about your finances is essential before going down this route.
HOPE FOR THE BEST BUT PLAN FOR THE WORST Redundancy, death, serious illness and bankruptcy are all matters we would hope never happen to ourselves or to those close to us, but they are all eventualities that when looking at buying property together is sensible to plan ahead for. Wills, insurance to cover payments if one of you can’t work, and full disclosure of your banking history and any savings, life or other insurance policies is again vital to make sure that should something happen to one of you, the other will not be left with a property they cannot afford.
WILLS AND LIFE INSURANCE These are both crucial steps and you should take the time to take advice from a qualified professional in respect of both your wills and insurance arrangements. If the laws relating to property shares are still a long way behind the times, inheritance law can be even more inflexible. If you don’t plan effectively for what will happen to the property shares if one of you dies then you could end up having to sell very quickly or share your home with a family member or beneficiary of your friend or someone they choose.
NEXT STEPS? WHAT IS THE PLAN IF YOU OR YOUR COOWNER CHANGE THEIR PLANS UNEXPECTEDLY Remember, even best laid plans can always change. Eventually you will want to sell and move on, and this may not be together or at the same time. You need to consider what
would happen if one of you wants to sell their share and whether you would be able to buy them out and remain in your home or whether you would need to sell and move on independently. Bear in mind that whether the eventual move is to acquire the property in full or to go your separate ways, you need to budget for the legal costs, estate agents fees and valuation fees that will need to be paid. You will also need to agree a value for your home and having a method in your Declaration of Trust already set out for this to be independently set by a surveyor is a great way of ensuring that the division of your joint home does not put an end to your friendship.
KEY THINGS TO REMEMBER It is vital to make sure you get the full package of legal and financial advice. Even if it costs a little more upfront it may save you a fortune if things don’t go as planned. Making sure you access professional advice can never prevent issues arising, but it can mean that you have the best possible plans in place should issues arise. Which leaves you free to just worry about your co-owners annoying little habits and not your future financial wellbeing!
Lawcomm Solicitors offers an award-winning conveyancing service to first time buyers seeking to buy their first property and work as recommended solicitors to several housing associations and private developers on a nationwide basis. Contact us for a no obligation discussion and estimate of costs.
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MORTGAGES
FINANCING THE SHARED OWNERSHIP MARKET
Rupi Hunjan, CEO of Censeo Financial, explains how the financial side of buying a shared ownership property works and why it is now a market leader We know that in the UK there is a severe shortage of housing, with low supply and high demand for "affordable" properties. As a result, traditional ways of purchasing a home are becoming unsustainable. For some 30 years now, shared ownership has been posited as the bridge between renting and the outright purchasing of homes. In many ways it represents the best of both worlds, allowing for a more sustainable environment for the UK’s growing population. Ultimately, it makes much better sense for people to own part of an asset rather than nothing at all. What’s more, if people are already paying high rents, it is better to be paying the same amount but split between the investment of buying a first home and a subsidised rent to a housing association.
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With this in mind, we recognise that shared ownership is now the bona fide "Fourth Tenure" of property ownership in the UK, which will go a long way to improving financial inclusion.
LET’S TAKE A CLOSER LOOK AT THE FACTS We know that the number of first time buyers getting on the property ladder with a mortgage is now at its highest level since 2006. According to the trade body UK Finance, mortgage providers advanced £62bn to this sector of homebuyers last year. Across the UK, around 368,000 new buyers secured mortgages in 2018, up from 360,000 the previous year. In addition, recent figures suggest first time buyer levels
now represent 50% of all homes bought with a mortgage. The eligibility criteria for shared ownership is that the purchaser is a first time buyer, or someone who used to own but can’t afford to now. Annual household incomes need to be below £80,000, or £90,000 in London. According to the Ministry of Housing, Communities and Local Government, on average, people buying shared ownership properties are 35 years old. And overall, the Council of Mortgage Lenders has estimated that 200,000 UK households now live in shared ownership properties. To summarise, low mortgage rates, high levels of employment and Government schemes such as shared ownership and Help to Buy have all helped first time
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MORTGAGES
CENSEO FINANCIAL
Back in 2008, Rupi Hunjan founded Censeo Financial, a company that has grown into an award-winning, retail financial services company based in the City. From its inception, Censeo has been a wholly customer-centric business and Rupi has continually looked at ways to simplify and improve the customer journey. Rupi has worked tirelessly to champion shared ownership as the bona fide Fourth Tenure of property in the UK. As well as developing long term relationships with key housing associations, he has lobbied the leading banks and building societies into offering the best mortgage deals for first time buyers. As a result, Censeo Financial has to date helped around 6,000 people actually buy their first home and helped over 25,000 people with affordability assessments, guiding them on to the property ladder. censeo-financial.com
buyers become a much greater sector of the market. In addition, the recent Stamp Duty change is likely to continue stimulating growth by reducing the costs associated with taking the first step on to the ladder.
LENDERS AND PRODUCTS Initially, lenders were cautious about entering the shared ownership market and most had few staff who understood how this sector operated. As a result, buyers had little choice about who would provide them with a mortgage. Housing associations which were (and still are) under pressure to provide more homes, were finding that their prospective customers were not getting the most cost-effective rates or couldn’t get the finance necessary to make a purchase. However, this section of the mortgage market is now seen as an attractive proposition for lenders, especially now that affordable housing is attracting more affluent buyers with larger deposits who are often turning to the Bank of Mum and Dad for assistance. Indeed, as first time buyers are no longer seen as risky, the mortgage rates are the same as for other tenures. Over the past few years, we have seen the availability of mortgage lenders within the shared ownership market increase to 30 across the country, with a number only lending regionally. Elsewhere, high loan-to-value mortgage availability is at an all-time high, with 16 of the lenders offering between 90% to 95% loan-to-value products. Censeo Financial has spent the past 10 years building relationships with lenders, advising them on the shared ownership market and helping them put together products which are suitable for first time buyers. This has helped to bring in leading banks and building societies who otherwise would not want to lend to this sector. As a result, there is now a wide range of products available to first time buyers. So, whether you are self-employed, buying a new build house or flat, buying alone or with a partner, or looking to staircase, there are financial institutions out there willing to lend. As with many areas of financial services, it is worth pointing out that the lower the deposit, the higher the perceived risk, which
is reflected in the cost of funds. In short, the larger the deposit, the cheaper the interest rate. So, if you can put down a 40% deposit, you’ll be able to take advantage of an interest rate of around 1.45%, compared with around 1.75% with a 20% deposit and a rate of around 3% with just a 5% deposit. Most of these rates are for two-year fixed deals but there are some five-year deals available, at a slightly higher rate. Censeo Financial also believes that in order to have a truly inclusive environment for homeownership here in the UK, everyone should have the option not only to get a toehold on the housing ladder but also ultimately to own their own home outright. A popular way to do this is by staircasing. Here, people who have bought a share in a property through shared ownership can purchase further shares so they staircase up to owning their homes outright. This is not only good for homeowners but also for housing associations which can plough back the income into building new properties. Interest rates for staircasing are similar to those for people purchasing a property for the first time. Many people with shared ownership properties don’t realise that even after staircasing up to a greater share in their home, they could still be saving on their monthly outgoings. That’s why it is always a good idea to talk to a specialist adviser who understands the market.
HELPING FIRST TIME BUYERS Censeo Financial has long recognised the issues of affordability and access to credit facing first time buyers. The company also recognises the challenges facing housing associations – the need to sell properties quickly and efficiently, ensure customers can access funding and, of course, help as many customers as possible on to the housing ladder and help those who have bought through shared ownership to increase their stake in the property. That’s why we believe that first time buyers should have proper customer service from both lenders and intermediaries – one which reflects shared ownership’s status as the new Fourth Tenure of ownership. Gone are the days of prospective home owners
meeting brokers in pubs. Similarly, lenders will now treat those buying through shared ownership with the same level of support as those buying in the traditional manner. We understand what it’s like for today’s first time buyers. They will often spend months trying to find the right property, but the priority is about getting the right financing in place. That’s where there is often a quagmire of uncertainty and our job is to guide them through this as quickly and as painlessly as possible. That is why we have created a seamless process for our customers. We use modern technology like apps, online portals and Skype-enabled meeting rooms, alongside knowledgeable advisers, to provide a modern approach to what is probably one of the most important financial decisions you will ever take.
THE FUTURE We need to be moving towards a more customer-centric model. Shared ownership will end up being THE major tenure of homeownership here in the UK, so the buying process needs to reflect this. We live in the age of Amazon, apps, social messaging and instant feedback from brands – the homebuying process needs to be geared towards this world and today’s millennial customers. At the same time, while technology can be a liberating influence and allow people to get information at the touch of a button, buying a home is an emotional decision that needs human input. We call this a "bionic approach" where smart technology and data processing is used in harness with experienced human interaction in the form of professionally qualified advisers. At present, when someone wants to buy a home, they have to fill in six or seven different forms which contain 70-80% of exactly the same information. There must be a way of simplifying this process and that’s where the frictionless customer experience for homebuying, which Censeo has pioneered, comes in. We believe that new innovative products need to be developed, which combine equity release or second charge, a fixed rate and the option of a flexible early repayment. Then there are "inter-generational" products which are made possible by the Bank of Mum & Dad. The world is changing and so should personal finance. Today’s buyers need a simple legal framework and application process. The ideal scenario would be similar to writing a cheque, which is payable against a slice of the property's equity. The closer we can get to this situation, the greater the help for first time buyers and the more likely we’ll see a revolution in the way wealth is transferred from generation to generation.
