the Ultimate Guide to... GETTING ON THE LADDER, THE PROPERTY MARKET AND HELP TO BUY August/ September 2017 £3.95 firsttimebuyermag.com
WIN!
DAVINA MCCALL CREATES DELICIOUS PORK SLIDERS AND QUICK APPLE COLESLAW
A SET OF RADIANT COOKWARE FROM JUDGE WORTH £168
THE LATEST TREND: MICRO-APARTMENTS
CLEVER WAYS TO MAKE MONEY FROM YOUR HOME
NEW BUILDS VS OLDER HOMES
“By learning to save and by being disciplined, getting together even a small deposit can make a difference to someone's life” Nicki Chapman TV and radio presenter
08 9 771758 973014
FTB 01 Cover August-September17.indd 1
18/07/2017 15:00
FTB 02-03 Ed's-Letter August-September17.indd 2
18/07/2017 17:39
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 Senior Editorial Assistant DAWN HARKER
Junior Editorial Assistant ASHLEY BINFIELD
Creative Director RYAN BEAL
Sub Editor EILIDH MACLEOD
Contributors DAVID BLAKE, RACHEL COLGAN, JOE GREEN, KAY HILL, LAURA DEAN-OSGOOD, HEATHER LITTLE, ROGER SOUTHAM, 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
Welcome I do hope that you are enjoying the summer – with the longer days and good weather, it is the perfect time to be house hunting. We are putting on two more Home Shows this year – our next one is on September 30th in Croydon and then on October 7th we will be in Manchester. The Show is the ideal opportunity to come and meet property experts and find out how to get on the property ladder. We also have useful seminars on key topics, which run all day. Do visit ftbhomeshow.com to register your place - I look forward to seeing you there. If you are really struggling to buy your first home, you might think about a micro-apartment, which is an affordable option that is cheaper to run. Go to page 22 to find out more about them and see what is available. We have also looked at the pros and cons of buying a new property versus an older one – turn to page 26 to read more – I think you will find the feature very interesting. We gave £5,000 to Ilja Trubilin, a first time buyer who came to our Home Show in October and won the money to go towards his deposit. We are delighted that he has managed to buy his first dream home. You can find his story is on page 62. I hope you enjoy this issue and find it packed with all the information you need to buy your first home. Until next time, happy house hunting!
Accounts DAVID SELF david.self@ultimateguidecompany.com Managing Director SARAH GARRETT sarahg@spmgroup.co.uk Public Relations RACHEL COLGAN
firsttimebuyeronline
@firsttimebuyer
rachel@building-relations.co.uk SUBSCRIPTIONS 020 3874 1649
EDITOR’S PICKS…
SWITCHBOARD 020 7258 1777 FAX: 020 7258 1787 THE ULTIMATE GUIDE COMPANY LTD, 37 IVOR PLACE, LONDON NW1 6EA All advertising copy for October/November 2017 must be received before 6 September 2017. 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 2008-2017. 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.
The location, location, location rule really is important and you cut your cloth according to what you can afford. Aliza Reger, At home with, Page 12
We didn’t have to save or borrow quite so much and it was a real boost to our savings pot. Ilja Trubilin, Real Life, Page 62
I have always assumed riverside living was just for the rich.
Buying an apartment without parking does not mean you are compromising on your investment.
Michelle Harris, Developer’s Dr, Page 16
We’re committed to providing more affordable, well-designed and quality homes in London and the South East. Sandy Macmillan, Spotlight on, Page 98
Jason Abrahams, The house hunter, Page14
First Time Buyer August/September 2017
FTB 02-03 Ed's-Letter August-September17.indd 3
3
18/07/2017 17:39
CONTENTS COVER PHOTO © EDWARD T COOKE / WMA
AUGUST/SEPTEMBER 2017 / ISSUE 66 / FIRSTTIMEBUYERMAG.CO.UK
What’s in… 59
For sale
62
It was a life-changing day for Ilja Trubilin and his girlfriend Victoria Luchita when they came along to a First Time Buyer Home Show and won the £5,000 towards their deposit that the magazine gave away. We hear the story of how they managed to buy their first dream home in Buckinghamshire.
12
HOMEPAGE
9 FTB loves... A round-up of our favourite hot buys.
10 Living Pretty soft pastels are bang on trend and work very well all around the home.
12 At home with… Designer Aliza Reger Aliza is the daughter of the famous lingerie designer, Janet Reger. She
has been involved in the business for all her life and even at 10 years old she was helping to gift wrap boxes for her mother’s famous clients. She talks to Lynda Clark about her first home, her new interiors accessory range and her plans for the future.
14 The House Hunter We try to find Jason Abrahams his dream home in south London.
16 Developer’s doctor
10 4
Michelle Harris, Sales Director at Bellway Homes North London division answers your property question.
FEATURED
18 The View: Nicki Chapman The ever-busy Nicki Chapman is currently in Australia, making a new series of Wanted Down Under Under. She features on our screens in Escape to the Country and I Escaped to the Country for BBC1 and is also a regular presenter on BBC Radio 2. She also presented the RHS Chelsea Flower Show earlier this year. She talks to Lynda Clark about her interesting career, her first property and gives some excellent advice for ftbs.
need less furniture. We look at the options available.
26 As good as new Kay Hill looks at the pros and cons of buying a newbuild versus an older home.
22 Compact living at its best Micro-apartments are the latest trend for first time buyers as they are affordable, cheaper to run, energy efficient and
22
First Time Buyer August/September 2017
FTB 04-07 Contents August-September17.indd 4
18/07/2017 16:29
CONTENTS NICKI CHAPMAN, PAGE 18
IT IS A VERY EXCITING TIME FOR FIRST TIME BUYERS, AS THERE ARE MORE OPPORTUNITIES NOW THAN THERE HAVE BEEN IN THE PAST FEW YEARS.
FOR SALE
18
Nicki Chapman
HOMEMAKER
78 Market Struggling to pay the mortgage and the bills? Ginetta Vedrickas discovers some clever ways to make money from your home.
59-61 The best FTB properties.
68 First Home, First Meal Davina McCall creates delicious low calorie pork sliders and quick apple coleslaw. We test out the best BBQ food from the UK’s top supermarkets to see which is the tastiest.
REGULARS
67
accounted for. Kay Hill looks at what the ongoing costs could be, to help make sure you have the full picture before signing on the dotted line.
80 Agony Agent All your property questions answered by our panel of experts.
83 Buyer’s Guide Check out FTB Mag’s Buyer’s Guide, which walks you through the propertybuying process.
88 Conveyancing – The Questions Having a little knowledge of how the legal side of buying your home works can really help. Heather Little from Beaumont Legal answer the questions that first time buyers most frequently ask.
Competition Win a set of Radiant cookware from Judge, worth £168.
90 Directory 44 Hotspot We look at Bedford as a place to live.
72 Mortgage Clinic David Blake of Which? Mortgage Advisors answers your mortgage related questions.
74 Credit Clinic
Where and how to contact your Help to Buy Agents or providers.
98 Spotlight on... We talk to key players in the property world to get their views of how to get on the ladder. In this issue we speak to Sandy Macmillan, Director of Sales and Marketing at Southern Housing Group.
The latest in our series in which Experian’s credit expert, Joe Green answers your questions about everything to do with your credit.
76 Finance As a first time buyer, it’s possible that there are a few bills you haven’t
First Time Buyer August/September 2017
FTB 04-07 Contents August-September17.indd 5
5
18/07/2017 16:30
FTB 06-07 Mailbox August-September17.indd 6
18/07/2017 15:43
LETTERS
Mailbox FURNITURE FIX I have recently completed on purchasing a new home through shared ownership, and I can’t wait to move in. However, having spent so much on a deposit and with my monthly subsidised rent, I can’t afford lots of new furniture to decorate, but I still need some key items. Is there any way of getting furniture without spending a lot? Katherine Stephens FTB: With all the costs that come with buying a new home, first time buyers can struggle to make their new home their own. Websites such as Freecycle and Freegle allow you to collect unwanted furniture and furnishings from local areas for little, or sometimes no cost. These websites remove the hassle of the listing and shipping fees that you find on eBay, so all you need to do is arrange collection. If you keep your eyes peeled and do some searching, you can find lots of good quality freebies. It is an excellent way to help decorate your home on a budget. This issue’s star letter wins two reed diffusers from Landon Tyler. There’s nothing more relaxing than a home that smells welcoming, and these reed diffusers provide a lovely refreshing fragrance. With 12 gorgeous scents available, each diffuser will keep your home smelling good from morning through to evening, and they last for up to 12 weeks. Two reed diffusers, £24, Landon Tyler landontyler.com 0207 724 5222
FINDING A SOLICITOR I am currently searching for my first home, and recently found somewhere that is perfect for me. I now need to find a good solicitor who can do the conveyancing, but I’m not sure how to go about this at all. How will I know if they are any good? Do you have any guidance of the best place to start this process? Ross Davies FTB: One of the best places to start when looking for a solicitor is to ask your friends and family, to see if they have used a solicitor that they would recommend to you. This way you get first-hand knowledge of their experience and you know your source is reliable. Alternatively, you can look at the Law Society’s regional directory for solicitors at solicitors.lawsociety.org.uk, which lists solicitors that are regulated by the Solicitors Regulation Authority in your local area.
WRITE TO US! Please send us your questions, comments and suggestions concerning property, or the articles in First Time Buyer magazine. First Time Buyer Letters, 37 Ivor Place, London, NW1 6EA lynda@firsttimebuyermag.co.uk
LEAKING ROOF I recently bought a home through shared ownership and moved in six months ago, however since moving in I have had several problems with communal roof leaking that has caused a lot of damage to my kitchen. I have now been informed that this will cost a considerable amount of money to fix. There is enough money in the sink fund to cover the works, however I’m very angry. I’ve written to the housing association to inform them that the house must have been poorly built, but I haven’t heard anything back so I was wondering if you have any advice on how I can pursue this issue further? David Tilley FTB: Having bought directly from the housing association,
MANAGEMENT PACK I am a first time buyer and am buying a property that is a few years old. I’m very keen to get into my new home, but there seems to be some hold up, as my solicitor has requested a management pack from the seller , who is not very happy that she has to pay a fee for this. I have never even heard of a management pack and was wondering if you could explain what it’s for? I am concerned that the purchase might fall through. Sally Day FTB: A management pack contains information about the running costs of the communal areas outside the apartment. It is produced by the managing agent and lists the costs associated with running the block of apartments that they are responsible for. It will inform you of the annual
you should discuss with your solicitor whether anything was disclosed during purchase that could make a claim possible. When a housing association is undertaking work that is more than £250 per tenant, they should consult with the tenants, so if you do have more questions about the service charges and cost of work - speak to your housing association, who should be able to provide a cost breakdown of repairs. If you still think the price of the repair is unreasonable you can apply for a first-tier tribunal, but this can be expensive, as you may have to pay for any charges that arise. This area of law can be very complex so it is wise to seek legal advice if you are going to pursue a complaint. If you want more information, lease-advice. org may be able to assist you with guidance booklets.
service charge, as well as what works have been undertaken or may need to be undertaken in the future; whether there are any disputes or issues in the building and if there are any arrears of service charges or ground rent. It is common for the managing agents to make an administrative charge for producing this information, however, it should reasonable. The person selling the property should already have all the information, but they don’t usually know or keep what is relevant. It is always worth finding out the service charge, lease length and any other charges before agreeing the purchase, so it doesn’t come as a shock.