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FOR SALE
FOR SALE THE CREAM OF THE CROP This month, FTB scours the market for the best starter homes for first time buyers. So, whether you’re looking for a place to call home that’s a commuter’s dream, a perfect pad on a modest budget or connected country living we hope you enjoy our selection
BISHOP AUCKLAND, COUNTY DURHAM
HOIC FIRST C
E
NORTHERN
S★TA★ ★R
Affordable homes p68-69 C H AT T E N D E N , K E N T
HOIC FIRST C
E
BEST OF S TH WORLD
BO
★★★
Commuter homes p70-71
STEVENAGE, HERFORDSHIRE
HOIC FIRST C
E
PRIME
LOC★A★T★ION
Country living p70
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FOR SALE
AFFORDABLE HOMES FROM £41,250*
BISHOP AUCKLAND, COUNTY DURHAM
HOIC FIRST C
E
NORTHERN STA★ ★R ★
Bishops Park The thriving market town of Bishop Auckland is home to this new collection of three bedroom houses, with more two, three and four bedroom properties launching next spring. With spacious living areas and turfed back gardens, these homes are perfect for family life. Downstairs features a separate living room and kitchen, with doors opening to the rear, while upstairs the master bedroom has an en suite. The homes are surrounded by natural beauty and plenty of historical sites, while good shopping facilities and schools lie within easy reach. Beautiful Durham can be reached in less than 20 minutes by car, while Newcastle is around a 40-minute drive. Riverside Home Ownership 0151 282 8505 riversidehomeownership.org.uk
*Based on a 25% share of the full market value of £165,000
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FOR SALE SOUTHAMPTON, HAMPSHIRE
FROM £190,000 E A S T M O L E S E Y, S U R R E Y
FROM £131,250*
Chapel Riverside Occupying a prime location by the River Itchen, minutes from Southampton’s thriving centre, these new one and two bedroom apartments are in an ideal spot for enjoying city life in laid-back surrounds. The waterside homes are stylish and contemporary, with open-plan living areas, good-sized bedrooms and a
balcony or terrace – many with river views. Ocean Village, home to shops, restaurants and bars, is a mere five-minute walk, while the city centre is a short bus ride away for its excellent shops, amenities and transport links. Inland Homes 02380 333 138 inlandhomes.co.uk
SOUTH MOLTON, NORTH DEVON
FROM £277,950
So Resi East Molesey Located by the River Ember, between the Surrey villages of Esher and East Molesey, this new collection of homes enjoys a peaceful location with excellent links to the capital. The one and two bedroom apartments and two and three bedroom houses lie within the popular Imber Riverside development. The pretty
town of Thames Ditton, along with its train station for links to London Waterloo within 35 minutes, is a five-minute walk. Hampton Court, the River Thames and sprawling Bushey Park are around a mile away. So Resi 020 8607 0550 soresi.co.uk
*Based on a 35% share of the full market value of £375,000
FROM £81,250*
CHELMSFORD, ESSEX
Honeymead Meadow The picturesque town of South Molton, close to Exmoor National Park and world-famous beaches, is home to this new collection of properties, ideally located for buyers looking to explore the natural beauty of Devon. The homes range from three bedroom semi-detached to four bedroom detached properties and feature
separate kitchen and living rooms, downstairs WC, en suite to the master bedroom, private gardens and garages. South Molton is just under a mile away for a great range of independent shops and eateries. Wain Homes 01769 579 800 wainhomes.net
City Park West A brand-new community is being created with this major new development in Chelmsford, which will eventually be home to 700 new properties. The contemporary homes are bright and spacious, with open-plan living areas, engineered wooden flooring and stylish kitchens with integrated appliances. The city
centre is a short walk away, for a wide range of shops, bars and restaurants. It’s also perfect for commuters – trains from Chelmsford station reach Liverpool Street in 30 minutes. Notting Hill Genesis 01245 806 484 cityparkwest.co.uk
*Based on a 25% share of the full market value of £325,500
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FOR SALE
COMMUTER HOMES FROM £330,000
C H AT T E N D E N , K E N T
HOIC FIRST C
E
BEST OF DS
L BOTH ★W★O★ R
Four Elms Place Just 35 minutes from London St Pancras and with verdant Kent countryside on the doorstep, this new collection of homes is in an ideal best-of-both-worlds location. The three and four bedroom homes have been designed with modern family life in mind, with plenty of space and natural light. The three bedroom semi-detached properties are arranged over three storeys, with a master bedroom and en suite on the top floor, two bedrooms and family bathroom in the middle and separate kitchen, living room as well as a WC downstairs. The nearby towns of Chattenden and Hoo have a good range of local amenities and are well served by local transport. Abbey New Homes 07812 623 609 abbeynewhomes.co.uk
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FOR SALE R U D H E AT H , C H E S H I R E
FROM £243,995
FROM £330,000
BASILDON, ESSEX
Dane View With plenty of countryside to explore, families will love this pretty new development. The new three and four bedroom homes at Rudheath enjoy a tranquil, rural location with great commuter links, too. The town of Northwich is around a mile away for shops and amenities, while the stunning Delamere Forest – for beautiful
L E AT H E R H E A D , S U R R E Y
walks and days out – is a short drive. Manchester, Liverpool and Chester can all be reached in around 40 to 50 minutes by car, while nearby Northwich rail station offers great links to the North West. Barratt Homes 0333 355 8474 barratthomes.co.uk
FROM £262,500
Westwood at Gardiners Park Village The new two and three bedroom homes at Westwood mark the second phase of this popular new development close to Basildon’s town centre. The location is a perfect mix of town and country life, with good shopping facilities and schools, and the beautiful Essex countryside and coastline within
easy reach. The homes are beautifully designed in keeping with the local areas. From Basildon station, trains reach London Fenchurch Street in 35 minutes, while travelling east to Southend-on-Sea takes under 20. Inland Homes 01268 646 279 inlandhomes.co.uk
BURSLEDON, SOUTHAMPTON
FROM £226,500
Princes Chase Nestled in an ancient woodland setting, close to picturesque Surrey villages and the town of Leatherhead, these new homes enjoy peaceful, green surrounds and good amenities, along with easy transport links into London. The homes range from one and two bedroom apartments to three and four bedroom houses.
The spacious apartments feature open-plan living/dining areas with fitted kitchen and plenty of storage. From Leatherhead, trains run to London Waterloo in around 45 minutes, as well as to Guildford and Dorking. Berkeley 01372 889 357 berkeleygroup.co.uk
Monarchs Keep The popular village of Bursleden, five miles east of Southampton, is home to these two, three and four bedroom homes, close to the River Hamble. The properties feature stylish interiors with plenty of natural light, fitted kitchens with integrated appliances, and a private back garden or balcony. The larger
properties have an en suite from the master bedroom. There’s a good choice of shops and lovely waterside eateries in the village. For commuters, there are great transport links into Southampton or Portsmouth via train and road. Barratt Homes 0330 057 6000 barratthomes.co.uk
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COUNTRY LIVING STEVENAGE, HERFORDSHIRE
HOIC FIRST C
PRIME
FROM £65,450*
E
LOC★A★T★ION
SO Resi Forster Oaks SO Resi Forster Oaks feature spacious and airy open-plan living spaces and many have a private balcony or terrace. The sleek kitchen is fully integrated with highspecification appliances and all bedrooms are a generous double. Each apartment comes with an allocated parking space and secure cycle storage is provided. Just 30 miles from central London, Stevenage is a leafy town with plenty of parks and countryside surrounding it and a £350m revamp of the town centre is planned. Stevenage train station, which is just a seven-minute drive away with trains to London Kings Cross taking just 23 minutes. SO Resi 020 607 0550 soresi.co.uk
*Based on 35% share of a full market value of £187,000
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FOR SALE WOULDHAM, KENT
FROM £204,995 W E L W Y N G A R D E N C I T Y, H E R T S
FROM £75,250*
Buckland Rise Bellway Kent is building a range of one and two bedroom apartments at Buckland Rise at Peters Village. They will stand alongside a choice of three, four and five bedroom houses which are also available to reserve, with further two bedroom houses to be released. Each of the apartments at Buckland Rise feature an open-plan kitchen/
SITTINGBOURNE, KENT
living/dining room, with integrated fridge-freezer, dishwasher and washing machine. Selected homes also benefit from Juliet balconies. It is an easy commute to London, Maidstone and Chatham and Help to Buy is available. Bellway 01643 786 229 bellway.co.uk
FROM £164,995
SO Resi Times Square SO Resi Times Square is a new neighbourhood close to the centre of Welwyn Garden City in Hertfordshire. The studio, one and two bedroom apartments feature open-plan living spaces with fully integrated kitchens and the bedrooms are doubles. Two bedroom apartments have an en suite shower room to the main bedroom. Residents also benefit
from a concierge service as well as allocated parking within the landscaped grounds. From Welwyn Garden City station, around 15-minutes’ walk away, the train service to Kings Cross takes only 25 minutes. SO Resi 020 607 0550 soresi.co.uk
*Based on a 35% share of a full market value of £215,000
FROM £265,000
SNODLAND, KENT
Regent quay There are 55 one and two bedroom apartments launching at Redrow’s Regent Quay development. The apartments, on the outskirts of Sittingbourne town centre are just a short 10-minute walk to both the train station and shopping parade. The open plan kitchen, living and dining room offers a contemporary fitted kitchen and by buying early
buyers can customise certain parts of the home. Some of the apartments benefit from private outdoor terraces and are set within several attractive areas of open space, including play parks and exercise areas. Help to Buy is available. Redrow 01795 334196 redrow.co.uk/regentquay
Holborough Lakes Holborough Lakes offers the very best of well-connected country living. Framed by the North Downs, a lakeside setting, and landscaped grounds, residents also benefit from amenities such as a village hall, village green, outdoor trim trails and private residents’ gym. The homes offer an open plan kitchen/dining/ living room with a south facing
Juliet balcony. Master bedrooms have fitted wardrobes and an en suite. There is under-croft parking and Help to Buy is also available. Snodland station is a short walk away with St Pancras International only 43-minutes away by train. Berkeley Homes 01634 775 643 holboroughlakes.co.uk
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REAL LIFE
Help to Buy: Aylesham, Kent FA C T F I L E
Purchase price: £197,995 Deposit: £9,899.75
“I DIDN’T THINK I WOULD EVER BE ABLE TO PURCHASE A HOME BY MYSELF, AS I THOUGHT IT WOULD BE COMPLETELY OUT OF MY BUDGET. YET WHEN I ACTUALLY LOOKED INTO THE AFFORDABILITY OF BUYING A HOME AND USING HELP TO BUY, I REALISED THAT IT WAS ACHIEVABLE”
Lauren Cooper, 31, knew that she wanted to own her own home, and decided to move back in with her parents for a year to save for a deposit. Using Help to Buy, Lauren was able to purchase a two bedroom semi-detached house at Barratt Homes’ Aylesham Village development just outside of Canterbury, Kent
L
auren was renting a two bedroom flat in Herne Bay, Kent, with a friend, but was looking for a way out of the rental cycle. After exploring her options, and recognising the benefits of Help to Buy, she knew that this was her route to homeownership. A temporary move back home was enough to boost Lauren’s deposit fund, enabling her to purchase her first home over the summer. Lauren, a primary school teacher, said, “I have always lived in the Canterbury area, but the city itself is too expensive, so I had to keep an open mind when searching for a location where I could buy. I found out about Aylesham from my dad, as his grandparents used to live there, so there was a family connection. It sounds like a cliché, but as soon as I visited Aylesham Village, it just felt right. “I didn’t think I would ever be able to purchase a home by myself, as I thought it would be completely out of my budget. Yet when I actually looked into the affordability of buying a home and using Help to Buy, I realised that it was achievable. The whole
74
process of using the scheme has been really easy too, and I feel a real sense of achievement that I have been able to get on to the property ladder.” Launched in 2013, Help to Buy is the Government’s Equity Loan scheme, where the Government lends buyers up to 20% of the cost of their new home. From April 2021 until 2023, the scheme will be open to first time buyers only. There will also be caps placed on the value of properties which can be purchased using the scheme, with prices at a maximum of 1.5 times the current forecasted average first time buyer values within each region, with a maximum of £600,000 set in London. Lauren has settled into life at Aylesham Village and is enjoying being surrounded by the countryside while still being within easy reach of Canterbury. Alongside benefiting from the best of both worlds, Lauren has taken the time to get to know her neighbours and become a part of the expanding community at the development. Lauren continues, “All of my neighbours
are really friendly, and there is such a sense of community throughout the development. I have had a really positive homebuying experience and received help from Barratt Homes every step of the way. I even got my keys a week earlier than I expected, which was an added bonus!” Aylesham is set in Kent, just eight miles outside of Canterbury, and offers a range of small shops, cafe, post office, leisure centre, health centre and supermarket. There are also several churches, a community library and two good primary schools. Canterbury is just a short drive away, with a historical culture and a range of restaurants, cafes, bars and shops. For those looking to enjoy the outdoors, a free Kent Wildlife Trust family membership is offered to all purchasers at Aylesham Village. Aylesham is well connected by both rail and road. Regular train services offer connections to Canterbury in 12 minutes while London St Pancras can be reached in 1 hour 38 minutes. Due to high demand, there is limited availability in the latest phase of new homes at Aylesham Village. Buyers interested in finding out more about Help to Buy or the homes at Aylesham Village should contact 0333 355 8503 or visit barratthomes.co.uk
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COMPETITION
WIN ! WIN O
JUDG NE O F 3-PIE E CLASS FOUR CE S IC JP WO AUCEP A1 A RTH £13 NS 0
T he long, ! r e m m i s t o h
You’ve just bought your new home and want to impress your first guests with some fantastic food. What better way to cook up a storm than with the Judge Classic 3-piece saucepan set? Saucepans that not only look the part but play the part as well Are your kitchen saucepans looking a little bit tired? Do you need something more reliable or a little more stylish? Then the Judge Classic 3-piece saucepan set could be just what you need, as it offers the hard-wearing resilience of traditional cookware with cutting-edge design. So, your old saucepans will be a thing of the past and say hello to the future of cookware. Made from low-maintenance mirror-polished stainless steel, the Judge Classic collection has been created with a thick forged base for use on all hob types, including induction, while providing a high degree of thermal efficiency. Say goodbye to food stuck on the bottom of the pan, as the ETERNA Answer the following question: non stick, which will last three times as long as traditional non-stick coatings, ensures that your sautéing, scrambling, and saucing will go smoothly.
HOW TO ENTER
Fed up of burning your fingers on the handle? A smart stay cool handle makes sure that burnt fingers are a thing of the past. The timeless Domus design, denoted by the sensuous curves and elegant styling, ensure that these pans look every inch the classic. The graceful arc of the pan’s bodies are echoed in the clear, toughened glass lids, which allow you to keep an eye on your ingredients while you are busy in the kitchen. They are also vented to prevent anything boiling over.
What material are the Judge JPA1 saucepans made from?
Send your answer with your full name, address and telephone number to: lynda@firsttimebuyermag co.uk Closing date: 16 September 2019
The JPA1 3-piece set consists of 16cm, 18cm and 20cm pans. All items in the Judge Classic collection are oven safe and dishwasher safe, and come with a Judge 25-year guarantee. For more information visit horwood.co.uk/ brands/judge
THE PRIZE… FOUR LUCKY READERS WILL WIN A 3-PIECE SET OF JUDGE JPA1 SAUCEPANS WORTH £130 EACH T&Cs • The prize is non-transferable and no cash alternative will be given. Competition is open to UK residents only.
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FIRST MEAL
FIRST HOME, FIRST MEAL Make the most of summer with a light vegetarian dish by Oliver Peyton OBE, Founder and Creative Director of Peyton and Byrne. Using seasonal British vegetables with a Middle Eastern twist, it's an example of how Peyton aims to transform the reputation of British food
BEETROOT HUMMUS, LABNEH AND CRUDITÉ INGREDIENTS (Serves 2) 200g Greek yoghurt (for the
labneh) 2tsp lemon juice, plus an
extra squeeze for the labneh 500g cooked red beetroots 300g cooked chickpeas 30g tahini 10g garlic 10g salt 100g extra virgin olive oil Cayenne pepper or Espelette pepper, to taste Ground coriander seeds, to taste Selection of seasonal vegetables (for crudité), such as radishes, asparagus, white chicory leaves, carrot sticks
METHOD 1
2
3
4
5
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For the labneh, mix the Greek yoghurt with a pinch of salt and a squeeze of fresh lemon juice. Then squeeze the mix using a muslin cloth, trying to push out all the water. If you do not have a muslin cloth, you can buy labneh from most good supermarkets. Leaving the yoghurt inside the cloth, hang it overnight in the fridge to settle (the day after you should have a creamy dip with a rich taste). Blend the beetroot, chickpeas and garlic in a food-processor with the salt, tahini paste, lemon juice and olive oil until perfectly smooth, adding the olive oil gradually while blending. Add the pepper (cayenne or Espelette) and the ground coriander to taste. Serve the hummus and labneh with fresh vegetable crudité.
Oliver Peyton OBE, Founder and Creative Director of Peyton and Byrne, is a renowned restaurateur, judge on the BBC2 series, Great British Menu, and author of two cookbooks. He was awarded an OBE in 2012 for his services to the hospitality industry. Oliver’s restaurant career began with the opening of the Atlantic Bar & Grill in 1994, an overnight success which drew in the likes of Bono and George Michael. A second restaurant – Mayfair’s Coast – opened in 1995, followed by Mash & Air in Manchester and London, and Isola in Knightsbridge, which opened in 1999. In 2004, Oliver took on a new challenge, opening eco-friendly and architecturally innovative Inn the Park in St James’s Park, serving seasonal dishes and championing the use of British ingredients. In 2006, Peyton and Byrne was born. Intent on changing tourist perceptions of British food, Oliver opened a number of restaurants and cafes within iconic London landmarks, including The National Gallery, The Royal Academy of Arts and The Wallace Collection. Running alongside the restaurants, Peyton Events – comprising a team of some of the UK’s best chefs, mixologists and event organisers – was founded to create unique events for both corporate and private clients. In 2016, Peyton and Byrne’s public catering contracts and Peyton Events were acquired by Sodexo, with Oliver continuing in a new role as Creative Director, drawing on his considerable experience to lead on food and beverage creative direction and innovation. From 2006-2018, Oliver also operated London-based Peyton and Bryne bakeries, focusing on natural ingredients and traditional recipes to offer an authentic British experience. He sold the business to Modern British Bakeries Limited in 2018. peytonandbyrne.co.uk
First Time Buyer August/September 2019
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FIRST MEAL
FTB’S FAST FOOD Whether it’s a crisp, a breadstick or a vegetable baton, everyone loves a tasty dip. Add a yummy salad and you’re in summer food heaven. So which dips and salads currently sold in the UK’s top supermarkets are worth a double dip? FTB has tested them so you can choose your ultimate favourite TA K E A D I P
TEST WINNER
WAITROSE
MARKS & SPENCER
TESCO
CO-OP
Taramasalata, £1.35; Moroccan houmous, £1.65; tzatziki, £1.35; ham hock & piccalilli salad, £3
Chunky guacamole, £2; velvet houmous, £1.60; pesto houmous swirl, £2; bang bang chicken salad, £5
Moroccan houmous, £1.20; guacamole, £1.20; harissa, sweet potato and super green salad, £2.95; mozzarella, tomato & pesto salad, £2.95
The Waitrose selection has a touch
M&S has a great quality range of
Moroccan houmous, £1.20; tzatziki, £1.20; finest* red pepper and goats cheese pasta salad, £2.25; finest* coleslaw and baby potato salad, £1.85
of class about it with wonderful
dips and salads to choose from
flavours and textures. Taramasalata
which are all full of flavour. The
Tesco’s range of salads and dips
up to expectations and lacks the
is known for its full, fresh flavour
chunky guacamole has a lovely rich
has some good flavours but doesn’t
flavour of some of its competitors.
and this doesn’t disappoint. The
taste and is perfect when spread
live up to the heights of some of the
The Moroccan houmous is pleasant
Moroccan houmous is probably
on a chunky piece of bread or
competition. The tzatziki has a nice
although a little on the bland side
the best houmous we tasted as it
toast. The velvet houmous is one
creamy texture but could do with
and could do with a pinch of
is just the right consistency, slightly
of the better ones we tasted as it is
a little more mint. The Moroccan
something else to give it a bit of a
spiced and creamy. The tzatziki is
smooth with a creamy texture. The
houmous has interesting hints of
kick. The guacamole is also rather
delicious and would make a great
pesto houmous has quite an unusual
turmeric, coriander and cumin but is
plain and perhaps a little too smooth
accompaniment with something like a
flavor for a dip but it is still pleasant
a little thick in texture. The red pepper
as well, although this would depend
lamb kebab and pitta bread or even a
with the green pesto swirl making it
and goats cheese pasta is tasty as
if you like prefer your guacamole
curry as it is refreshing and light. The
look as good as it tastes. The bang
the goat’s cheese complements the
smooth or chunky. The harissa,
ham hock and piccalilli salad is very
bang chicken salad is extremely
sun-dried tomato dressing very well.
sweet potato and super green salad
appetising and the succulent ham is
colourful but could perhaps do with
The coleslaw and potato salad has a
did not look overly pleasant and
perfectly accompanied by the zesty
a couple more chunks of chicken
little too much sauce compared to the
was quite underwhelming.
piccalilli dressing. It’s difficult to fault
and the peanut sauce is an excellent
amount of potato although the flavour
★★
the Waitrose range as everything was
accompaniment. You can’t go too
is good. Overall some nice offerings
very enjoyable!
far wrong with the M&S range.
that just need a little tweak.