VISIT OUR WEBSITE For everything you need to know about buying for the first time, go to firsttimebuyermag.com
First Time Buyer August/September 2017
FTB 06-07 Mailbox August-September17.indd 7
7
18/07/2017 15:44
FTB 08-09 FTB-Loves August-September17.indd 8
18/07/2017 15:44
FTB LOVES
s e v o l FTB
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
Chalk up a message
Tast y Ti n Storage These charming tins are perfect for storing all your small odds and ends. With four quirky fish designs, they can be used for coins, pins, needles or even small DIY bits and bobs like nuts and bolts. The bright colours and fun prints make them charming little gifts too. Fish tins, £3.95 each, Dotcomgiftshop dotcomgiftshop.com
Hanging out bunting can really add to the sense of occasion for any event and this reusable bunting means you can express your creativity and personalise your party. Easy to use, the designyour-own bunting comes with a chalk pencil so you can add your own message, which you just wipe clean to reuse. With 25 flags, you can tailor your messages for parties, christenings, fetes and fairs and there is plenty of space for a birthday greeting. The flags have ready-made holes and come with 5m of twine for easy threading and hanging. Chalkboard bunting, £5.99, Lakeland lakeland.co.uk
Amazon Echo Dot If you fancy having your own personal assistant then the Amazon Alexa Echo Dot is the ultimate tool for easy hands-free voice control. Simply pair to your device, and off you go! Want to play music at your BBQ? Just ask, “Alexa, play summer playlist” and you can get music without the hassle of choosing songs. Grilling up a storm? Ask Alexa to set a timer so nothing gets burnt. Alexa can even check the weather and make sure your BBQ won’t be a washout. Amazon Echo Dot, £44.99, Amazon amazon.co.uk
Quick pops An ice lolly is the perfect treat to help you cool down during the summer. Now you can make your own and create your favourite flavours with the Zoku Quick Pop Maker, which allows you to produce ice lollies in under 10 minutes. Simply freeze the base overnight, fill the three moulds, wait seven to nine minutes and your icy treat is ready to go. You can make up to nine ice pops before the base needs refreezing. The set comes with six lolly sticks, six drip guards, a lolly removal tool and instructions, which include recipe suggestions. Zoku Quick Pop Maker, £38.29, Lakeland lakeland.co.uk
First Time Buyer August/September 2017
FTB 08-09 FTB-Loves August-September17.indd 9
9
18/07/2017 15:46
Homepage LIVING
Pretty in Pastel
Pastel blue sofa, £149.99, TK Maxx
Decorate your new home with soft pastels to create colourful interiors inspired by the beautiful British summertime
Abstract teapot, £25, Oliver Bonas
Lilac swirl vase, £24.99, Argos
Gold wire lamp, £39, JD Williams
Loft oval mirror, £59, M&S
10
Monty retro sideboard, £159; Homespun flower table lamp, £29; Fuji Instax mini 8 instant camera, £69.99; ceramic rabbit, £12; Arthouse wild flower print, £29; floral rug, from £69, Very
First Time Buyer August/September 2017
FTB 10-11 Interiors August-September17.indd 10
18/07/2017 15:51
Homepage LIVING
Flutterby pendant, £29; Ace circular dining table, £149; Daisy dining chair, £39; 16-piece stacking dinner set, £34.99; set of three kilner bottles, £19.99; floral cushion, £15, Very
DAB duck egg radio, £29.99, Argos
Mini bowl, £7, Oliver Bonas
Triangle embroidered cushion, £25, M&S
Geometric plant pot, £7.99, TK Maxx
Newgate wall clock, £35, redcandy
New Camden 2-seater sofa, £549; Catherine Lansfield knitted cushion, £15; jumbo cord cushion, £10; floral cushion, £15; knitted pouffe, £49; vintage floral rug from, £59; Teddy side table, £29; set of 2 vases, £29, Very
Large storage draws, £28, Sainsbury’s
C O N TA C T S » Argos argos.co.uk » JD Williams jdwilliams.co.uk » M&S marksandspencer.com » redcandy redcandy.co.uk » Oliver Bonas oliverbonas.com » Sainsbury’s sainsburys.co.uk » TK Maxx tkmaxx.com » Very very.co.uk
First Time Buyer August/September 2017
FTB 10-11 Interiors August-September17.indd 11
11
18/07/2017 15:52
Homepage LIVING
At home with:
Aliza Reger Aliza Reger is the daughter of the legendary lingerie designer Janet Reger. She has been involved with the lingerie business all her life and from the age of 10 was gift wrapping boxes for her mother’s clients, who included Bianca Jagger, Angie Bowie, Joan Collins and a few members of royalty. Aliza talks to Lynda Clark about her first property experience, fascinating life and shares some great advice for first time buyers
“CUT YOUR CLOTH ACCORDING TO WHAT YOU CAN AFFORD AND REMEMBER THAT YOU HAVE TO PRIORITISE WHAT IS IMPORTANT TO YOU”
FTB: Can you tell us about your first property experience? AR: After we got married, my husband - who has been involved in the property business throughout his working life - and I bought our first apartment in Maida Vale, which we refurbished on a shoestring budget. We were newly married and very busy and never managed to unpack everything as we were made an amazing offer on the place and decided to sell and make a profit whilst we could. It was the early 90s and property was booming, with prices going up every week. It was a lovely apartment with three bedrooms and we made about £40,000 profit, which was a great deal of money, and even though we only stayed there about nine weeks I have fond memories of it. We have bought and sold many properties since then and we have a kind-of system in place when we refurbish them, which works very well. FTB: Tell us a little about your mother, who was a well-known lingerie designer. AR: My mother was actually born in Reading. Her family moved out of the East End of London during the blitz as it was very dangerous. She met my father who was German and from Munich and they married and had me. I’ve had quite a nomadic life as I’ve lived in many different countries, including Mauritius, for 14 years. We moved the [lingerie] factory there so we lived there to oversee the production, though I did come back to London a lot of the time too.
FTB: Can you tell us about your fascinating childhood? AR: I was born in London, but my parents moved to Zurich in Switzerland, where we lived in a duplex apartment with marble stairs. Even though I was very young, I can remember it was near a river on a hill and had a big garden with a playground and sandpit. I was about five when we moved back to London and my parents bought a very ramshackle apartment in Westbourne Terrace which was nothing like as trendy as it is today. It needed a lot of work doing to it and had a leaking roof, so my parents sent me off to stay with my grandmother near Reading whilst repair work was being done. My grandmother had a lovely house with a large garden that I believed had fairies lived at the end of it! I also lived in Germany and Austria, with one of my earliest memories being of sitting on the cutting table watching my mother work with silks and laces, which were to become her signature look. My mother was
12
First Time Buyer August/September 2017
FTB 12-13 At Home With August-September17.indd 12
18/07/2017 16:00
Homepage LIVING always very busy and it was just part of life for everyone to be involved in her work so by the age of 13, I was going to trade shows during the holidays, and because I speak several languages, I even helped to sell the Janet Reger brand. FTB: Tell us more about the Janet Reger brand. AR: I have been running the business since my mid-30s and work very closely with my team. It will soon be [the brand’s] 50th anniversary and I am planning to celebrate it, as it is quite a milestone. The Reger by Janet Reger range at Debenhams is now in its 15th year and is doing really well. I have branched out into eyewear and swimwear as well and in January 2018 I am launching my new interiors collection. It will include bedlinen, home fragrance and accessories like cushions and then a little later on it will extend to gift ideas. It’s very exciting and I’ve really enjoyed working on it. FTB: What are your plans for the future? AR: I want to expand my licensing business and in a world that is changing very rapidly, I would like to relaunch the couture side of the Janet Reger lingerie collection. The Diffusion Collection - Reger by Janet Reger is doing extremely well but I think that there is a real interest and market for a high-end range. When my mother launched the business it was in the Swinging Sixties and women were becoming more liberated; there was a strong message to ‘burn the bra’. My mother always believed in women having equal rights and a voice. She said, ‘don’t burn your bra, but go out and earn enough money to buy your own.’ FTB: What advice have you got for first time buyers? AR: Do your homework and research the area you are planning to live in thoroughly. The location, location, location rule really is important. Also cut your cloth according to what you can afford and remember that you have to prioritise what is important to you. If you are renovating a property, it’s probably going to cost more than you think, and builders usually take a lot longer than expected. Don’t go for the first quote and take shortcuts. Where possible, shop around for discounts and sales but never on safely factors. If you are changing your kitchen for example, then Ikea is amazing and you can customise it by changing the door handles, for example. Be clever and do your sums. Budget! My advice would be to spend money where it shows and save it where it doesn’t. Remember that there are lots of extras to take into consideration like stamp duty, removal costs and conveyancing fees. Also get a really good mortgage broker, as they will prove invaluable.
“BE CLEVER AND DO YOUR SUMS AND BUDGET AND MY ADVICE WOULD BE TO SPEND MONEY WHERE IT SHOWS AND SAVE IT WHERE IT DOESN’T” Always buy something you love and want, and if you can’t afford it, then do without and wait until you’ve saved up a little more. I bought a Dualit toaster about 22 years ago, which cost £120, which was a fortune at the time. My mother said I was mad, but I loved the design and I still have it today - and it is in full working order! Every home evolves and should reflect your personality. I am also a great fan of recycling and upcycling - a
trend which is very big at the moment. Finally, whatever price bracket you are looking to buy in, there is always a tendency to look at what’s available at the next stage up too, and that is a big mistake. Stick to what you can afford and aspire to get to the next level only as, and when, you can afford to do so. janetreger.com
First Time Buyer August/September 2017 13
FTB 12-13 At Home With August-September17.indd 13
18/07/2017 16:00
Homepage FIRST RUNG
The
HOUSE HUNTER
What we found… THE HILL TOP HOME Alto, Crystal Palace
FROM £417,500
THE LANDMARK DEVELOPMENT Electric Quarter, Brixton
FROM £TBC
This month FTB goes on the hunt with Jason Abrahams, who is after a one or two bedroom home in south London
PROFILE
Name Jason Abrahams, 36 Occupation Finance manager Maximum budget £400,000 Requirements A one or two bedroom home in south London with some outside space, convenient parking and good transport links to central London
What he wanted… I have been living in north London for a few years, but I’m a south Londoner through and through and want to make the move back south of the river. I had been living in Finchley with my partner until quite recently. We have now gone our separate ways, and I’ve decided to return to the area that I know and love, and where many of my friends and family live. I’m really familiar with places like Crystal Palace, Brixton and Peckham, and am happy to look at any of these, as well as surrounding areas. I work in the finance department at a book publisher in central London, so an easy commute is a big must for me. I do like to cycle into work a lot of the time, but it’s really important that transport links are good, so I never feel like I’m cut off from the centre of town. It would be great to live near a high street and also have either private or good on-street parking, as I do have a car that I use a lot, too.”
This impressive development of 48 one, two and three bedroom homes sits on a hill with farreaching views out over the South Downs. The homes, which all enjoy a private balcony or terrace, are just a few minutes’ walk from the centre of Crystal Palace and the rail station, which provides speedy services to London Bridge and Victoria stations. Each of the apartments has been created with a focus on quality and all include stylish fitted kitchens, underfloor heating and en suites in the larger homes.
Tucked away on pretty back streets just moments from the buzzing heart of Brixton, this collection of 133 new homes is superbly located. Ranging from one to three bedroom apartments, the homes are bright and spacious, each with wooden floors, fitted kitchens and a private balcony or terrace. Private parking and landscaped gardens add to the development’s appeal. Brixton tube and rail stations, are under a 10-minute walk away, along with endless options for food, drink and shopping in Brixton itself.
hill.co.uk
guinnesshomes.co.uk
What he thought… These apartments look lovely and are in a really good spot. I have fond memories of Crystal Palace and remember being amazed by its views over London as a kid. It would be incredible to have such great views from my own home. I’d be close to all the bars and restaurants, so there’s loads of choice. And of course the park is brilliant – I could spend hours there, and would also end up joining the gym with its Olympic-sized pool.”
I loved Brixton long before the trendier bars and shops arrived. I worked around the corner from it many years ago so know it very well. I’d be thrilled to live around here and think these apartments offer an amazing opportunity for first time buyers. They look great, and there’s even resident parking – it would be so nice to know my car is securely parked overnight. I would be really close to lots of friends here, too.”
14 First Time Buyer August/September 2017
FTB 14-15 Househunter August-September17.indd 14
18/07/2017 15:59
Homepage FIRST RUNG
THE CENTRAL LOCATION Blackfriars Place, Southwark
FROM £158,125*
THE WELL CONNECTED South West 9, Brixton
FROM £162,750*
First choice! S TH E RIV ER SID E VI EW Battersea Reach, Battersea
Close to so many of the capital’s landmarks, the shared ownership homes at Blackfriars Place are an excellent opportunity to buy in a key location. The 26 two bedroom homes lie a stone’s throw from Southwark tube station, and within walking distance of Waterloo, the South Bank, London Bridge, and so much more. The impressive apartments feature large windows for optimal light, and are finished to a high standard, with open plan living areas, fitted kitchens with integrated appliances and wooden floors.