★★★★★
★★★★
★★★
The Co-op range doesn't quite live
ADD A TOUCH OF SPARKLE What better way to celebrate the English summer than with a glass or two of sparkling wine? Hattingley Valley is a family-owned vineyard in rural Hampshire specialising in premium English sparkling wines that are stocked in the UK’s finest restaurants, bars and hotels. Its Classic Reserve has undergone a partial barrel fermentation and a minimum of 18 months bottle ageing in the cellar to add a real complexity and give this wine its signature style. It is pale gold in colour with vibrant baked apple, creamy nougat and brioche notes on the nose and with tones of soft lemon sherbet on the palate – this wine is a truly refreshing experience and makes for the perfect summer drink. Classic Reserve, £30, hattingleyvalley.com
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FINANCE
Mortgage Clinic By Rupi Hunjan, CEO of Censeo Financial Rupi Hunjan is the founder and CEO of Censeo Financial, an awardwinning retail financial services company. It currently provides advice on mortgages and related products for prospective and current clients for a number of leading housing associations and developers. To date it has helped around 6,000 people actually buy their first home and helped more than 25,000 people with affordability assessments, guiding them on to the property ladder.
I can’t afford to buy in the location where I need to live at the moment. Should I purchase a buy-to-let property elsewhere to get on to the property ladder? You are either a first time buyer buying a home, or an investor buying a buy-to-let property – you need to decide which one you want to be. If you do decide to purchase a buy-tolet property, it will be very difficult to buy your first home, because affordability could become an issue and the risks are too high to rely on property growth in the short term to use as equity to help build a deposit. So, do make sure your motivation to purchase a property is in line with your goals. That said, if you can’t afford to buy in your local area, you do have a number of options available to you. The first is Help to Buy: Equity Loan. Here, if you are able to save up at least a 5% deposit and are looking to buy a new build property, you can get on to the housing ladder. The Government lends you up to 20% of the property price (40% if you are buying in London) and after five years you then have to start paying interest on this loan - it is interest-free up until then. The second is shared ownership. You can buy from as little as a 25% share in a property then increase your share over time, until you own 100% of the property. You will be charged a subsided rent on the share in the property that you do not buy. To be eligible for shared ownership your gross household income should not exceed £80,000 (£90,000 in London).
Then there are alternative homeownership schemes run by developers such as Pocket Living who sell homes specifically for first time buyers. If I take out a fixed-rate mortgage, what happens at the end of my fixed rate? At the end of your fixed-rate period, your mortgage will revert to the Standard Variable Rate. This SVR is set by your lender and can go up or down, depending on interest rates or whether the lender simply wishes to increase the rate. So, you could well find yourself paying considerably more every month for your mortgage. However, well before your rate comes to an end – normally around two or three months – your lender will write to you asking whether you wish to agree a further fixed-rate term or go on to the SVR. If you took your mortgage out with a broker, like Censeo Financial, the company will get in touch to conduct a full financial review and assess which is the best rate for you going forwards. This could mean (1) staying with your existing lender and moving to a new fixed term mortgage, (2) moving to a new lender or (3) deciding you wish to increase the size of your mortgage to pay for home improvements or, if you bought a shared ownership property, to staircase up and buy an increased share in your home. As always, it pays to stay up to date with what is happening in the mortgage market so that you can make sound financial decisions.
What happens if I buy with a small deposit and my property goes down in value? If you purchase a property but only put down a deposit of say 5%, then you are potentially at risk of negative equity should house prices fall by more than 5%. In this scenario, your property would actually be worth less than your mortgage. In the short term, this may not pose a problem. You have the option to make overpayments on your mortgage or use savings to pay off a portion of your mortgage to bring yourself back into positive equity. However, significant challenges arise if you need to sell your home or you wish to remortgage, as Banks and Building Societies may be unwilling to lend to you. Plus, once the fixed-rate period on your mortgage comes to an end, your lender will automatically put you on to the Standard Variable Rate and your monthly repayments could rise, putting further strain on your finances. So, if you are considering purchasing a property with a small deposit and worry about getting into negative equity, then it may be worth considering buying through Help to Buy or via shared ownership as these two schemes will greatly reduce the risks. (See question one for more about Help to Buy and shared ownership). For further help and advice from Censeo Financial, call 020 7090 7290 or visit censeo-financial.com
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FINANCE
Time to brush up on DIY
EXPERT COMMENT Millennials are being brought up to be tech-savvy and their skill is in electronic manipulation – while their parents might be better at changing lightbulbs, it is the older generation who often turn to the younger ones for help when their computer or phone crashes. Skills at using phones and computers are the ones valued these days and the practical hand-on skills of yesteryear are now seen as functions that can be easily
A series of startling reports suggest that young people struggle when it comes to DIY. Kay Hill looks at how the growing lack of practical skills is affecting the ability to save for a first home, as well as making life more difficult for young homeowners
outsourced. We are a generation characterised by time-poverty, and when time is short, we have to prioritise what we invest our skilldevelopment in and our resources on. Changing a lightbulb is less important to a millennial – after all, they can still swipe and scroll in the dark. Better to outsource those less valued tasks and focus their energies on the stuff that really matters – keeping their electronic worlds functioning at their fingertips. Dr Sandi Mann Senior Lecturer in Psychology at the University of Central Lancashire, quoted in the CORGI HomePlan research
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If recent reports are to be believed, a whole generation of young people are growing up without the skills to undertake basic DIY tasks – and in some cases it’s costing them a fortune. The problem, it appears is that while people are living in rental accommodation where repairs are carried out by the landlord, or at home where a parent usually steps in with the toolbox, there is little opportunity to learn practical skills. And with many schools having dropped lessons like resistant materials or engineering, young people are turning into adults without having ever been near a hammer or chisel. Research from VoucherCodes.co.uk found that 52% of millennials would need to pay someone to assemble flatpack furniture (probably because 30% said that they had never used a hammer and
29% admitted they had never used a screwdriver). Research from Anglian Home Improvements, which questioned more than a thousand 18-34-year-olds, found that only 37% would feel confident about decorating a room, just 30% could change a light fixture, only 19% could put up a curtain pole and a tiny 18% would tackle hanging pictures on the wall. Ronseal has also been studying the phenomenon and its research, among 2,000 adults aged 23-38, had similar findings, even discovering that three in 10 people have never changed a lightbulb. (In fact, 8% of those interviewed by VoucherCodes. co.uk had actually paid someone to change a lightbulb!) According to Ronseal, 41% of respondents didn’t think it was worth learning DIY while they were still living with mum and dad. A similar survey, by
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FINANCE
A S W E L L A S PA R E N T S A N D Y O U T U B E , T H E R E A R E S O M E WAY S Y O U C A N
EXPERT COMMENT
G E T G R E AT D I Y A D V I C E : There are plenty of DIY skills that
Men’s Sheds – this is a great initiative around the country where mainly retired men get together and enjoy practical work and conversation, usually in a venue that has plenty of tools available. However, men of all ages are welcome to come along and pick up some useful skills and many sheds have informal sessions especially to help younger people learn DIY skills. You can find out if there’s one near you at menssheds.org.uk Repair Cafes – these are meeting places where you learn to repair things. You bring along your broken item (almost anything that you can carry from a toaster to a bicycle) and you can use the tools and materials and get expert advice on how to do the job. Most also have a library of books on repairs and DIY. It’s free to attend although donations are welcome. See if there’s one near you at repaircafe.org/en. Ronseal’s Pocket Parent – this is a Facebook Messenger service where you can ask a DIY question and an expert will message you back almost instantly with information about the right materials for the job and how to use them. Search for it on Messenger.
renters can learn and put into practice. Renting doesn’t mean you can’t make your home unique. Learning some basic DIY skills not only means your rental property will feel more like a home, but also ensures it’s maintained and in good condition. Renters may be homeowners themselves one day, so learning DIY skills is really beneficial. For example, you can upcycle old furniture to add colour and personality. If you’re afraid to use paint, use temporary solutions like washi tape or Fablon (sticky
CORGI HomePlan, of 2,000 millennials, found that 52% didn’t know how to hang wallpaper, 50% couldn’t fix a fence, 32% couldn’t bleed a radiator or change a fuse, and 28% were unable to fit a new toilet seat – with 39% blaming their parents for not having taught them, and 22% saying it wasn’t worth bothering when they could ask dad! Of course, that excuse works both ways too – as every youngster who has ever got a call to troubleshoot mum and dad’s computer or grandma’s iPad will know only too well... It’s not just DIY jobs that worry the younger generation. The research from VoucherCodes.co.uk also found that 51% of millennials had never cleaned an oven, 48% had never done their own ironing and 47% had never cleaned the loo – with many paying to get those tasks done for them if they were renting, seriously slowing down any attempt to save up for a deposit. With the price of a cleaner coming in at over £10 an hour, and ironing services around £20 a bag, it’s a big dent in your savings. All of which suggests that mum and dad may not actually be doing their youngsters any favours by not giving them the opportunity to learn practical skills while they are still at home. Anita Naik, Lifestyle Editor at VoucherCodes.co.uk, said, “The research has proven that millennials experience life very differently to generations gone by. It’s clear a financial squeeze is gripping the nation and limiting opportunities, particularly when it comes to owning a property, causing many to fear that they’re being priced out and will never be able to afford their own home. “With a higher number of millennials renting and living with their parents, they admit to delaying learning the life skills necessary to make it on their own. And, with solutions often available at our fingertips, they confess to becoming far more susceptible to paying for convenience services.”
Anglian Home Improvements worked out the cost of needing to pay someone to do the little jobs around the home that previous generations tended to do themselves: Having a room painted by a decorator, £296 Getting a flat pack assembled, £70 An electrician coming in to change a light fixture, £55 A handy person putting up a curtain pole or blind, £45 Having pictures put up professionally, £45 Even if you move into a brand new home, you are bound to need some of these things doing eventually – and costs could soon mount up, right at the time when you are likely to have the least available cash to spare. “For homeowners who want to tackle jobs quickly and easily, DIY skills are as important as ever,” says Rob Green of Ronseal. “But our research shows that these skills are dying out, particularly among new homeowners.” There was one piece of good news, however, which came from a report by online appliance company AO.com, which was that one group is actually better at doing practical jobs than the previous generation. The research found that while only 38% of women aged over 35 would undertake a DIY task, younger women are made of sterner stuff, with 49% willing to roll up their sleeves and break out the power tools. This report also revealed where young people are most likely to turn for DIY assistance – 48% would ask mum or dad, 27% turn to YouTube tutorials, 25% would actually look for a manual or book, while 14% would ask grandparents. With so much to gain and so many ways to learn (see below), picking up some valuable life skills could save you money while you’re saving as well as being invaluable when you finally pick up the keys.
back plastic). If you want to refresh the kitchen, use Fablon to change the look of the doors. If you really hate them, take them off and make sure you store the hinges and doors somewhere safe. You can decorate the insides of the cupboards with stick-on wallpaper or sticky back plastic and then the cupboards will look like funky open shelves. Use temporary hanging solutions to fix pictures or artwork on the walls. You can even apply temporary wallpaper to walls, which easily peels off when you need it too or make the windows look like a design feature by applying window film, which is easy to apply and very easy to remove when you need to leave.