Just moments from the hustle and bustle of Brixton, this new development is home to 81 one, two and three bedroom apartments available through shared ownership. Finished to a high standard, they come with sleek, contemporary interiors, bright, open plan living areas and floor-to-ceiling windows, plus a private balcony or terrace, as well as some on-street parking. Transport links are excellent, with both Loughborough Junction and Brixton tube and rail stations within a few minutes’ walk.
latimerhomes.com
mho.co.uk
*Based on a 25% share of the full market value of £632,500
I really like the look of these apartments, and of course, the location. In terms of getting around, it really is ideal. I could probably cycle or walk to most places – or just a short bus ride would suffice. The river is within walking distance too, which would be exciting for when friends and family come and visit. I think I’d be the envy of lots of friends. Although the apartments are stylish, I think parking might be a bit trickier.”
*Based on a 35% share of the full market value of £465,000
What a great location! It’s slightly closer to Camberwell and Peckham, which I’d be very happy with. There are so many options for enjoying what the area has to offer - I’d be absolutely spoilt for choice. What I love most about this area is Brockwell Park, which would be so easy to get to. I’d also really love having a balcony, especially down these back roads, where you could sit and get some peace after a long day.”
FROM £119,375*
river, this t on the south side of the Occupying a prime spo offer. Not to lot a e hav s doe lly rea new collection of homes rstep, doo the and pursuits right on only are riverside walks two and k h its amazing par but lovely Battersea, wit and two rt walk away. The one sho a y onl are commons, ship feature ner ow red sha ugh le thro bedroom homes availab rooms, bed areas and well-sized open plan living/dining can also nts ide Res take in the views. along with balconies to s. den aped gar enjoy the private landsc wandle.com
e of £477,500 e of the full market valu *Based on a 25% shar
THE NEXT STEP
“I am really excited at the prospect of living here and have completed an application. I have also obtained a mortgage in principle, as I was advised by friends who have bought recently that this will speed up the application process and show that I am ready to make the next step.”
This place is amazing – I love it. Like so many Londoners, I have always assumed that riverside living was just for the rich and famous, but it’s great to see affordable homes in such a great spot. Location-wise, it’s good for getting into and around town. Wandsworth Town station is really close, and Wandsworth Bridge is right next door. I’m a big fan of Battersea and Clapham, and I have friends in Brixton, which would only take 20 minutes to cycle to. This would be a great way to return to south London, and I would absolutely love inviting my friends and family to come and see my new home.”
First Time Buyer August/September 2017
FTB 14-15 Househunter August-September17.indd 15
15
18/07/2017 15:59
ADVICE
Developer’s Doctor Michelle Harris is Sales Director at Bellway Homes North London division and has over 30 years’ experience working with private residential sales. Michelle’s skills lie in strategic property consulting and sales strategy development. She has a passion for focusing on customer experience, as well as helping her teams to succeed. Here she discusses why opting for homes without parking spaces could reduce outgoings for first time buyers
Question… As a first time buyer should I look to buy a home with a parking space? I always thought it would be worthwhile as an investment but some developers charge more for parking, which seems out of my reach. Can you advise what should I be looking for instead?
Answer … Many city centre developments offer only a limited number of parking spaces due to planning restrictions and these are therefore sold on by developers at an extra cost to house buyers. However, these days with the growing number of transport options including the much anticipated Crossrail, who needs a car? At Bellway Homes, we recognise that not everyone has a car. Some first time
CROSSWAYS Slough
buyers may have even got rid of a vehicle in order to save money on their initial outlay and ongoing monthly outgoings. We realise that some residents may like to use a car on the odd day, whether it’s to visit family, go shopping or for a trip to the seaside. That’s why we’ve teamed up with Enterprise, to offer a ‘car club’ to our clients across a number of our developments in Hammersmith, Slough and Highgate. In fact, across the UK car clubs are growing in popularity. The environmental transport NGO, Carplus, reports there are now more than 186,000 car club members in London alone. As car insurance looks likely to increase by £60 a year, according to the Association of British Insurers, having access to a pool of cars could well be a cheaper option and save first time buyers on their outgoings. For example, homeowners in Slough looking to save on the cost of transport at our Crossways development, are being offered a free, three-year car club membership with an additional £50 of free mileage. Bellway is offering the incentive
FROM
£232,495
Crossways, a development of contemporary apartments close to Slough town centre, comprises 153 one, two and three bedroom apartments - some with under croft gated parking. All the apartments at Crossways are finished to a high specification and include modern design features such as en suite bathrooms and fitted wardrobes with master bedrooms, open plan living spaces with wood laminate flooring and Zanussi integrated kitchen appliances. Most apartments will have balconies or terraces to take in the best views. Many purchasers at Crossways have taken advantage of Help to Buy and have been surprised by how easy it is to get their foot on the property ladder. Crossways is conveniently located within close reach of Slough’s town centre, where a major regeneration programme is delivering a wide
16
Michelle Harris, Sales Director, Bellway Homes North London
to buyers through Enterprise Car Club, an hourly rental service from car hire specialist Enterprise. Those buying an apartment at Crossways, in Windsor Road, will have access to 950 vehicles throughout the UK. Residents who join the scheme will be able to pick up any vehicle stationed in and around the town, while saving money on expensive insurances and car maintenance.
WHO NEEDS PARKING? These incentives appeal to house buyers that want a cost effective and flexible transport option. According to Carplus, the sums add up too. It says drivers who only drive up to 6,000 miles per year can save up to £3,500 per annum through being a car club member, rather than owning a vehicle. Buying an apartment without parking does not mean you are compromising on your investment, it means a small change in lifestyle, a saving in monthly outgoings and a huge benefit to the environment.
range of new leisure and retail facilities. The redevelopment of Slough includes the upgrade of the railway station in readiness for the opening of Crossrail in 2019. Slough’s already fast and frequent train services into London, that currently take just 19 minutes, will be further improved by its inclusion on Crossrail’s Elizabeth Line, which will connect Slough directly with destinations across Central London, as well as Heathrow. For car club users, good local road links include easy access to major motorways, with the M4 in connecting drivers to London and Bristol a mere five minutes, while the M25 and M40 are only 20 and 25 minutes away by car respectively. Properties at Crossways start from £232,495 for one bedroom, £312,495 for a two bedroom or £364,995 for a three bedroom apartment. bellway.co.uk or call 0333 202 5176
First Time Buyer August/September 2017
FTB 16-17 Dev-Doc August-September17.indd 16
18/07/2017 16:02
FTB 16-17 Dev-Doc August-September17.indd 17
18/07/2017 16:02
e h t h t i w l r i G e h T Golden Touch FTB 18-21 The-View August-September17.indd 18
18/07/2017 16:05
THE VIEW
Nicki Chapman first hit our TV screens when she appeared as a judge on Popstars and Pop Idol back in 2001. Since then she has been very busy hosting a range of property programmes, including the very popular Escape to the Country and I Escaped to the Country for BBC1. She also presented the RHS Chelsea Flower Show in May and is a regular presenter on BBC Radio 2. Nicki is currently in Australia filming a brand new series of Wanted Down Under. Lynda Clark caught up with her before she jetted off down under and found out about her fascinating career
Photos: Edward T Cooke / WMA
Nicki went to school in Canterbury, Kent and left with only three ‘O’levels, which, as she says, “is not a great start in life! I always got A for effort but C for achievement.” Little did she know then how successful her career was going to become. She adds, “I worked hard at school but I wasn’t academic at all, so I decided to do a business course at college. I thought it would give me good grounding in the work place. After studying for three years, I decided to travel to Australia for eight months on my own. I loved the lifestyle there and decided to emigrate. Whilst waiting for my visa to be processed I applied for three jobs in the music industry back in London and believe it or not, I was offered all three! Suffice to say, the lure of the music world stopped me from moving down under! I decided to accept the job that sounded best suited for me and basically worked my way up through the music industry. My first job was as a promotions assistant at MCA records, moving to RCA records as head of TV promotions. In 1995 I became a joint partner in the Brilliant! PR Company and represented the Spice Girls, Kylie Minogue, Take That, Phil Collins, David Bowie, The Brit Awards and The Big Breakfast to name a few. In the past, I had worked with Simon Fuller who represented Annie Lennox and the Spice Girls and decided to join his management company, 19 Entertainment in 2001 as Creative Director. I suppose my real rise to fame was when I became a judge for the ITV series Popstars and Pop Idol. In fact, Pop Idol was the top rated TV show in the UK in both 2001 and 2003. It was the most amazing experience and something I will never forget. It really did change my life...” Nicki has always been passionate about property and has fronted plenty of different programmes, but is best known for the very popular series Escape to the Country, the new series of which is currently on air on BBC1. It is also being aired in Europe, New Zealand, Australia and has just premiered on Netflix in America to huge appeal. She is also filming a new series of Wanted down Under: “It’s not about going on holiday but finding the ideal home in a new country on the other side of the world. Obviously it means a complete change of lifestyle and we aim to show the prospective buyers what life could be like for them. We look at the work situation, the culture and heritage, the food, and the legal implications as well. It means they will be facing a huge change, so we road test it with them to find out if moving to Australia or
New Zealand is really for them.” Nicki has been very busy during 2017; another new show which she is presenting is aptly named ‘I Escaped to the Country’, and revisits the people who bought and moved into one the properties the original show found for them. "It’s proving hugely popular with fans of the show, as everyone wants to know how they are getting on and what has happened since they bravely took the plunge and moved to the countryside." Nicki has also made two documentaries. Britain’s Home Truths, which she filmed for BBC1, exploring the people and planners developing new towns and garden cities. The concept of a garden city was originally designed by Ebenezer Howard in the late 19th century. His vision was to improve the living and working conditions of the population, allowing communities to live harmoniously with nature. “The first new town was Letchworth and I also visited Herne Bay, my home town, which surprisingly was one of the first Victorian new towns to be designed, which I never knew! We also filmed in Milton Keynes (an incredible town which has now bedded-in, so to speak), plus Welwyn Garden City, Ebbsfleet and Poundbury, an experimental new town on the outskirts of Dorchester, which was the vision of HRH Prince Charles. I also filmed another documentary called Operation People Power for BBC1 with Dave Myers, who is one half of the Hairy Bikers. It looked at volunteering and the difference a community working together can make. Not only was it an incredible experience to film and see these major changes happening before our eyes, it also galvanised me into working as a volunteer when I returned back home. I’ve been involved in charity work over the years, but had never actually volunteered on a one-to-one level. Being part of this incredible series made me realise we all have something unique to offer, be it an hour a week or a day a month. I now volunteer in a Mary Portas Living and Giving Charity Shop.” With her love of property, Nicki first bought a one bedroom apartment in Putney for £69,000 in her early 20s. She said, “It has been my biggest regret that I sold it, as now I’m sure it would be worth a small fortune. At the time I had just started in the music business and lived in really cheap digs with seven other people. I had a very small room but I managed to save up for a deposit and decided to get a repayment mortgage. Every time I had some spare cash, I’d try and pay off a little of the mortgage, chipping
"WHEN LOOKING AT A FIRST PURCHASE, I AM A GREAT FAN OF NEW BUILD PROPERTIES AS, ALTHOUGH THE ROOMS MIGHT BE SMALLER AND THE CEILINGS LOWER, YOU WILL HAVE LESS MAINTENANCE COSTS AND AS A FIRST TIME BUYER EVERY PENNY COUNTS" First Time Buyer August/September 2017 19
FTB 18-21 The-View August-September17.indd 19
18/07/2017 16:05
THE VIEW away at what I owed. The apartment was a brand new conversion and I bought it during a real dip in the property market. I loved the fact that everything was brand new and I was starting out with a blank canvas. There was no building work to be done and so no financial outlay, which suited me and my budget very well. I would buy a new build again if I was starting out, as if you have no experience in DIY, or like most first time buyers, are on a limited budget with little experience, it removes the stress and won’t end up costing a fortune. I sold it a couple of years later for £79,000 so I think I did quite well. I decided to sell it in order to get enough for a deposit
"NOT EVERYONE CAN AFFORD TO BUY BUT ONCE YOU DO THERE IS A GREAT SENSE OF WORTH AND STABILITY. I ALSO THINK THAT BUYING THROUGH SHARED OWNERSHIP IS A VERY GOOD OPTION TOO ESPECIALLY AS YOU ONLY NEED A 5% DEPOSIT" 20