Jo Behair DIY expert, on behalf of ao.com
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TECHNOLOGY
New technology equals smart homes for all
New technology is affecting all aspects of our lives and some of the biggest advances are in the home. Today’s buyers are demanding homes that are low in energy, work best for them and, crucially, have low running costs. Ginetta Vedrickas looks at how you can ensure that your new home truly is a smart one CONSUMER DEMAND Energy provider Smart Energy GB recently conducted some new research into people’s behaviour in the home as part of its campaign “Areas for a Beautiful Future” to celebrate communities across the UK which are creating a more sustainable future. With public and political attention on climate change at an all-time high, says Smart Energy, the index aims to “recognise the families and communities who are taking simple, positive steps at home, that together will add up to create a cleaner, greener, smarter future for everyone”. The study found that three quarters, 75%, of Brits still think they could do more to be more sustainable and energy efficient in the home, with a third worried about their children or grandchildren’s futures. Of those polled, 50% admitted to leaving appliances on standby and just 15% encourage friends and family to be more sustainable on a regular basis. Examining areas around the country
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where residents are doing their best to make an impact, West Lothian came out top, with residents recycling 61% of waste and 43% of households having a smart meter. The poll of 2,000 Brits also revealed why we’re not being more sustainable, revealing that a fifth think it costs too much and over a quarter believe it’s too much effort. One in 10 respondents feel that they won’t make an impact as a single individual.
HOW YOU CAN MAKE AN IMPACT Smart meters can assist by helping to change people’s mindset when it comes to their energy usage, says Smart Energy, and it’s a small step everyone can take towards a more sustainable world. Other ways to make your home “smarter” and help save on energy – and money – include taking shorter showers, using recyclable water bottles, not overfilling kettles, turning lights off in empty rooms, walking and taking public transport more often and not leaving appliances on standby. smartenergygb.org
MAKING SURE YOUR DEVELOPMENT OFFERS SMART TECHNOLOGY Today’s housebuilders know that to appeal to buyers they must build homes that are energy-efficient and have low running costs, which is especially important to first time buyers on a budget. Glossy brochures are often filled with attractive sounding technological features, but just how do you know that a development you’re considering buying into is environmentally friendly, has technology that is easy to operate and get an idea of running costs? A recently launched website aims to help you decide. Describing itself as the TripAdvisor for new developments, independent review platform HomeViews currently features 650 developments listed on the site in London with more than 2,500 reviews by buyers. Most schemes have been built within the last 20 years, but the majority are newer buildings built since 2010. Residents are asked to rate aspects such as design, facilities and value as well as write a review, which make for interesting reading: 7% of verified residents mentioned Wi-Fi, internet
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TECHNOLOGY
T H E L AT E S T S M A R T H O M E S O N T H E M A R K E T
Kier Living Some housebuilders are making strenuous efforts to create smart homes. Kier Living says it is the first UK national housebuilder to offer the full suite of Google Nest products and Google Home Hub to homebuyers across the country, as demand for smart technology grows. Google Home and Google Nest products allow homeowners to set their heating, security and fire safety systems via their smartphones or voice. The optional features in Kier Living homes include the Google Nest Hello video doorbell, measures to improve energy efficiency and smoke/carbon monoxide alarms. Buyers can buy the smart home system for less than on the high street and Kier will carry out installation before they move in. The first Kier Living homes with the Google Nest option are already available at Oakthorpe, Peterborough, with other locations being added nationwide. Two bedroom apartments at Oakthorpe start from £186,995. kierliving.co.uk
EXPERT COMMENT Use of smart technology is on the rise, with customers eager for the chance to control more aspects of their lives remotely, so we are thrilled to offer the full range of Google Nest products,
Legal & General Homes All properties at Legal & General Homes’ Buckler’s Park development in Crowthorne, Berkshire, come fitted with Hive smart thermostats as standard and each home contains fast, up to 300mbs+, plug and play broadband and fibre optic cabling direct to the home, rather than to a box on the street, meaning the best possible connection. Broadband and digital TV requirements are all arranged before move-in day, so that residents don’t have to wait weeks for installation. One bedroom homes start from £249,500. landghomes.com
making available the latest in smart home technology. This is an exciting example of Kier Living innovation, with us offering our customers the next generation of performance for their new home.
John Anderson
or broadband in their review which cofounder Rory Cramer isn’t surprised about. He said, “With more home gadgets and smart technology being built directly into homes, or residents purchasing themselves, connectivity and internet speed is becoming increasingly important to residents.” Smart technology, cooling and underfloor heating are often mentioned on HomeViews by residents living in new build developments, Cramer adds, “New technologies that make life easier for residents, provide cost savings on heating bills or additional security are valued.” homeviews.com
IFA 2019, THE WORLD’S BIGGEST ELECTRONICS SHOW But how do developers find out about the latest in home technology? Every housebuilder knows the challenges involved in meeting, and exceeding, buyer expectations. Today’s new homes must invariably be homes of the future, with growing demand for smart homes, fully kitted out with the latest electronics and home appliances on the market. Many housebuilders visit IFA, the world’s biggest trade show for consumer electronics, to see the latest in high-tech gadgets for the home. This year’s IFA takes place in Berlin from 6-11 September and it’s also open to the public. Organisers are expecting that this year’s show will see at least a quarter of a million visitors from 129 countries passing through the doors, so that they can be the first to hear about a predicted 10,000 product announcements. Key trends behind this year’s innovations include: connectivity, artificial intelligence, voice control and 5G, which are all buzz words driving
innovation for consumer electronics and home appliances. Visitors will be able to see demonstrations from manufacturers from around the world. Smartphones are now key to operating today’s home appliances and, in a move that is sure to spark controversy, Richard Yu, the chief executive of Huawei, will be a keynote speaker at the show.
Executive Director, Kier Living
EXPERT COMMENT The problem arises when it comes to
MANUFACTURERS SHOWCASE LATEST TECHNOLOGY
choosing the most reliable providers,
Haier sells one in four fridges around the world and one in five washing machines, and the manufacturer is at the very forefront of technology. Its latest washing machines include sensors to detect weight and to ensure that appliances don’t overheat. Haier will be at IFA and Haier Europe’s CEO, Yannick Fierling gives a flavour of what visitors can expect, commenting, “Soon you will be able to take a picture of your laundry on your smart phone and it will tell your washing machine to find the best cycle and tell it how much detergent is needed.” More examples of connectivity and innovation are present in Haier’s latest cooking appliances with users able to select cooking cycles from their car, home or office. ifa-berlin.com
Far too many smart products offer only
and what features actually provide tangible benefits to the homeowner. marginal improvements – the key is in focusing on the really life-changing products. Jason Orme The Homebuilding & Renovating Show’s property expert
EXPERT COMMENT Smart meters are an essential upgrade to our energy grid, creating a greener, more efficient energy system that will lead to cleaner air, use of
UK SHOWS
less fossil fuels and ultimately, protect
The Homebuilding & Renovating Show runs events around the country throughout the year, where visitors can see demonstrations of the latest home tech gadgets on the market and get advice. The market is currently being flooded with products aimed at making your home a smart one, but it’s vital to assess just how useful they will be and what the running costs are. homebuildingshow.co.uk
anything and is so easy to do, just
our environment. It doesn’t cost you search: “I want a smart meter” or call 0300 131 8000. Helen Skelton TV presenter and spokesperson for Smart Energy GB
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EXPERTS
Agony agent 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 Vicki Noon Sales & Marketing Director at Inland Homes
Simon Scott Assistant Director of Commercial and Property Marketing, Origin Housing
Eloise Robins Director, Head of Shared Ownership Sales, JLL
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 the panel to give the advice you need. Email your questions to:
Am I eligible for Help to Buy?
Q
I am a first time buyer struggling to get on to the property ladder. I have been saving a deposit for a number of years; however, I still don’t think I have enough money to be able to buy a property. I have heard about the Help to Buy scheme, but I am not sure if I am eligible for it. Where can I find out more about the scheme? George Fisher, Southampton
A
It can be very difficult for any buyer, especially in the current market conditions, to be able to navigate their way through the many routes of homeownership, and even more so for first time buyers. The first thing we recommend you should do, if you haven’t already, is consult an Independent Financial Adviser. They will be able to provide you with some useful information about the Help to Buy scheme, the different types of mortgages and lenders who participate in the scheme, and indeed, whether using Help to Buy is your best option. Most importantly, your advisor will help to ensure you can get on to the property ladder comfortably, without over-stretching yourself. One of the most common questions asked by our buyers is about eligibility, and how to qualify for Help to Buy. The basic criteria you must meet is that you are a UK resident, the property you are purchasing will be your only home where you will live, and the chosen property will be purchased using a mortgage. You can easily apply online for Help to Buy by visiting helptobuy.gov.uk. You will be required to fill in an initial application form to assess your suitability. At Inland Homes, the Government-backed Help to Buy scheme is available across every single one of our new build developments, and we have a recommended panel of independent financial advisers (IFA) on hand to provide help and advice. This can be incredibly reassuring if you have seen a property you like and aren’t sure what to do next. The scheme is available for new build properties in the UK up to a market value of £600,000. You pay a minimum 5% deposit, and the Government will provide you an equity loan of up to 20% of the property’s value (or up to 40% in Greater London). This Government loan is interest-free for the first five years. You will require a mortgage to fund the balance of the property price, but the equity loan makes the mortgage repayments considerably more affordable. It is a valuable homebuying solution that has supported thousands of buyers on to and further up the property ladder, owning a home they really want. When it comes to purchasing a property, it is important to take your time, and make sure it is the right decision for you and your circumstances. Always speak to a member of the sales team – they will always be happy to provide help and support, and you never know, by using the Help to Buy scheme you might just be able to afford a home that you never thought possible!
lynda@firsttimebuyermag.co.uk
Vicki Noon
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EXPERTS
Benefits of shared ownership
Q
I am a first time buyer and I am considering all the various options available to me before I embark on searching for my first home. Why would someone choose to go down the shared ownership route, rather than a standard deposit and mortgage or the Help to Buy: Equity Loan? Can you explain what the benefits are? Siobhan Reeves, Streatham
A
Unlike Help to Buy, when purchasing via shared ownership there are no hidden costs, such as the outstanding loan repayment, repayable in five years’ time under Help to Buy. Generally, purchasers with a lower household income and a smaller level of deposit are more suited to purchasing a home via shared ownership. Mortgages are more readily available with most high street banks offering
products for the scheme, which suit people with lower incomes. The shared ownership scheme has a joint income cap of £80,000 (£90,00 within London) but unlike Help to Buy there is no cap on the property value. The purchaser may not necessarily have to pay Stamp Duty initially, dependent upon whether the initial share purchased is over the threshold (and other criteria are met), all aiding purchasers with a smaller level of deposit. Shared ownership is available on both new build and secondhand properties, unlike Help to Buy which is just available on new build homes. Shared ownership is probably a product more suited to those who don’t like to take risks. You have the security from the start of knowing your monthly payments, for the long term, bar slight annual fluctuations. Whereas increasing monthly repayments after the initial five years will be harder to meet for purchasers via Help to Buy which could force them to have to sell their property. Eloise Robins
Will I own my home?