on a four bedroom house in west London, which I was buying with my husband-tobe. At that time, prices in London were booming. The surveyor we used said that as we were buying at the top of the market, the house wouldn’t be an investment. I told him we were buying a home, not an investment! We bought the property from a wonderful gay couple who, I have to say, had the most divine taste – the house was immaculate. When they moved out it was in perfect decorative order, they had even taken pictures off the walls and had filled in the holes and repainted them! We spent about £12,000 doing things like painting the outside and re-landscaping the garden. After a few years, we decided to move. Even though we are still very near to central London, the area we're in now is like living in a village, with plenty of restaurants and independent shops. We found our current property through a high-end developer who had just bought it. The property was divided into two flats and was basically a ruin. He had planned to do it up and then sell it six months down the line, but we fell in love with it even though it was a wreck. We decided to buy it there and then, and asked him to continue with the renovation. We had a vision for how it would look and working together with the developer, the project was a real labour of love. We literally pulled it apart, making adjustments along the way. Although the outside is Edwardian, it is very contemporary inside and is now a single, large, five bedroom house. We knocked out the wall at the back of the property, extending the downstairs into the garden area, making the kitchen/living room a huge open plan space. To finish the look, we replaced the wall with huge bi-folding glass doors letting in plenty of natural light and making it feel like you’re already in the garden. As I present the RHS Chelsea Flower show for the BBC, I’ve become fascinated by the gardens there, and have gained some real inspiration on what you can achieve in a very small space. We’ve created a Mediterranean garden with an olive tree and palms which is pretty low maintenance but very hardy and looks stunning.” Nicki is a great supporter of first time buyers and has been working closely with the magazine helping to get more people on the ladder. We were delighted that she hosted our First Time Buyer Readers’
First Time Buyer August/September 2017
FTB 18-21 The-View August-September17.indd 20
18/07/2017 16:05
THE VIEW Awards this year. She said, “It is a very exciting time for first time buyers as there are more opportunities now than there have been in the past few years. Not everyone can afford to buy, but once you do there is a great sense of worth and stability. I also think that buying through shared ownership is a very good option, especially as you only need a 5% deposit. Two of my family members have bought through shared ownership and it has made a massive difference to them. One bought in Kent and the other in Yorkshire. If the days of owning 100% of a home are gone, then it's better to have a slice of the property than none at all. Owning your own home gives you stability and peace of mind for the future. It's important to put down roots in the community as well. It is so sad that often people are paying more in rent than they would pay for a mortgage. If you haven’t been able to save in the past then you might struggle to save or pay the bills if you do buy. I don’t want to pour cold water on what is going to be the most important purchase of your life, but there is nothing worse than having to give the keys back to a much loved home if you can’t afford to live there. People are paying an astounding amount in rent and not just in London but all over the UK. Paying rent can often be seen as dead money. By learning to save and by being disciplined, getting together even a small deposit can make a huge difference to someone’s life. "If you are looking to buy, make a checklist and follow it. Educate yourself on what is available and do plenty of research before you start. It really is a question of doing your homework, so don’t think you can’t do something until you have researched and looked it up properly! So many people make decisions based on no factual evidence at all! It's a good idea to go to property shows to find out what your options are in your area. Buying all, or part of a property is a massive decision, so it's well worth investing the time to look around and find out what is available in different areas and what you can realistically afford. It is important to work out your finances, too. When saving, you may have to curtail certain or all holidays for the time being, and perhaps postpone going to festivals, or maybe even buying a car. You have to be truthful with yourself and save what you can afford, as it will be well worth the sacrifice in the long run. If things get really tight then think about renting out a spare room. There are some excellent agencies online that help to find people who only need to rent Monday to Friday, which means that you get your privacy at weekend, so it can work out very well. If you can’t afford to buy on your own then consider buying with a trusted
"HOMES REFLECT YOUR PERSONALITY AND ONCE YOU OWN YOUR OWN SPACE IT’S A WONDERFUL FEELING" friend or family member. However, if you decide to do this then make sure you draw up all the proper legal documents before you enter into the partnership. “Homes reflect your personality and owning your own space is a wonderful feeling. I love helping people decide where they want to live on the programmes I present, as anything to do with property really gives me a buzz. Recently we had a wonderful couple with a young family who were looking to make the move into buying their own home. They were realistic about their budget, what they needed from the move and what the ultimate goal was with this relocation – for them, it was more time together as a family and less of a commute to work. We found them a beautiful home practically next door to a divine local village primary school. Although this property wouldn’t be their ‘forever’ home, they were thinking practically and stated it would work for the next five years or so. With head and heart working in tandem, they put an offer in on it straight away.
“Everyone has a preference when it comes to the look and style of their property. When looking at a first purchase, I am a great fan of new build properties because, although the rooms might be smaller and the ceilings lower, you will have less maintenance costs, and as a first time buyer, every penny counts. Older properties are full of character and charm, but if you look at the pros and cons when money is restricted, most people have very little time to do renovations or serious DIY. With a new build property you can just move in.” nickichapman.co.uk Twitter @Nicki_Chapman Insta: nickichappers Escape to the Country, BBC1 I Escaped to the Country, BBC1 Wanted Down Under, BBC1 RHS Chelsea Flower Show BBC1 BBC Radio 2
First Time Buyer August/September 2017 21
FTB 18-21 The-View August-September17.indd 21
19/07/2017 11:10
MICRO APARTMENTS
Compact living at its best
If you are a first time buyer and struggling to buy your first home then you may want to think about a micro-apartment, which is affordable, cheaper to run, needs less furnishings and is energy efficient In spite of numerous government housing initiatives launched over the last few years, demand for homes is still outstripping supply, which in turn is continuing to push UK house prices up. Developers are building new homes as fast as they can on the limited land available, but their progress is often hampered by the long-winded planning process. Back in 2013 the Government decided to relax their planning laws, changing permitted development rights to allow developers to convert empty and disused office spaces across the country into residential homes without having to apply for full planning permission or include social housing as part of the scheme. This means that it is now far less labour intensive and much quicker to help relieve the chronic shortage of homes. To use permitted rights, a developer must still apply for approval, however, the process takes just eight to 12 weeks, compared with the 12-18 months that a full planning application can take. As such, permitted development has enabled thousands of square feet of empty office space to be used. Nicholas Jordan, Head of Cameron Estates has sold many apartments across a wide range of office to residential developments and said, “Permitted development has certainly impacted on the property landscape. With so many offices sitting empty, this was a logical and cost-effective solution to keep the housing market moving. If converted well, offices can make good homes, as they are generally centrally located and close to good transport links, ideal for people who commute and first time buyers. The
22
ONES TO WATCH
office-to-home process is helping revitalise cities and towns all over the country. Crucially, it means developers can produce more affordable market homes for a greater number of people.” Inspired Homes are experts when it comes to creating microapartments. They use a hallway-free design to maximise living space and strip their office buildings back to concrete slabs, transforming them into residential-looking blocks, adding a new contemporary façade featuring new windows and brickwork. Inside, the apartments are high tech, high spec and benefit from efficient communal heating systems. Some developments also offer rooftop terraces and club lounges, so residents have additional living and leisure space outside of their apartments.
Inspired Homes now has planning permission for its Chertsey development where they are building 39 one bedroom and nine two bedroom micro-apartments, with 22 larger one bedroom and nine larger two bedroom homes. Prices start at £265,200, which includes car parking. Construction is expected to start later this summer. inspiredhomes.co.uk Developer Howarth Homes is converting an architecturally striking office building in Teddington into high quality residential properties. Teddington Gate will feature a collection of 35 new apartments and a mixture of one and two bedroom properties, due to launch in September. teddingtongate.co.uk
First Time Buyer August/September 2017
FTB 22-25 Ed1 Compact-Living August-September17.indd 22
18/07/2017 16:14
MICRO APARTMENTS
ON THE MARKET...
W H AT T H E D E V E L O P E R S S AY Taj Sangha, Managing Director of Mackenzie Homes
Central Cross
FROM £289,950
Central Cross from Inspired Homes offers one, two and three bedroom apartments just a short walk from East and South Croydon stations, with a quick commute of just 16 minutes to London Victoria and 17 minutes to London Bridge. With a high specification, kitchens include Bosch appliances, a concierge service, 1GB Superfast Hyperoptic Broadband and a NEST Smart thermostat. Residents will have access to the superb facilities at nearby Green Dragon House (another Inspired development), which include a private residents’ lounge, table tennis room and rooftop terrace with air hockey and an electric BBQ. Help to Buy is available on this development. inspiredhomes.uk.com
Photo © McVirn Etienne
CROYDON
“Creating a property that is both stylish and practical, be it a new build or an office conversion, is a key part of our build strategy. Zoning is used to create specific areas for dining, entertaining and relaxation, with careful consideration given to the location of the HDMI/ broadband/power points as well as simplicity of storage and cupboard spaces to maximise room layouts. “Interior design plays an integral role, with high quality fixtures and fittings incorporated into every home we create. We also allow any purchasers who buy an apartment off-plan and at least six months away from completion to choose the colours their walls are painted, enabling them to customise their new home.” Chris Madelin, CEO of Magna Group, explains the ‘how’ and ‘why’ behind Magna office to micro-apartment conversions
“Magna Group is committed to offer the highest spec of ‘inclusive’ not ‘exclusive’ first time buyer homes within the UK, in the best-placed commuterbelt locations, with the smartest design and utilisation of space. Magna Riverside’s Mayfair Collection brings a taste of Mayfair to Godalming’s waterside, with close transport links and sumptuous interiors - a true delight for homebuyers. There is nothing comparable available in the UK for under £200K, with Help to Buy options also available, subject to status.” Martin Skinner, Chief Executive of Inspired Homes
CHEADLE HULME
FROM £132,500
Fabrick
There are 184 one and two bedroom apartments at Fabrick, which is Inspired Homes debut northern scheme and the largest microapartment development in Greater Manchester. Like Green Dragon House, the development includes a private residents’ lounge. Construction is due to commence this summer but buyers are also able to buy off-plan.
“Space standards do not apply to permitted development conversions – and since the policy was introduced in 2013 – we have proven there is demand for this type of housing by selling nearly 500 micro-apartments, many to young professionals earning the average regional salary. We have been lobbying the Government to review and amend space standards so we can also deliver new build microapartments and we were delighted when they promised a review in their recent housing white paper. “Our one bedroom micro-apartments range from 30 sq m (323 sq ft) to 41 sq m (441 sq ft) with the two bedroom apartments between 40 sq m (431 sq ft) and 58 sq m (624 sq ft) – on average 40% smaller than a standard sized new build apartment. “High spec, well designed micro-apartments are growing in demand not just because they are more affordable but also because of the changing way people live. With growth of the sharing economy and more possessions like music and film collections stored in the 'Cloud', it is now much easier to live in smaller apartments than it was in the past. In response, our provision of superfast 1GB Hyperoptic broadband and residents’ facilities such as rooftop terraces, club lounges and Brompton bike hire means we’re giving buyers micro living with macro lifestyle. With flexible furniture solutions such as desks that transform into dining tables, buyers can get creative and make their space work smarter.”
inpsiredhomes.uk.com
First Time Buyer August/September 2017
FTB 22-25 Ed1 Compact-Living August-September17.indd 23
23
18/07/2017 16:14
MICRO APARTMENTS FROM £220,000
WEST DRAYTON
Union Park
Union Park offers 118 studio, one, two and three bedroom apartments within a private gated development, set in a stunning waterside location. Aqua House is the first phase of homes, built to a high specification with fully, fitted kitchens, secure parking bays and a daytime concierge. The majority of homes will also have a balcony. West Drayton station is nearby and with Crossrail due to arrive in 2019, travel time to Canary Wharf will take just 37 minutes London Paddington is a mere 20 minutes away. Nearby Uxbridge tube station also has Metropolitan and Piccadilly line services to central London. unionpark.co.uk
NEW BARNET GODALMING Magna Riverside
FROM £190,000
Magna Riverside offers 17 one and two bedroom apartments in Goldalming, Surrey. This lovely waterside location is just a 10 minute walk to Godalming station, which takes passengers to London Waterloo in just 45 minutes. The apartments come with white goods in the kitchen and Help to Buy is available, subject to status.
Seventeen
FROM £325,000
17 Station Road is a new collection of 36 apartments consisting of one, two and three bedroom homes, all of which have allocated parking. The bespoke kitchen comes with a fridge/freezer, washer/ dryer, dishwasher and oven, hob and cooker hood. New Barnet and the surrounding area emulates the atmosphere of a country town while also benefiting from excellent transport links into central London. Search 'New Barnet' at prestonbennett.co.uk
magnagroup.co.uk
CA S E S T U DY
Jess Albone, 23 and Jake Brown, 24, bought a one bedroom micro-apartment at Inspired Homes’ Green Dragon House development and are delighted to have got onto the property ladder. Jess said, “we were very ‘inspired’ by the fact that these properties were available to a young couple on a fairly low wage. We just love our home and the rail links to central London are second to none. Westfield will be coming soon and we also have Boxpark nearby, which is good fun. We love the area and having the residents lounge and terrace is really special, as you can meet new people without even leaving home!” Jess and Jake rented in Colchester for two years before house sharing in Stockwell. They were paying around £1,000 a month in rent and now their mortgage is £750. Having saved £20,000 over three years they also took advantage of the Help to Buy scheme. Jess said, “The scheme made a huge difference as it means we can own our own home, but can afford to live our lives too which is something we sacrificed while we were saving. Buying a home has been a huge emotional journey and I now feel like I belong somewhere and that Croydon is our home. Being able to shut the front door and be in a place that you can call your own is life-changing. We are very glad that we managed to get on the property ladder so young!”
24
First Time Buyer August/September 2017
FTB 22-25 Ed1 Compact-Living August-September17.indd 24
18/07/2017 16:14
MICRO APARTMENTS
POCKET LIVING
ST ALBANS
Photos © Sarah J Duncan
Pocket homes are compact one bedroom apartments for local first time buyers. Their award-winning design makes the best possible use of space. Pocket Living creates communities of owner-occupiers and only first time buyers who live or work in the local area and earn under the Mayor of London’s income cap for affordable housing are eligible for a Pocket home. Buyers own 100% of the property.
FROM £302,500
Ziggurat House
Ziggurat House is a new development, which will see the conversion of a landmark building into 125 studio, one and two bedroom apartments and penthouses in the historic market town of St Albans. With a high specification throughout, the kitchens come with oven, hob and cooker hood, fridge/freezer and washer/dryer. All apartments have a Juliet balcony and there is also cycle storage, a concierge and private landscaped roof gardens. Search 'Grosvenor Road' at prestonbennett.co.uk
MAIDENHEAD
FROM £TBC
FROM £332,000
Marlow House
LAMBETH
This high specification development of 14 one and two bedroom apartments by Mackenzie Homes is close to everything Maidenhead and the surrounding area has to offer. This bustling town has a great selection of boutique stores, restaurants, bars and cafes. Kitchens come with a Siemens oven, hob, extractor fan, microwave, fridge/ freezer, dishwasher and washer/dryer. For commuters, trains take just 42 minutes from Maidenhead to London Paddington.
Sail Street and Juxon Street in SE11 are residential buildings on the China Walk Estate. Pocket has worked with the council to redevelop two under-used areas and create 70 homes. Located in very central Zone 1, the homes are perfectly positioned to explore all that London has to offer. You can cycle to Borough Market in 10 minutes, Soho in 15 minutes and Brixton in just 16 minutes.
marlowhousemaidenhead.com
pocketliving.com
Sail and Juxon
First Time Buyer August/September 2017
FTB 22-25 Ed1 Compact-Living August-September17.indd 25
25
18/07/2017 16:15
NEW VS OLD
As Good as New?
Is a newbuild home always the best choice for first time buyers? Kay Hill looks at the pros and cons for new versus secondhand There are strong emotions involved with buying a home – for some, there is joy and satisfaction involved in moving into a house that is a clean slate; the walls are freshly painted, the oven sparkling, no one else has ever sat on the loo or soaked in the bath or made their porridge in the microwave. For others there is wellbeing to be found in history and continuity – the pleasure of taking over a well-tended garden, joining a neighbourly community, slotting into somewhere that has a sense of place rather than the rawness of fresh brick and new turf. But leaving the emotional out of it, there are a whole host of practical considerations to help you make your decision.
NEW BUILD ADVANTAGES: Government incentives The Government sought to kill two birds with one stone when it launched Help to
Buy – to enable people to afford homes and at the same time, stimulate the economy and reduce the upward pressure on prices by encouraging housebuilding. As a result, both the Help to Buy Equity Loan and the new Starter Homes scheme are only available on approved new build homes. As the Equity Loan provides a government-backed loan of 20% of the purchase price (40% in Greater London), interest free for five years, and the Starter Homes Initiative will give a 20% discount on new home prices, it is a big incentive for first time buyers to steer towards new properties.
Ease of purchase New homes don’t come with a chain, so purchase is straightforward and can be very quick if the house is almost completed. You will only need a Snagging Survey rather than the much more expensive full structural survey advisable on an existing home, and
developers may offer perks such as paying your Stamp Duty or legal costs.
Guarantees New homes come with a 10-year NHBC (or similar) warranty covering structural defects, in addition to the two-year warranty that most developers provide. This provides peace of mind and guards against big bills, although a survey earlier this year for the HomeOwners Alliance found that many new homebuyers were disappointed by the scope of the guarantee, which doesn’t cover serious (but potentially expensive) annoyances like electrical, wiring, plumbing and insulation faults.
Energy saving Many new homes are built on brownfield sites, close to town centre amenities and public transport. They will meet higher energy efficiency standards with more efficient boilers, better air-tightness and
26 First Time Buyer August/September 2017
FTB 26-33 Ed2 New-VS-Old August-September17.indd 26
18/07/2017 16:34
NEW VS OLD insulation, low energy lighting as standard and water-efficient bathroom fittings. Changes in building regulations mean that a new home built today can use up to 50% less energy than homes built in the early 1980s - which will help you save money, as well as help the environment.
Less maintenance It’s a reasonable assumption that a fresh, new property will require far less in the way of repairs and maintenance than an older one, although it pays to make sure your developer hands over guarantees for boilers and white goods, and it’s wise to get a snagging survey done and any repairs made before you complete. Developers aren’t all as careful as they could be; a report by the all-party Parliamentary Group for Excellence in the Built Environment recently reported that 93% of buyers report snagging problems to their builders, and a survey by housing charity Shelter claimed that just over half of new build properties have construction faults. On the other hand, a study for Aviva found that house movers spend on average more than £10,000 in the first year doing up older properties – at least in a new home it’s the developer’s job to fix it when there are problems.
POTENTIAL COSTS OF MODERNISING A SECONDHAND HOME
The Home Builders Federation (HBF) is the representative body of the home building industry in England and Wales. Its members account for 80% of all new homes built in England and Wales in any one year. They recently published a report on the cost of upgrading an old property to new. In 2015, over a third of homeowners surveyed who made home improvements spent £10,000 - £40,000 upgrading their recently purchased home, with 13% reporting that they spend over £40,000. New HBF research suggests that for an average three bedroom, semi detached home the cost of upgrading a secondhand property to the basic level of specifications an owner would be able to expect from a new build can be over £50,000 with essential work to update and replace components requiring expert installation such as wiring and central heating making up a particularly large proportion of the expense. Unlike decorative changes, some of this work is also not always immediately visible prior to purchase and can become an unpleasant surprise and unexpected cost after a new owner has moved into a property and discovers faults or inefficiencies.
Breakdown of estimated upgrade costs UPGRADE AREA
INDICATIVE COST OF BASIC-LEVEL UPGRADE FOR AN AVERAGE 3 BEDROOM, SEMI-DETACHED HOUSE 1
NOTES
Kitchen
£7,900
Includes designer fee, disposal, wiring, unit and worktops, appliances and flooring
Bathroom
£3,800
Includes electrics, tiling, flooring, plumbing, bathroom suite and disposal
Central heating
£6,185
Wiring
£8,850
Plastering
£5,240
Decorating
£2,500
Flooring
£2,628
Insulation
£775
Windows and doors
£4,900
Roofing
£4,000
Guttering
£690
External rendering
£4,175
TOTAL
£51,643
Better technology and security New build homes are likely to have highspeed broadband as standard and may also have smart home features like entry CCTV, multi-room music and so on. Fire prevention features are likely to be better than in older homes, as is the standard of locks (and you won’t need to change them).
Ability to personalise When you move into an older property you are likely to have to put up with the previous owner’s taste in colours and carpets, especially if you are on a tight budget. Many new developments allow you to personalise your finishes, and sometimes even your room layouts, if you are buying off-plan.
Buying a lifestyle Many new developments have carefully designed features from children’s play areas to concierges, gyms and even swimming pools. They come at a cost, of course, but enable you to buy into an instant lifestyle and connect with like-minded people.
Disability friendly Modern homes are built to mobility standards that ensure access to all, from wider doors for wheelchairs to accessible downstairs shower rooms, meaning that first time buyers with mobility or health issues might be wise to take a look at new homes as a first choice, in order to save on expensive modifications.
Walls and ceiling
Based on assumption that old flooring has been removed and no further preparation is required
1 Based on information gained from householdquotes.co.uk, buildingsheriff.com or which.co.uk using assumptions related to example house type and size.
EXISTING HOME ADVANTAGES: Usually cheaper According to the Office for National Statistics, last year almost all new homes were more expensive than similar existing homes, with the exception of detached properties. The differential was greatest in places where housing is more expensive – in Cambridge and Brighton, for example, new build flats
were more than 50% dearer, in Guildford they were 40% dearer and in London nearly 20% dearer. In Liverpool, however, new build flats were actually more than 40% cheaper than existing flats and in Sunderland around 30% cheaper, so research the local area rather than making assumptions. If you are looking at terraced properties, ONS reports that across the country as a whole, new ones are around 25% dearer than existing ones, new semis are
First Time Buyer August/September 2017 27
FTB 26-33 Ed2 New-VS-Old August-September17.indd 27
19/07/2017 11:12
NEW VS OLD CA S E S T U DY
Elizabeth Taylor, and her husband Paul should be decorating the nursery ready for their first baby due in a few weeks. Instead, after a month in a motel, they are squeezed into a rented house while builders begin four months of repairs on their dream first home. The couple wanted an established property, but a structural survey on a listed cottage they had been looking at revealed too many issues, so they spent several months living with Elizabeth’s parents after their wedding last June while they tried to find the perfect home. Finally they settled on a spacious, extended 1920s chalet bungalow in Southminster, Essex. “We didn’t have a full structural survey as there didn’t look like there was anything wrong with it,” says Elizabeth, an account manager. “Everything was beautifully decorated and looked really lovely.” They moved in last October, but when they had a new boiler fitted in February the plumber couldn’t understand why the new boiler was losing pressure. It transpired that copper pipes in the newer areas had been laid directly under concrete and had corroded to pieces. Not only was the concrete drenched, but the floorboards were rotten, the wall plaster damp and the electrics damaged. Luckily for the Taylors, their Home Buyers Survey, mortgage and building insurance were all with Nationwide so there have been no arguments or delays in getting the work done, but their experience shows that even the nicest looking older property could be concealing a multitude of problems.
around 10% dearer, and new detached homes are just a percentage point or two cheaper, although this varies widely from area to area.
Easier to get high LTV loans on While 90% and 95% loan-to-value mortgages are now fairly readily available if you are purchasing an older property, mortgage lenders are reluctant to offer high loan-tovalue mortgages on new builds, especially on flats. If you aren’t using Help to Buy (perhaps you want the freedom to rent out your home, you don’t want to ultimately have to repay a large amount to the Government or you plan to extend) then you will find it hard to get more than a 75% mortgage on a new flat, although Barclays will go up to 85% for houses and flats and Clydesdale Bank will lend up to 90% on houses and 80% on flats.