Q
I am a young professional currently living with my parents in Harrow, but I am looking to get on to the property ladder in the area. While I am on a reasonable salary, the deposits required in and around London are so high, I can’t imagine how I will ever manage to save enough to buy a home of my own. I have heard that shared ownership helps first time buyers to purchase a home with a much smaller deposit – but does buying a shared ownership home mean I will never own the property outright? Will Styles, Harrow
A
You are correct in thinking that shared ownership often allows buyers to purchase a home with a much more manageable deposit than would be needed when buying outright. With this Government-backed scheme, eligible buyers purchase a proportion of the property (between 25% and 75%), with typical deposits starting from just 10% of the share they buy. Shared owners pay a mortgage on the share they own, and pay rent to a housing association, such as Origin Housing, on the share they do not own. Monthly payments can often be less than renting in the
same area, making the scheme even more affordable for first time buyers. In terms of owning the home outright, I like to think of shared ownership as a stepping stone to full home ownership. While buyers initially purchase a share in the property, as circumstances change, they can buy more of their home through a process called staircasing. This can be done up to three times, until they own
the property outright. As they purchase more shares, the amount of rent paid to the housing association will go down, and buyers will pay more towards their mortgage. When they own the home outright, they will pay no rent at all – just their monthly mortgage payments and any relevant service charges. Simon Scott
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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?
FIRST STEPS
ARE YOU ELIGIBLE FOR A GOVERNMENTBACKED 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 98.
BUYING ON THE OPEN MARKET
FUNDING OPTIONS
JARGON EXPLAINED
G O V E R N M E N TBACKED 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% loanto-value (LTV) mortgage. Only new build homes valued up to £600,000 can be bought. The scheme is available for ftbs and movers.
STARTER HOMES Starter Homes is a government initiative that aims to provide up to 200,000 affordable new build homes to first time buyers in England by 2020. The properties will be built on brownfield land and sold at a 20% discount compared to the market price in the area. You must be between 23 and 40 years old and never have owned a home before. The price of the new properties will be capped to £450,000 in London, and £250,000 outside the capital.
NEW BUILD HOMEBUY, ALSO KNOWN AS SHARED OWNERSHIP OR PARTBUY, PART-RENT
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.
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’.
PRIVATE INITIATIVES
RENT TO HOMEBUY
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.
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.
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).
HOMES ENGLAND 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.
FUNDING OPTIONS BUYING ON THE OPEN MARKET & P R I VA T E I N I T I A T 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 TIPS
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
F
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.
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 interestonly 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
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BUYERS’ GUIDE
TIPS
RESEARCH AN AREA
T
a 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.
Buying a home is a big investment. You need to buy a home you can afford and one
horough research
you’ll be happy living in.
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.
PROPERTY SEARCH 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 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. If you like a property, aerial shots of the area can be viewed at earth.google.com
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.
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.
ESTATE AGENTS 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. SEARCH
Register with local estate agents, and use the internet to search for properties.
VIEWINGS
Look at several properties, and visit ones you like more than once and with someone else.
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’ GUIDE
B
uying process
BUYERS’ COSTS SURVEYS AND VALUATIONS
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.
SOLICITOR’S/CONVEYANCING COSTS £500-£1,500
MORTGAGE FEE £0-£1,000
VALUATION £0-£300 (depending on your mortgage deal)
SURVEY £300-£500 (depending on the type of survey you have done)
SOLICITORS 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.
TIPS
A QUICK SALE 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.
EXCHANGE AND COMPLETION 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.
Use a recommended solicitor who you know to be reliable and can move fast. 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. 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.
SOLICITORS
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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LOCAL AUTHORITY SEARCH FEES £300 (included in your solicitor’s bill)
LAND REGISTRY FEES £50-£920 (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
2% for properties costing between £125,001 and £250,000
5% for properties costing between £250,001 and £925,000
10% for properties costing between £925,001 and £1,500,000
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.
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.
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).
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BUYERS’ GUIDE
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.
EARLY REPAYMENT CHARGE
ARREARS
EQUITY
This is a term used to describe payments that haven’t been made on time.
The difference between the value of the property and the value of the mortgage you have secured.
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
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.
EXCHANGE OF CONTRACTS This is when you exchange contracts with the seller. When this has happened, both sides are legally bound to complete the transaction.
A broker is someone who gives you advice on your mortgage. Some are independent, while others work for lenders.
FREEHOLD
BUILDING SURVEY
When a seller accepts an offer and then later on rejects it in favour of a higher offer from another bidder.
A survey carried out by a qualified surveyor to spot any structural problems or faults in the home you are buying.
COLLATERAL Something of value that is offered as a guarantee against a loan. With mortgages, your home is collateral.
COMPLETION The finalisation of the sale. Completion day is when all money is transferred and you become the legal owner of your new home.
CONVEYANCING The legal process of transferring ownership of a property.
A freehold is when you fully own a property and the land it stands on.
GAZUMPING
GUARANTOR 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.
HIGHER LENDING CHARGE If you take out a large mortgage on a property, some lenders charge you an extra fee. This is because the more money you borrow the more of a risk the lender is taking.
LAND REGISTRY FEES This is a fee you have to pay in order to register your ownership of the property with the Land Registry.
LEASE 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 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.
REDEMPTION Paying off your mortgage in full is known as redemption.
REPAYMENTS The amount you have to pay back each month to your mortgage provider
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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LEGAL
Conveyancing terms that all first time buyers need to know When buying a property you will hear a variety of conveyancing terminology used which as a first time buyer you may not be familiar with. In this article Adam Crawford, Partner at Prince Evans Solicitors LLP, explains some of terminology you are likely to come across CONVEYANCER
EXCHANGE OF CONTRACTS
A conveyancer (or solicitor/lawyer) is the legal professional who will act for a buyer or a seller in the conveyancing process.
ADDITIONAL ENQUIRIES
CONVEYANCING
Once your conveyancer has received contract papers they will review the Legal Title and the information provided and will raise any legal questions which they need the seller to reply to. These are commonly referred to as the additional enquiries.
This means the legal process of transferring property or land from one party to another.
When contracts are exchanged you are legally committed to purchase the property and this is also when a completion date is fixed. This is the point of no return and failing to complete after exchange of contracts will have serious financial consequences.
COMPLETION
FITTINGS AND CONTENTS FORM
This is the date you legally complete, become the owner of the property you are buying and the day you can collect the keys to the property.
This form is completed by the seller to indicate which items they will be removing and which items they will leave in the property.
DEPOSIT
Freehold is a tenure of property and if you buy a freehold property this means you will own the property and the land it sits on.
CAVEAT EMPTOR This is Latin for “buyer beware” and explains the principle that when buying a property it is at the buyer’s risk and they should carry out all enquiries and due diligence necessary.
CHANCEL REPAIR LIABILITY This refers to a legal obligation on some property owners in England and Wales to pay for certain repairs to the chancel of a parish church.
This is the sum paid by a buyer to the seller (via their conveyancer) on exchange of contracts. This is typically 10% of the purchase price (or 5% in some cases). The deposit is forfeited to the seller if the buyer fails to complete.
DISBURSEMENTS
FREEHOLD
FREEHOLDER The owner of a freehold property
GIFTED DEPOSIT
These are the costs payable to third parties during the conveyancing process when you are buying your property. These include Stamp Duty Land Tax, land registration fees, search fees etc.
A gifted deposit is where (typically) a family member is contributing to the purchase by gifting a sum of money. In this case your conveyancer will have to carry out further checks and obtain consent from any mortgage lender.
DRAINAGE SEARCH
GROUND RENT
This is a search carried out with the Water Authority (or agent) to establish the water, drainage and sewage connections to the property and associated information.
Ground rent is payable under the terms of a lease in leasehold property. This is an annual amount paid to the landlord to rent the property from the landlord.
EASEMENTS/RIGHTS
INDEMNITY INSURANCE
CONTRACT PAPERS
These are legal rights which are granted in favour of the property or over the property in favour of others; for example, a right granted in the Legal Title over a footpath would be an easement
Where there is legal defect with a property you are buying it may be possible to arrange indemnity insurance to insure you against the risk of the defect affecting the value of the property or causing loss.
Contract papers are provided by the seller’s conveyancer to the buyer’s conveyancer and contains the contract, Legal Title together with the property information and fittings and contents form. It is upon receipt of contract papers that the conveyancing process really begins.
ENVIRONMENTAL SEARCH
LANDLORD
This is a search carried out with an environmental agency to establish if there is a risk of contamination, flooding, radon and other environmental considerations which affect the property.
The landlord is the party who owns land or property and is paid by others for the use of this. If you are a leaseholder you will pay your landlord a ground rent for the use of the land.
CHAIN If you are buying a property and your seller is then also buying a property (whose seller could also be buying a property) then this is known as the chain – that is the chain of conveyancing transactions which are linked together and must exchange and complete at the same time.
CONTRACT/AGREEMENT This is the legal document which sets out the terms of your purchase and which you and your seller will sign to commit you to purchase the property.
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LEGAL LAND REGISTRY Land Registry is the Government organisation which registers the ownership of land and property in England and Wales. Your purchase will be registered with Land Registry after completion.
LEASE A lease is the contract (document) which sets out the terms on which one party rents property from another. If you buy a leasehold property such as a flat you will have a lease of the property.
LEASEHOLD Leasehold is a tenure of property and if you buy a leasehold property you will rent/lease the land or property from a landlord for a defined period of time.
LEGAL TITLE Legal Title is the evidence of legal ownership of assets or land. Your conveyancer will check the Legal Title to ensure this is suitable for your needs and is good and marketable.
LOCAL AUTHORITY SEARCH This is a search carried out the with the local council and reveals specific information from the local council which you will need to know when buying a property. This includes things such as whether the roads are maintained at the public expense, the planning history of the property and whether there are any orders or regulations which the property owner must observe.