Fewer ongoing charges One of the curses of new homes is the tendency for developers to use leasehold even on houses and to incorporate various kinds of ground rents and maintenance fees to cover communal areas [see pages 76/77 for more information]. While older flats may be leasehold, older houses will be freehold and are far less likely to have ongoing charges.
You can see what you’re getting What you see is what you get – you aren’t trying to judge what your home will look like based on glossy brochures or a show home furnished with the world’s smallest sofas and
beds. The surrounding area will be finished too – no chance of the promised three and four bedroom neighbours becoming social housing flats or industrial units so the developer can make a few more bob.
No building delays or disruption Buying off-plan can mean lengthy delays (sometimes long enough for your mortgage offer to expire), while moving into a partcompleted new development will mean fighting through diggers and men in hard hats on a daily basis. Buying an established property avoids these issues.
More space In 2014, researchers from Cambridge University discovered that Britain’s new homes were the smallest in Europe; with an average floor area of just 76 sq m, while so-called micro-homes (from just 16 sq m) are significantly smaller than a Travelodge hotel room. As UK properties are marketed and priced according to the number of rooms rather than the floor plan, rooms in new houses have become smaller and smaller compared with those built even a decade ago.
Larger and established gardens The gardens in new builds tend to be tiny and the developer’s idea of landscaping’ may well be yellowing meadow turf draped over builders’ rubble. And yet a study by Marshalls reveals that gardens are extremely important to millennial buyers, with a third of under-
30s being actively involved in gardening (spending more on their hobby than the over 55s) and 28% growing their own fruit and vegetables. According to garden designer and broadcaster Matt James, creating even a small garden from scratch would cost in excess of £7,000, so green-fingered buyers may be better served looking for an older property with an established garden.
Easier to sell/no depreciation Just like buying a new car, the premium on a new home disappears when you spend your first night there. In addition, if you want to move on from a new home while the development is still being built you will have to reduce the price to considerably less than the remaining new units to tempt buyers. With older properties this isn’t the case.
Possibly better parking Homes built in the era of the motorcar but before the late 1990s benefited from planning rules which generally stipulated a garage and one or two off-street parking spaces. At the end of the Nineties, under pressure from environmental groups, these rules were largely abolished, so many new build developments now have no allocated parking at all, or only a few spaces available to buy.
Possibly more privacy Older properties tend to have more privacy, with lower density planning and mature trees for cover between properties.
28 First Time Buyer August/September 2017
FTB 26-33 Ed2 New-VS-Old August-September17.indd 28
18/07/2017 16:34
FTB 26-33 Ed2 New-VS-Old August-September17.indd 29
18/07/2017 16:34
NEW VS OLD
THE HOMES... NEW
WINNERSH, BERKSHIRE Hatchwood Mill
FROM £33,250* FROM £175,000*
These attractive homes through shared ownership from Thames Valley Housing offer two bedrooms plus study and feature French doors opening out to a private rear garden, landscaped communal grounds and secure cycle routes. There is also allocated parking and secure garage parking available. Nearby Winnersh railway station provides direct routes to Wokingham in six minutes and Reading in 12 minutes. From Reading station to London Paddington, services take just 27 minutes. tvhsales.co.uk *Based on a 40% share with a full market value of £437,500
THE HOMES... OLD
NEWCASTLE Metropolitan
Metropolitan is an exciting new development in Westerhope, just three miles from Newcastle’s vibrant city centre. The development will deliver 70 two and three bedroom homes, with just 29 properties remaining. The show home is open for prospective homebuyers to view the range of properties available. The development boasts three attractive property styles, with each home benefiting from a well-designed living area and contemporary style kitchen, complete with oven, hob and cooker hood. Economical gas central heating is also included in each property. Buyers can enjoy family-friendly front and rear garden areas, with off-road parking also available. Available to buy through shared ownership, prices start from just £33,250 for a 25% share in a two bedroom home, while prices for a 25% share in a three bedroom property start from £44,000. riversideho.org.uk/metropolitan *Based on a 25% share with a full market value of £133,000
OFFERS OVER
LONDON SE25
£275,000
This two bedroom ground floor apartment has been kept in good order by the current owners and benefits from a pleasant shared garden. The accommodation comprises a spacious reception room, two bedrooms, a stunning open plan kitchen/diner and a family bathroom. The property is opposite the wide-open green spaces of Grangewood Park. Grange Road is conveniently located with access to South Norwood, Crystal Palace and Thornton Heath with their respective stations and abundance of shops, bars and restaurants. Call Bairstow Eves on 0203 369 4295 for more information and to arrange a viewing. Search "SE25 6TG" at bairstoweves.co.uk
30
OFFERS OVER
£280,000
CROYDON This two double bedroom first floor conversion apartment is located in a no-through road and offers a 13’6 x 12’9 reception room with separate kitchen and bathroom off the hall. The property benefits from communal gardens, entry phone system, gas central heating, double glazing, a share of the freehold and is being offered to the market with no onward chain. Call Bairstow Eves on 020 3369 4226 for more information and to arrange a viewing. Search "CR0 2EN" at bairstoweves.co.uk
First Time Buyer August/September 2017
FTB 26-33 Ed2 New-VS-Old August-September17.indd 30
18/07/2017 16:34
FTB 26-33 Ed2 New-VS-Old August-September17.indd 31
18/07/2017 16:34
FTB 26-33 Ed2 New-VS-Old August-September17.indd 32
18/07/2017 16:34
FTB 26-33 Ed2 New-VS-Old August-September17.indd 33
18/07/2017 16:34
OPEN MARKET
KENNET ISLAND IN READING WITH ADDED EXTRAS With only a few apartments remaining for sale at the popular Berkeley Homes development, Kennet Island in Reading, now is a great time to buy
Perfect for first time buyers, Berkeley Homes is offering purchasers a contribution towards stamp duty costs. Furniture packages are also available, containing key items to furnish the property including a sofa, bed, table and chairs. Selected apartments are available under the Help to Buy scheme, meaning you could reserve with just a 5% deposit, and they are ready to move into straightaway. Already an established urban community, Kennet Island is set within six acres of open space and offers convenient modern living for families and professionals. Offering bright, open plan kitchen and living areas and spacious bedrooms, the apartments at Kennet Island are the perfect opportunity for first time buyers looking to purchase within this vibrant community. The homes are located in a more secluded area of the development, with selected apartments enjoying views across a park. All apartments will be fitted with the high-quality fixtures and appliances synonymous with the Berkeley brand. With
34
custom-designed kitchens including soft closing doors, laminate worktops and fully-integrated Bosch appliances, plus elegant Roca sanitarywear and chrome heated towel rails in the bathrooms, plus 100% low energy downlights throughout, these apartments represent the very best of modern living. The Kennet Island community benefits from an established infrastructure including a child day care nursery, a FIT@KI fitness centre, a convenience store, a private hospital and an Island Lounge licensed café. The neighbouring Hilton Hotel also offers a bar, restaurant, gym and swimming pool. Kennet Island boasts a prime location close to the M4 motorway, the Madejski Stadium and Reading University, with excellent transport links including a
dedicated regular bus service to and from the city centre. Commuters benefit from frequent rail services into central London in just 26 minutes and from 2019, the new Crossrail line is projected to serve the capital with high-speed links between Reading and east London. Prices start from £255,000 for a one bedroom apartment. For further information or to arrange a viewing, please call the sales team on 0118 9313 550 or visit kennetisland.co.uk
First Time Buyer August/September 2017
FTB 34-35 Berkeley August-September17.indd 34
18/07/2017 16:35
FTB 34-35 Berkeley August-September17.indd 35
18/07/2017 16:35
AFFORDABLE HOMES
LOCATION STILL TOPS THE WISH LIST FOR FTBS
In a recent survey of one thousand 24–35 year old renters in London, 76% of participants said that location would be important or very important to them when buying a home. However the same survey, commissioned by housing association L&Q, showed that 76% would expect to have to compromise on location when buying a property in London In fact, 50% of participants said that they even expect to leave the capital in order to purchase a home. Cathy Lloyd, Sales and Marketing Director at L&Q said, “It’s no surprise that location continues to come out as the top priority when it comes to property. Picking the right area is essential - 64% of those we surveyed said they would prefer to buy in an area where they had previously rented. However, it’s clear from this survey that most feel they are ‘priced-out’ of some of the capital’s more sought-after areas.” When asked to rank the most important factors when choosing a location to buy a home, the highest rated options emerged as good transport connections, good local amenities, and nearby parks and green spaces; but finding a home in London that ticks all of these boxes can be difficult. For many, shared ownership can be an achievable route to homeownership, which can help make buyers feel as though they really belong here in London. From swanky city pads on the edges of Zone 1, within walking distance of The Shard, to peaceful apartments in leafy Colliers Wood – L&Q is creating homes in a broad range of popular areas across the capital. Riverside homes at Greenwich Peninsula are offered in a prime Zone 2 location near Greenwich town, which enjoys a thriving
local market, plenty of Greenwich Peninsula independent eateries and quaint pubs. There is also the oldest enclosed Royal Park nearby, which boasts 13 acres of grassland. Transport links are excellent – Greenwich Peninsula is within walking distance of North Greenwich station, connecting to Canary Wharf in two minutes, London Bridge in eight minutes, and Waterloo in 11 minutes. Greenwich Peninsula also benefits from the night tube on the Jubilee line, ensuring that residents will be able to explore the city in their own time. The Thames Clipper also departs from the nearby pier every 20 minutes, and from 2018 residents will have access to Crossrail at Canary Wharf. Also set in a prime London location are the shared ownership homes at Bolingbroke Park, just a 10-minute walk from Cockfosters station on the Piccadilly line. The homes are within easy reach of the capital’s cultural hotspots and vibrant nightlife, while residents can also enjoy Cockfosters’ range of independent shops, pubs and restaurants. Bolingbroke Park’s Zone 5 location offers a London lifestyle
with all the best of country living. At Greenwich Peninsula, prices currently start from £97,500 for a 25% share of a one bedroom apartment (with a full market value of £390,000), and £126,250 for a 25% share of a two bedroom apartment (with a full market value of £505,000). Shared ownership homes at Bolingbroke Park start from £116,250 for a 25% share of a two bedroom apartment (with a full market value of £465,000), and £133,750 for a 25% share of a three bedroom apartment (with a full market value of £535,000). For more information about how shared ownership can help you create a sense of belonging in London, visit: lqpricedin.co.uk/ belonging
36 First Time Buyer August/September 2017
FTB 36-37 L&Q August-September17.indd 36
18/07/2017 16:36
FTB 36-37 L&Q August-September17.indd 37
18/07/2017 16:36
OPEN MARKET
HOMES OF DISTINCTION Redrow has just launched Baldwin Court, the latest phase of Lyon Square offering a collection of one, two and three bedroom luxury homes with stunning views across London in sought after Harrow, which are perfect for first time buyers looking to get on the first rung of the property ladder
Lyon Square is located in the centre of Harrow, one of London’s most popular villages, just north-west of the city. These high specification homes feature fully fitted contemporary kitchen units plus a stainless steel oven, ceramic hob, an energy efficient fridge/freezer and a dishwasher. Luxury bathrooms and en suites come with featured tiling, rain shower head and mirrored, wall-hung vanity units. Both the living space and master bedroom are wired to receive digital television, Sky+ HD and Virgin. On-site amenities include a concierge service, underground parking to selected apartments and a cycle store. Built around central landscaped gardens, residents can enjoy a relaxing open space, with a separate children’s play area. Plans are also in place to build a gym for residents, creating a real sense of community living. The development is perfectly located just minutes from Harrow’s essential local amenities including St Ann’s and St George’s shopping centres, cafes and restaurants. To the south, Harrow on the Hill is one of the most picturesque villages with gorgeous views over London, while offering quaint independent shops, charming tea rooms and cosy pubs to explore. Lyon Square is also close to many
leisure facilities, health and fitness centres and lovely outdoor spaces. Located in Zone 4/5, the development is within walking distance of three stations that provide direct links into central London via the Overground, Metropolitan line and Bakerloo line. The nearest train station is Harrow-on-the-Hill, which is a six minute walk away and takes just 25 minutes to London King’s Cross and St Pancras, 38 minutes to Liverpool Street, 17 minutes to