MANAGEMENT COMPANY A management company may be in existence to deal with the management of an estate/development where the property is located. This is more common with leasehold property but may also apply to freehold too. You will generally pay service charges to the management company and may also be asked to become a shareholder or member.
REPORT ON TITLE A Report on Title is prepared by the conveyancer for the buyer to explain the Legal Title aspects of their purchase. This is probably the most important document the buyer will receive and will need to read and understand during the conveyancing process. It is normally provided with the contract for signing by the buyer.
RESTRICTIVE COVENANT
STAMP DUTY LAND TAX (SDLT) This is a Government tax on the purchase of property. Fortunately there is relief for first time buyers provided that the property price is £500,000 or less (other criteria applies)
A restrictive covenant is an obligation or restriction on a property. An example would be a covenant preventing alterations at a property or from keeping animals or pets in a property.
TENURE
SERVICE CHARGE
This is the legal document which transfers property from one person to another and is filed at Land Registry to evidence the change of ownership. You will typically see this referred to as Form TR1 or Form TP1
Service charges are payable to a landlord, management company or other appropriate third party for providing a service to a property. Most typically this applies to a leasehold property where you will pay for repairs, maintenance and insurance etc to the estate and building.
MORTGAGE DEED
SOURCE OF FUNDS
This is the document you sign to legally commit to your mortgage and to comply with the terms of the mortgage (such as to make the repayments). This deed is registered at Land Registry.
Your conveyancer will need to check your source of finds to comply with the Government’s Anti Money Laundering Regulations. This means they will need to see how you are financing your purchase. This can include copies of wage slips and
PROPERTY INFORMATION FORM
bank accounts to show evidence of how you have saved your contribution to the purchase price.
This refers to the ways in which you can legally hold property such as freehold and leasehold
TRANSFER DEED
VENDOR The Vendor is the seller of the property. There are many conveyancing and legal terms you will hear during your property purchase and while this summary cannot cover all terms and is not exhaustive, we hope this assists in simplifying the terminology and provide a better understanding of the conveyancing process.
This form is completed by the seller to provide the buyer with information about the property from the seller’s knowledge. This will include details about boundaries, disputes, alterations, services etc.
PURCHASER This refers to a buyer of a property.
Prince Evans specialise in all aspects of conveyancing. Please contact Prince Evans for all your conveyancing needs and for a friendly no obligation quote on 020 8567 3477 or nbh@prince-evans.co.uk
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Directory
ZONES, HELP TO BUY AGENTS, HELP TO BUY PROVIDERS AND MORE... HELP TO BUY NORTH EAST, YORKSHIRE & THE HUMBER Tel: 0113 825 243 6888 6893 helptobuyneyh.co.uk
HELP TO BUY NORTH WEST Tel: 0300 790 0570 helptobuynw.org.uk 1) 2) 3) 4) 5)
Cumbria Lancashire Merseyside Greater Manchester Cheshire
1) 2) 3) 4) 5) 6) 7)
1 2
Northumberland Tyne & Wear Durham North Yorkshire West Yorkshire South Yorkshire East Riding of Yorkshire
3
1
HELP TO BUY EAST AND SOUTH EAST
HELP TO BUY MIDLANDS Tel: 0345 850 2050 helptobuymidlands.co.uk
Tel: 03333 214044 helptobuyese.org.uk
4
1) Shropshire 2) Staffordshire 3) Derbyshire 4) Nottinghamshire 5) Lincolnshire 6) Herefordshire 7) Worcestershire 8) West Midlands 9) Warwickshire 10) Leicestershire 11) Rutland 12) Northamptonshire
1) Norfolk 2) Cambridgeshire 3) Suffolk 4) Bedfordshire 5) Buckinghamshire 6) Hertfordshire 7) Essex 8) Surrey 9) Kent 10) West Sussex 11) East Sussex
7
2
5 4
3
6
5
3
5
4
2 HELP TO BUY SOUTH
8
Tel: 0800 456 1188 helptobuysouth.co.uk 1) 2) 3) 4)
Gloucestershire Oxfordshire Bristol Bath & NE Somerset, Mendip and North Somerset 5) Wiltshire 6) Berkshire 7) Hampshire 8) Isle of Wight
7
6
1
5
5 7
8 1 HELP TO BUY SOUTH WEST Tel: 0300 100 0021 helptobuysw.org.uk Cornwall Devon South Somerset Dorset
7
1 9
8
4
1) 2) 3) 4)
6
6 4
3
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HELP TO BUY LONDON Tel: 0300 500 0996 helptobuylondon.co.uk 1) London
Map supplied by Help to Buy South
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USEFUL CONTACTS
ZONES, HELP TO BUY AGENTS & HELP TO BUY PROVIDERS – RECEIVE ADVICE ON PROPERTY FUNDING OPTIONS
LONDON
SOUTH
Help to Buy London
Tel: 0800 456 1188
0300 500 0996
helptobuysouth.co.uk
helptobuylondon.co.uk Gloucestershire Share to Buy
Oxfordshire
sharetobuy.com/firststeps
Bristol Bath & NE Somerset,
Please note:
Mendip
Help to Buy agents
and North Somerset
administer the Help to
Wiltshire
Buy: equity loan scheme
Berkshire
but not the mortgage
Hampshire
guarantee scheme. They
Isle of Wight
have the authority to give the go-ahead for you to
MIDLANDS
purchase a home with help from the equity loan
Tel: 0345 850 2050
scheme. The agents make
helptobuymidlands.co.uk
other key decisions during the purchase process. For
Shropshire
the Help to Buy: mortgage
Staffordshire
guarantee, please contact
Derbyshire
the participating lenders
Nottinghamshire
directly.
Lincolnshire Herefordshire
EAST & SOUTH EAST
Worcestershire West Midlands Warwickshire
Tel: 03333 214 044
Leicestershire
helptobuyese.org.uk
Rutland Northamptonshire
Norfolk Cambridgeshire
NORTH WEST
Suffolk Bedfordshire
Tel: 0300 790 0570
Buckinghamshire
helptobuynw.org.uk
Hertfordshire Essex
Cumbria
Surrey
Lancashire
Kent
Merseyside
West Sussex
Greater Manchester
East Sussex
Cheshire
SOUTH WEST Tel: 0300 100 0021
NORTH EAST, YORKSHIRE & THE HUMBER
helptobuysw.org.uk Tel: 0113 825 6888 Cornwall
helptobuyneyh.co.uk
Devon South Somerset
Northumberland
Dorset
Tyne & Wear Durham North Yorkshire West Yorkshire South Yorkshire
ADVERTISE HERE Speak to our advertising team to find out the best ways to give your organisation maximum exposure.
East Riding of Yorkshire Call 020 7258 0036 or email lynda@firsttimebuyermag.co.uk
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USEFUL CONTACTS HELP TO BUY PROVIDERS – OFFERING NEW BUILD SCHEMES, INCLUDING HELP TO BUY (SHARED OWNERSHIP) AND RENT TO BUY PROPERTIES
LONDON Catalyst Housing
Octavia Housing
BMA Property Group
Hastoe Housing
Optivo
Soha Housing
octaviahousing.org.uk
bmapg.com
Association
optivo.org.uk
Soha.co.uk
020 8354 5500
020 8942 4062
hastoe.com
0800 012 1442
01235 515 900
homesbycatalyst.co.uk 0300 456 2099 Clarion Housing
0300 123 2250 Optivo
Chelmer Housing Partnership
Origin Housing
Southern Home Ownership
optivo.org.uk
chp.org.uk
Home Group
originhousing.org.uk
shosales.co.uk
0800 012 1442
0300 555 0500
homegroup.org.uk
0300 323 0325
0300 555 2171
myclarionhousing.com/
0345 141 4663
sharedownership
Origin Housing
CHS Group
Orwell Housing
Sovereign Housing
020 7378 5638
originhousing.org.uk
chsgroup.org.uk
Housing Solutions Group
Association
sovereignliving.org.uk
0300 323 0325
0300 111 3555
housingsolutions.co.uk
orwell-housing.co.uk
0300 500 0926
0800 876 6060
0345 601 0030
Estuary Housing Association estuary.co.uk
Paradigm Housing
Clarion Housing
0300 304 5000
paradigmhousing.co.uk
myclarionhousing.com/
Hyde New Homes
PA Housing
stonewater.org
0845 337 4877
sharedownership
hydenewhomes.co.uk
pahousing.co.uk
01202 319 119
Fabrica
Peabody
020 7378 5638
0345 606 1221
0300 123 2221
fabrica.co.uk
peabodysales.co.uk
0800 783 2159
020 7021 4842
Crown Simmons
L&Q
Paradigm Housing
swan.org.uk
crownsimmons.org.uk
lqgroup.org.uk
paradigmhousing.co.uk
0300 303 2500
01372 461 440
0300 456 9998
0300 303 1010
Estuary Housing
Metropolitan
Peabody
Association
Association
metropolitansales.org.uk
peabodysales.co.uk
tvha.co.uk
Sanctuary London
estuary.co.uk
020 3535 2555
020 7021 4842
020 8607 0550
Guinness Partnership
sanctuary-homes.co.uk
0300 304 5000
guinnesspartnership.com
0800 916 1444
Gateway Housing
Places for People
Association
placesforpeople.co.uk
gatewayhousing.org.uk
01772 667 049
020 8709 4300
Stonewater
Swan Housing Association
Thames Valley Housing
Moat
Places for People
Town and Country Housing
Fabrica
moat.co.uk
placesforpeople.co.uk
tchg.org.uk
Site Sales
fabrica.co.uk
0300 323 0011
01772 667 049
01892 501 480
Hexagon
site-sales.co.uk
0800 783 2159
hexagon.org.uk
020 8502 5758
0303 123 1890
Notting Hill Genesis
Rosebery Housing
Worthing Homes
Flagship Homes
nhgsales.com
Association
worthing-homes.org.uk
Shepherd’s Bush Housing
flagship-homes.co.uk
0333 000 4000
rosebery.org.uk
01903 703 108
Home Group
sbhg.co.uk
0808 168 4555
homegroup.org.uk
020 8996 4200
020 8778 6699
0345 141 4663
01372 814 000
SOUTH WEST
Nu Living Guinness Partnership
nuliving.co.uk
Sanctuary South East
0800 819 9390
sanctuary-housing.co.uk
Aster Group
0800 131 3348
buyanasterhome.co.uk
Southern Home
(South)
Hyde New Homes
Ownership
guinnesspartnership.com
hydenewhomes.co.uk
shosales.co.uk
0303 123 1890
0345 606 1221
0300 555 2171
Islington and Shoreditch
Swan Housing Association
Housing Association
swan.org.uk
isha.co.uk
0300 303 2500
One Housing Group
01380 735 480
onehousing.co.uk 0300 123 9966
0300 131 7300 Thames Valley Housing L&Q
Association
lqgroup.org.uk
tvha.co.uk
0300 456 9998
020 8607 0550
Metropolitan
Wandle Housing
metropolitansales.org.uk
Association
020 3535 2555
wandle.com 0300 200 0120
Newlon Living newlonliving.co.uk
SOUTH EAST
0800 058 2544 Accent Group Notting Hill Genesis
accentgroup.org
nhgsales.com
0345 678 0555
0333 000 4000 Aster Group Nu Living
buyanasterhome.co.uk
nuliving.co.uk
01380 735 480
0800 819 9390
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USEFUL CONTACTS HELP TO BUY PROVIDERS Cornerstone Housing
Places for People
cornerstonehousing.net
placesforpeople.co.uk
01392 273 462
01772 667 049
CURO
Rooftop Housing Group
curo-group.co.uk
rooftopgroup.org
01225 366 000
0800 042 1800
Elim Housing
Sanctuary Southwest
elimhousing.co.uk
sanctuary-housing.co.uk
01454 411 172
0800 131 3348
Green Square
Severn Vale Housing
greensquaregroup.com
svhs.org.uk
01249 465 465
01684 272 727
Guinness Partnership
Sovereign Housing
(Hermitage)
sovereign.org.uk
guinnesspartnership.com
0300 500 0926
MIDLANDS
01332 346 477
0345 602 0540
0800 042 1800
Accent Group
East Midlands Housing
Muir Group
Sanctuary Midlands
accentgroup.org
Association
muir.org.uk
sanctuary-housing.co.uk
0345 678 0555
emhhomes.org.uk
0300 123 1222
0800 131 3348
0300 123 6000 Nottingham Community
South Staffordshire
accordgroup.org.uk
Friendship Care & Housing
Housing Association
Housing Association
0300 111 7000
fch.org.uk
ncha.org.uk
ssha.co.uk
0300 123 1745
0800 013 8555
01785 312 000
acisgroup.co.uk
Home Group
Orbit
Waterloo Housing
0800 027 2057
homegroup.org.uk
orbit.org.uk
Association
0345 141 4663
0800 678 1221
waterloo.org.uk
bromford.co.uk
Guinness Partnership
PA Housing
0330 123 4034
(Northern Counties)
pahousing.org.uk
WM Housing Group
guinnesspartnership.com
0116 257 6716
wmhousing.co.uk
Accord
Acis Group
0800 435 016
Bromford Group
Caldmore Accord caldmoreaccord.org.uk
0303 123 1890 Stonewater Hastoe Housing
stonewater.org
Association
01202 319 119
0300 111 7000 Clarion Housing
Places for People L & H Homes
placesforpeople.co.uk
landh.org.uk
01772 667 002 Riverside Housing
accentgroup.org 0345 678 0555
0300 123 2250
Westward Housing
sharedownership
Metropolitan
Association
Liverty
westwardhousing.org.uk
020 7378 5638
metropolitansales.org.uk
riverside.org.uk
dchliverty.com
0300 100 1010
020 3535 2555
0345 155 9029
Association
Midland Heart
Rooftop Group
derwentliving.com
midlandheart.org.uk
rooftopgroup.org
0300 123 8080
NORTH WEST Accent Group
0345 309 0700
myclarionhousing.com/
hastoe.com
0300 790 6531
0303 123 1890
Adactus Housing Group adactushousing.co.uk
Derwent Living Housing
0300 111 1133
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USEFUL CONTACTS HELP TO BUY PROVIDERS Arcon Housing
Knowsley Housing Trust
Association
k-h-t.org
arcon.org.uk
0151 290 7000
0161 214 4120
YORKS/ HUMBER
L&H Homes
0845 618 5008
0345 309 0700
Sanctuary North sanctuary-housing.co.uk
landh.org.uk
NORTH EAST
0800 131 3348
Accent Group Liverpool Housing Trust
accentgroup.org
Manningham Housing
Accent Group
Thirteen
CDS Co-operatives
lht.co.uk
0345 678 0555
Association
accentgroup.org
thirteengroup.co.uk
cds.coop
0117 407 2415
manninghamhousing.co.uk
0345 678 0555
0300 111 1000
0333 321 3030
Acis Group Muir Group
acisgroup.co.uk
Eden Housing Association
muir.org.uk
0800 027 2057
edenha.org.uk
0300 123 1222
01768 861 400
Broadacres Places for People
broadacres.org.uk
Equity Housing
placesforpeople.co.uk
01609 767 900
equityhousing.co.uk
01772 667 002
0300 123 4460
Crucible Homes Progress Housing Group
cruciblesalesandlettings.co.uk
Guinness Partnership
progressgroup.org.uk
0114 241 3430
(Northern Counties)
0333 320 4555
guinnesspartnership.com 0303 123 1890 Home Group
Equity Housing Regenda Homes
equityhousing.co.uk
regenda.org.uk
0300 123 4460
0344 736 0066
homegroup.org.uk 0345 141 4663
Guinness Partnership Riverside Housing
(Northern Counties)
01274 771 144 Bernicia Muir Group
bernicia.com
muir.org.uk
0344 800 3800
0300 123 1222 Castles and Coasts Places for People
castlesandcoasts.co.uk
placesforpeople.co.uk
0800 085 1171
01772 667 002 Erimus Housing Ltd Together Housing
erimushousing.co.uk
togetherhousing.co.uk
0300 111 1000
0845 077 0027 Guinness Partnership Sanctuary North
(Northern Counties)
sanctuary-housing.co.uk
guinnesspartnership.com
0800 131 3348
0303 123 1890
Association
guinnesspartnership.com
Stonewater
Home Group
Impact Housing
riverside.org.uk
0303 123 1890
stonewater.org
homegroup.org.uk
impacthousing.org.uk
0345 155 9029
01202 319 119
0345 141 1663
0344 873 6290
Home Group Sanctuary North
homegroup.org.uk
Wakefield and District
Karbon Homes
Irwell Valley Housing
sanctuary-housing.co.uk
0345 141 1663
Housing
karbonhomes.co.uk
Association
0800 131 3348
wdh.co.uk
0808 164 0111
irwellvalleyha.co.uk 0161 610 1000
Leeds Federated Housing
0345 850 7507 Places for People
Your Housing Group
Association
yhghomes.co.uk
lfha.co.uk
Your Housing Group
placesforpeople.co.uk
0845 618 5008
0113 386 1000
yhghomes.co.uk
01772 667 002
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20 QUESTIONS Craig is Assistant Director of Business Development at SiteSales Property Group, a multi service development consultancy business based in London and the South East. Craig and his team are responsible for business growth through the promotion and development of their wide range of services, working with private developers, housing associations and charities
20 QUESTIONS With
Craig Osborne
What is your favourite room at home? I love our kitchen. I do most of the cooking at home and you can often find me there. What’s your favourite gadget or technology at home? We have a beautiful record player at home. We don’t use it all the time as Spotify is so good, but I really enjoy the sound and feel of vinyl. It looks great too! What colour do you think everyone should have in their home? Something that makes you smile every day. It’s your home and should be an extension of your personality. Which three people would you invite over for a housewarming party if you could have any guests? It would have to be my friends. We’ve been pals since we were kids and I couldn’t ask for a better group of people to spend time with. What’s your favourite memory from your childhood home? Christmas mornings. We would wake up every year to mountains of presents. It’s only now, as an adult I realise that my parents were not well off at all and worked so hard to give us a better life than they got. Growing up, my mum didn’t even have a bedroom, she slept on the landing. I’m so lucky and thankful for them both. What interior trend do you hate? I hate ultra-modern kitchens. I understand the attraction of clean lines and handleless cupboards, but I find these quite clinical in their look. I like an old rustic-style country kitchen. Would you rather have a garden or a balcony? I’d be happy with either. As long as I have some outside space to sit, relax and enjoy the fresh air then I am happy. I think my cats would say garden though! Do you prefer modern homes or period properties? I like them both. We have a fantastic development we’re selling for One Housing Group called Acton Town Hall. As you can guess it’s the former Town Hall which has been redeveloped into a stunning selection of homes, many featuring the existing aspects of the
original building, but with the small modern touches we wouldn’t live without. Would you rather have a library room or a media room at home? I’ve always wanted a cinema room at home. I’m a bit of a geek and love my films. Apart from the odd series and sport, I don’t watch much TV but love a film. Plus, you can turn the TV off and read a book. You can’t really watch a film in a library! Would you prefer a luxurious bathtub or a sumptuous shower? Shower all the way. Quicker, cleaner and better acoustically. I mean, who sings in the bath? Would you rather live in the bustling city or in the country? I enjoy the countryside but am happiest in the city. Having everything on your doorstep is wonderful. My top city tip is don’t always use the tube. Walk more. Every time you’ll discover something or somewhere new. If you were buying a property overseas, in what country would you buy a home? I love Bilbao in Northern Spain and we go there at least twice a year. There's a fantastically social community there, with some of the best food you’ll ever eat. Would you rather have a bigger property or a better location? I’d have to say a bigger property but only because I wouldn’t downsize for location reasons. As long as I have enough space for my stuff, I’d be happy anywhere. What is the one thing you couldn’t live without at home? My wife. You’ll never meet a more annoying, argumentative pain in the backside! But she is my best mate and we laugh together so much. What’s your favourite way to unwind at home after work? I love my music. No matter what your emotion or mood you can always find the right song for the moment. What’s your favourite thing about your home? That it is ours. Growing up, I didn’t think owning my own home would be possible. I’m very lucky to have a roof over my head as many people don’t. Material things are wonderful, but nothing beats "home". Where did you buy your first home? We live in a town in Hertfordshire that we both grew up in. It’s in a quiet cul-de-sac that backs on to a school. What advice would you give a first time buyer? Find out as much as you can about the process and the options available to you. It’s the biggest purchase you’ll ever make but there are so many resources out there to help you. Oh, and go to sitesales.co.uk to start your search! What are your views on shared ownership? Shared ownership is a fantastic way for SOME people to get on the housing market. Despite being 40 years old it’s still largely misunderstood. For those eligible and with a smaller deposit it can be a great way to own your first home. What are your views on the property market? We are hearing a lot of doom and gloom currently, largely down to Brexit. For me, now is a great time to buy, if you can afford it. Interest rates are low, there are more routes to homeownership than ever before and an abundance of fantastic homes of all sizes and locations out there.
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