Baker Street and 12 minutes to Finchley Road. When Crossrail opens in 2018, travel times will get even faster, with the train taking just 3 minutes to Bond Street, 10 minutes to Liverpool Street and 17 minutes to Canary Wharf. Prices at Baldwin Court start from £350,000. lyonsquare.co.uk 0203 538 4982
38 First Time Buyer August/September 2017
FTB 38-39 Redrow August-September17.indd 38
18/07/2017 16:37
FTB 38-39 Redrow August-September17.indd 39
18/07/2017 16:37
AFFORDABLE HOMES
HARROW’S HIGH LIFE
Offering spectacular views across London and the Home Counties, Origin Housing’s new scheme in Harrow will offer 186 new homes, a number of which will be set within a 17 storey architecturally striking new landmark tower A new community for the area, set around a public square, is due to launch in Harrow in 2018. Works have now commenced on the development, which is set in an attractive suburban family environment in the highly convenient Zone 5 location. Also soon to launch in Harrow’s Northolt Road are 116 apartments at Eaton Square. Designed by awardwinning architects, the striking scheme will feature straight, clean lines and inset glass balconies, with upper floors including duplex penthouses. A proportion of homes at both schemes will be available to first time buyers through Origin’s shared ownership scheme, allowing those unable to save for a large deposit to purchase a share of their new home, and then staircase up over time. Simon Scott, Head of Sales and Marketing for Origin Housing, comments, “Data shows that property prices in Harrow have risen considerably in recent years, with average property prices in the area set
40
to exceed £500,000 by December 2018. This means that homes in this area are becoming increasingly out of reach for first time buyers. As a result, schemes such as shared ownership, which help buyers get their feet onto the ladder, are more important than ever. In fact, according to the National Housing Federation, up to 46% of first time buyers are now turning to affordable home ownership to get onto the housing ladder. We are delighted to be able to offer high quality homes for first time buyers in this increasingly sought after location.” For a spot of retail therapy, Harrow offers two shopping centres - St Ann’s and St George’s – complete with all of the big high street names, as well as popular restaurant chains such as Prezzo, Nando’s and Pizza Express, plus a nine-screen Vue cinema. Additionally, a Debenhams department store can be found on Station Road. Nearby Harrow on the Hill boasts some of north London’s most picturesque green and leafy spaces, which surround the
Harrow Hill. A highlight is the high street, which features the area’s best independent restaurants, cafes and delis. The area is ideal for young growing families – offering an impressive choice of both private and state schools and a number of green, open spaces. Connected to national rail services as well as Underground and Overground trains, Harrow is more than convenient for commuters. Harrow-on-the-Hill station offers a 20 minute journey to Baker Street on the Metropolitan line, while those heading to Paddington can get there in just half an hour on the Bakerloo line from Harrow & Wealdstone station – or pop into Euston by national rail in just 14 minutes. The area is also well-serviced by local buses, ideal for young parents with pushchairs or those commuting around north-west London. For further information about Origin Housing’s shared ownership homes, visit originsales.co.uk
First Time Buyer August/September 2017
FTB 40-41 Origin August-September17.indd 40
18/07/2017 16:37
FTB 40-41 Origin August-September17.indd 41
18/07/2017 16:37
AFFORDABLE HOMES
HOME HUNTERS INCREASE DEMAND IN BARKING
According to research published by Zoopla, Barking and Dagenham is London’s most indemand borough, with enquiries into homes 168% higher than the rest of the capital¹. With an average property value of £300,000² and fast transport links into central London, it is no surprise that purchasers are becoming savvy to the excellent investment that the area can offer. Working together to supply this demand, East Thames, part of the L&Q group and Barking and Dagenham Council are launching the first phase of Weavers Quarter this autumn. The project will deliver 470 brand new homes
Weavers Quarter is an ambitious regeneration project, transforming the Gascoigne Estate to create over 1,500 new homes. Set for phased completion from 2018 to 2024, the redevelopment will bring £300 million worth of investment into Barking town centre. At the heart of the development will be a new community, including a 690-pupil primary school, a 1,850-pupil secondary school, a community centre and public and green spaces incorporated throughout. The development will offer a collection of one to three bedroom homes, available with the shared ownership scheme. Ideal for those keen to step onto the property ladder, the scheme allows buyers to purchase the percentage of a home that they can afford and pay a subsidised rent on the remaining share. It is possible to buy additional shares
42
of the home at any time, increasing the owned proportion of the property. Tony Harker, Director of Sales and Marketing for East Thames said, “With some of the most affordable house prices in the capital, it is hardly surprising that the demand for homes in Barking and Dagenham is so high. We are delighted to be launching Weavers Quarter in autumn 2017, which will transform the Gascoigne Estate, creating an attractive new neighbourhood for the community. Savvy purchasers will recognise the potential for investment within this regeneration scheme.” Weavers Quarter is well-placed to enjoy local restaurants, bars and amenities, including a gym, shopping centre and a theatre. For further entertainment and leisure opportunities, Barking boasts excellent links into London. Barking station
is less than half a mile from Weavers Quarter, connecting to the City in just 15 minutes’. The station also connects directly to Westminster on the District line in less Weavers Quarter than 40 minutes and to Liverpool Street on the Hammersmith & City line in only 25 minutes. The station also provides an Overground service. Bus services are regular, taking passengers further into Barking and central London, while residents can reach the M25 in less than 15 minutes by car. For more information and to register your interest, please visit weaversquarter.co.uk ¹ zoopla.co.uk/market/barking-and-dagenham-londonborough/?q=Barking%20and%20Dagenham%20 %28London%20Borough%29%2C%20London 2 zoopla.co.uk/discover/property-news/humble-garagehelps-boost-a-home-s appeal/#IBL529E6L2g0muGU.97
First Time Buyer August/September 2017
FTB 42-43 East Thames August-September17.indd 42
18/07/2017 16:38
FTB 42-43 East Thames August-September17.indd 43
18/07/2017 16:38
LOCATION
HOTspot
FAC T F I L E
Average property price (April 2017) – £278,854 Property breakdown* (Bedford County) Detached - £451,336 Semi-detached - £273,779 Terraced - £216,624 Flat - £162,297 *According to the Land Registry House Price Index, April 2017
Bedford: the riverside all-rounder
S O M E FA M O U S RESIDENTS
With major cities in comfortable commuting distance and so much on offer in the town centre, Bedford is well and truly on the first time buyer map The pretty riverside town of Bedford has hit the headlines in recent years - for all the right reasons. Newspapers countrywide have repeatedly declared the town to be in the top 'best places to live' in the UK as a result of a number of lifestyle and property surveys. Among its hotspot features that make it such a good catch for homebuyers are the town’s speedy transport links to London, its proximity to other major cities and the surrounding countryside, plus the diverse range of shops and restaurants in the town centre. Bedford has a rich history as a key market town, and market trading remains an important part of the area’s culture. Its history is also evident in Castle Quarter, a thriving part of the town where a great medieval castle once stood.
44
Bedford is fast growing, with a forward-thinking population and many independent shops and quality drinking and dining options. There’s also a fantastic focus on arts and entertainment, meaning there’s always something for people of all ages to take part in.
HOMES AND RESIDENTS Bedford’s location, property prices and growing profile continue to attract new buyers to the area. First timers are attracted from London by the promise of a quieter way of life and more property for their money. You can get your hands on a one bedroom apartment in the heart of Bedford for well under £200,000, while in London, you may pay more than double for the same. In the town centre there is a good mix of old and new properties, with a high number of period homes as well as more recent conversions housing new apartments. Several attractive new developments have also been created in the centre and outskirts of town. Bedford has a population of around 167,000 - which is less than some London Boroughs - so there is a quieter and more laidback feeling in the town centre. But quieter doesn’t mean less interesting; there
• Athlete, Paula Radcliffe • Comedian, Al Murray • England cricketer, Alastair Cook • Actor, Ben Whishaw • Comedian, Matt Berry
is a cosmopolitan population and several innovative businesses and arts groups doing new things in the area.
OUT AND ABOUT The first stop for Bedfordians looking for entertainment should be The Pavillion. Set in the middle of Bedford Park, this venue, which serves delicious, locally sourced food, also puts on some great events. A real favourite with locals, this is the place to come for a relaxed dinner as well as live music, theatre, sport and a popular supper club. You’ll also find a warm welcome at Coffee with Art. You can spend entire afternoons here, enjoying the good coffee, quirky interior and service with a smile. If cocktails are your thing, try Bears and Tales, a relatively new cocktail bar in the town centre. The attentive service and imaginative menu have earned the bar a great reputation, as well as a newcomer business award. For a meet-up with friends, try d’Pary’s, where dinner and drinks mix with a library and gallery. Pick up some sweet treats from Molly’s Tuck Shop on your way home. For a spot of learning and culture, the Higgins Museum and Gallery is a must. Housed in historic buildings near the town
First Time Buyer August/September 2017
FTB 44-45 HotSpot August-September17.indd 44
19/07/2017 10:21
LOCATION centre, the museum runs exhibitions, tours, writing groups and archeology events. Bedford Creative Arts and the South Bank Arts Centre are also worth a visit from art lovers and those wishing to take part in events and courses. Music fans must head to Esquires, a much-loved independent music venue with three stages and a full programme of events, including an annual Beatles tribute night. With the River Ouse such a key feature of the town, it’s no wonder there are some great water-based activities on offer in the area. Bedford Rowing Club can be found on the south bank of the river, but if you’re looking for something a little more leisurely, book a half or full-day paddle tour with Canoe Trail, and explore the local waterways with a trained instructor. The Ouse is also the focus of the famous River Festival, which entices over 250,000 people to Bedford’s riverbanks every two years.
SHOPPING Bedford is a great place to shop, with a fine mix of high street stores, markets and malls, as well as plenty of places to stop for refreshments. The town’s long-standing markets are still going strong. Traders have sold at St Paul’s Square since the 1500s, and the variety and quality of the
nearby on the outskirts of Oxford.
TRANSPORT
Bedford Market
markets continues to grow. On different days throughout the week, the markets specialise in gourmet food, home and garden and handmade crafts, as well as a bi-weekly farmers' market. There are also plenty of independent retailers in the town centre, largely in The Arcade and Church Arcade. Here you can get your hands on anything from specialist jewellery (try Millman Jewellers) and unique gifts (Charisma) to old-fashioned sweets (Arcadia Sweetshop). If it’s the big names you’re after, the Harpur Centre will have you covered, where you’ll find Topshop, Primark, Boots and all the names you expect to see in a town centre. Of course, with big cities so easily accessible, getting to key shopping districts is easy. Lovers of designer labels will be in heaven at Bicester Outlet Village, found
Travel times from Bedford to London St Pancras take as little as 49 minutes, underling the town’s commuter credentials. Heading in the other direction, trains will take you north to Leicester in 50 minutes and Nottingham in just over an hour. Northampton, Milton Keynes and Cambridge are also easily accessible by road. Bedford itself is served by a comprehensive bus network, with a number of routes running through the centre of the town and local districts, in all directions and towards major hubs, including Luton and Kettering. The town centre is the perfect size for walkers and cyclists, and there are a large number of cycle paths and routes for those travelling on two wheels.
5 REASONS WE LOVE… …BEDFORD 1 The Great River Ouse 2 Unspoilt countryside 3 Rich history 4 The arts scene 5 Its many markets
HOMES on offer in the area… BEDFORD
BEDFORD
De Monfort Place
KEMPSTON, BEDFORD
Swan House
Austin Mews
FROM £185,000
FROM £140,000
FROM £270,000
This new collection of contemporary homes, created on the former university campus site, is proving very popular with buyers – with many of the 152 apartments and houses being acquired before completion. With Bedford rail station, local amenities and pretty Bedford Park within a short walk, the location is perfect for commuters and those who like to be close to the action. The homes on offer range from one bedroom apartments to five bedroom houses with beautiful, bright interiors, and come in a range of styles.
This new collection of 18 homes by Hazon Developments occupies a fantastic riverside location in the heart of the town of Bedford. The studio and one bedroom apartments are all finished to a high spec, while the homes include quality fitted kitchens and large windows for plenty of natural light – to make the most of the river views available from some of the properties. Residents will love how easy it is to get around – the high street is on the doorstep, along with St Paul’s Square, while the rail station is just a 15-minute walk.
Set on the former site of an historic mansion, this new collection of family homes by Asha Developments features 24 three and four bedroom terraced and semi-detached properties. The four bedroom semi-detached homes are arranged over three storeys, with an open-plan living/dining area occupying the entire ground floor, along with a w/c, and the bedrooms set on the top two floors, with two family bathrooms. Perfect for family life, the homes are two miles from Bedford town centre, close to the River Ouse, great parks, supermarkets and transport links.
storey-homes.co.uk
propertywide.co.uk
propertywide.co.uk
First Time Buyer August/September 2017
FTB 44-45 HotSpot August-September17.indd 45
45
19/07/2017 10:21
AFFORDABLE HOMES
METROPOLITAN HELP ANNETTE GO BACK TO HER ROOTS
Annette Marshall knew all about the difference shared ownership can make when trying to buy a home. She already owned an older shared ownership property where she lived in Somerset, which she had invested plenty of time and money into improving, but which had never really felt like home Whilst visiting family in East Leake (in the borough of Rushcliffe, to the south of Nottingham) during the summer of 2016, Annette decided to take a walk around the village, the place where she had grown up. It was during this walk that Annette discovered the Kingston Banks development, where seven new two and three bedroom houses were being constructed for Metropolitan shared ownership, by developer David Wilson Homes. Annette explains, “I had wanted to move home for a long time, to be closer to my family and to keep an eye on my father. It was important to be around to help him with the basics as he’s in his late 80s now. I saw the show home and walked in and was informed that there would be shared ownership houses available, so I made my decision there and then.” Through shared ownership, you buy a share in the value of a home (as large a share as you can afford between 25% and 75% of the full market value) and pay a subsidised rent on the remainder. By having a smaller mortgage and subsidised rent, your monthly outgoings are kept lower than if you were to buy or rent the same home privately. Because you only have to pay a deposit on the share you are buying, shared ownership also lowers the levels of savings needed to be able to buy a home. When you can afford to, you can increase the share that you own (known as staircasing) to the point where
you own your home outright. The houses at Kingston Banks were not due for completion until the winter, which gave Annette time to put her own house on the market and prepare to make her move. Whilst shared ownership is widely known as an option devised to help first time buyers, existing homeowners who are selling their home but cannot afford to buy a suitable home privately can also buy affordably with the scheme. “I put my shared ownership house in Somerset on the market and it sold within two days! I had taken on a fixer-
upper which I wouldn’t do again, I had to sink a lot of money and time into it but had got it to a pristine condition and everything went very smoothly with the sale.” In terms of affordability, Annette was able to use her sale proceeds towards a deposit on her home at Kingston Banks which then meant that her monthly costs would broadly be the same as they were in Somerset. In late September, Annette bought a share of the full market value of £165,000, to become the proud owner of a brand new, two bedroom house, taking the keys at the end
of January 2017 and completing her relocation in spring, with a new job at the NHS. “Without shared ownership I’d have never been able to do it, it was such a good feeling to take the keys. I’ve now got a decent size garden with parking for two cars, so that I can have visitors. It’s been great to be back in a place where I have lots of connections and can catch up with friends and family.” To find out more about Metropolitan’s new homes, get in touch with the Sales team on 020 3535 2555 or by email to mhosales@metropolitan.org.uk
46 First Time Buyer August/September 2017
FTB 46-47 Metropolitan August-September17.indd 46
18/07/2017 16:40
FTB 46-47 Metropolitan August-September17.indd 47
18/07/2017 16:40
AFFORDABLE HOMES
IT’S GOOD TO SHARE – THE INSIDER’S GUIDE TO SHARED OWNERSHIP When you start the search for your first home, the property market can seem like an impenetrable maze, artfully constructed to confuse and mislead the uninitiated. Like many first time buyers, you have probably kicked off your house hunting adventure by perusing the online property sales sites, and been perplexed by what seem to be impossibly cheap new build properties appearing at the top of your search results, accompanied by the legend ‘available through shared ownership’… So, what does it all mean? Well, the simple answer is that shared ownership allows you to part buy, part rent your new home. The slightly more complex version is that Help to Buy: Shared Ownership is a government initiative, which means buyers with a household income of less than £90k a year in London (and £80k in other areas), can be eligible to purchase a 25% to 75% share of a new build property, and pay a subsidised rent on the remaining portion. So, that’s why those bargainous properties come up at the top of your online search results: the price shown is usually the price for the lowest percentage share that you can purchase. However, don’t be put off. Those cheap prices aren’t a con. It really is more affordable and accessible, to buy a shared ownership property than it is to buy a similar specification property in the conventional way, because you are buying a percentage, rather than 100%, of the house or apartment, and the rent on the remaining portion is subsidised by the Government. For many people, however, the most advantageous part of buying through shared ownership is that they only need to find a deposit for the percentage of the property they are actually purchasing, and there is no damage deposit or three months’ rent in advance to pay on the rented part. Charlotte Alexander, 27, who recently bought a one bedroom apartment at Orbit’s Dunton Meadow development in Sevenoaks, Kent, comments, “Having a full mortgage on a property in this area could have meant me needing to raise around £60k for my deposit. That sort of lump sum simply isn’t feasible on a single income, even with the financial advantages of living with my parents while I saved.” Charlotte, who had spent a long time searching for her perfect home before deciding to opt for shared ownership with Orbit, explains further,“ I was delighted
Charlotte Alexander
when I saw what I could afford by buying a shared ownership property at Dunton Meadows. A lot of the apartments I had seen elsewhere during my search were much smaller than the one I eventually bought, and had far more expensive service charges. To buy 40% of my new home, pay the reduced rent on the remainder, the service charge, and a subscription to the onsite gym, still costs me less each month than it would cost to rent anything like it privately.” A common misconception is that when you buy a shared ownership property, you are committing to only ever owning a portion of your home. However, this isn’t the case. Through a process known as staircasing, shared ownership buyers are able to buy further shares of their property, up to 100% ownership, as their financial circumstances change, and over
a timeframe that best suits their individual circumstances. If the decision is made to buy further shares, the property is then independently valued at market rate, to ensure that the buyer is getting a fair deal. There is lots of detailed information online at orbithomes.org.uk/ways-tobuy/shared-ownership as well as a downloadable beginners’ guide to shared ownership. You can also use the website to search for properties that are available via the scheme in your area. However, you should always feel free to drop into the Orbit Sales and Marketing suite of a shared ownership development. The sales team are a friendly bunch, who genuinely enjoy helping people get onto the property ladder. orbithomes.org.uk
48 First Time Buyer August/September 2017
FTB 48-49 Orbit August-September17.indd 48
18/07/2017 16:40
FTB 48-49 Orbit August-September17.indd 49
18/07/2017 16:40
AFFORDABLE HOMES
INTRODUCING OPTIVO – A BRAND NEW HOUSING ASSOCIATION May 2017 saw the launch of Optivo - a brand new housing association with a promise to develop more affordable homes for those wanting to get their foot on the property ladder Optivo, formed from a partnership between AmicusHorizon and Viridian Housing, has over 44,000 homes – including award-winning shared ownership schemes and open market sales. The organisation has pledged to invest £3.5 billion in new developments of all types of tenures over the next 10 years. A further £1.5 billion will be raised in new finance to support a growth programme – including £75m for open market sales. By 2021, they expect to be building 1,500 homes every year. And there’s a solid focus on creating more shared ownership as well as outright sales. James MacPhail, Interim Head of Sales and Marketing, said, “We know how difficult it can be to get your foot on the property ladder today – especially in London and the south-east. That’s why we’re dedicated to creating more quality, affordable homes for first time buyers. “By joining AmicusHorizon and Viridian together to become Optivo we’ve created additional capacity to build even more properties across sought-after areas in London and across the south of England. It also means we are able to invest in a growth programme that will see us expand our products with initiatives like Rent to Buy and the London Living Rent. “We’ve got some really exciting homes on offer – and in the pipeline – and we’ll work to ensure this continues as long as there is a demand for more affordable homes.”
50
Sky Gardens
In London, Optivo is part of the g15, a group of the capital’s largest housing associations. New developments will build on the success and experience of previous shared ownership developments such as Riverlight, in Nine Elms, near to the Battersea Power Station site. Optivo has just launched Sky Gardens in Vauxhall, six apartments, with one or two bedrooms, for shared ownership sale. This will be followed at the end of the year by 38 one and two bedroom shared ownership apartments in nearby Nine Elms at Embassy Gardens. Elsewhere in London, a number of homes will be launching this summer for shared ownership sale. These include two bedroom
buyers will also be launching over the coming months across East Sussex and Kent. These will include one bedroom apartments and two and three bedroom houses in Bexhill. Two and three bedroom houses will be available in Sedlescombe and Rye, and one and two bedroom houses will soon be coming up in Sittingbourne. apartments in Sutton, one and two bed apartments in Colliers Wood, and three bed houses in Mitcham Common. One and two bedroom apartments will also be available in Croydon at the end of the year. Optivo also has exciting
plans for the city, supporting Mayor Sadiq Khan’s London Living Rent - with rents to be set at a third of average incomes, and leading to sale on a shared ownership basis. Outside of London, new developments for first time
To find out more about shared ownership and outright sale with Optivo visit their website optivo. org.uk. You can also follow all the latest news from Optivo on Twitter @optivohomes and Facebook @optivohomes
First Time Buyer August/September 2017
FTB 50-51 Optivo August-September17.indd 50
18/07/2017 16:42
FTB 50-51 Optivo August-September17.indd 51
18/07/2017 16:42
OPEN MARKET
MODERN LIVING WITH WESTON HOMES
Weston Homes will be launching Ashton Grove later this year offering a very special collection of 113 apartments and houses in pretty Dunstable, Bedfordshire Ashton Grove, which was previously a school, will offer an exciting new development of 113 apartments and houses including the conversion of the historical school building itself, and is set to become the signature development of the south Bedfordshire area. Each individual home within this new community features modern and luxury fixtures and fittings, including outstanding designer kitchens with quartz stone worktops, along with high specification bathrooms with porcelain tiling, which are all finished to the highest quality. Dunstable is the oldest charter town in Bedfordshire. At the heart of the town is the Quadrant Shopping centre, which offers a wide selection of shops. There is also a variety of bars and restaurants nearby. The historic outdoor market runs three days a week. There’s something for everyone in Dunstable, including The Grove Theatre arts and entertainment centre, which puts on a selection of drama, ballets, pantos, children’s shows and film screenings and overlooks the beautiful, landscaped Grove House Gardens. The Little Theatre is the town’s little gem, which hosts dramatic performances throughout the year. There are also several parks and leisure facilities in the area. Dunstable Downs is ideal for getting out and about and is very popular
52
for kite flying. For animal lovers, the openrange Whipsnade Zoo is nearby. Very well situated 32 miles north of London, 15 miles south of Milton Keynes, and nine miles west of Luton, Ashton Grove is well connected with quick and easy access to the M1. For commuters it takes just 45 minutes to reach central London by taking a bus to Luton, then 23 minutes to London Blackfriars or 35 minutes to London St Pancras by train. Ashton Grove will be a unique and impressive development offering exceptional homes for all modern lifestyles. 01279 873 300 weston-homes.com/ashton-grove
F I R S T- T I M E S E C U R E B U Y
Homes at Ashton Grove will be available with Weston Homes’ new innovative scheme, which gives first time buyers the opportunity to secure a plot at today’s price, for just a £500 reservation fee and a 5% deposit. Once the first timer has paid the deposit and reservation fee, the home will be theirs. Six months ahead of completion they can apply for a mortgage or the Government Help to Buy scheme and complete on the property in the usual way. If for any reason the first time buyer cannot get a mortgage they will receive a full refund. However, if there are any other costs incurred like legal fees, these are non-refundable.
First Time Buyer August/September 2017
FTB 52-53 Weston August-September17.indd 52
18/07/2017 16:42
FTB 52-53 Weston August-September17.indd 53
18/07/2017 16:42
HELP TO BUY
AFFORDABLE BOUTIQUE LIVING
Imagine living in a luxurious apartment which has been designed by celebrity interior designer, Kelly Hoppen MBE, which also includes the Stamp Duty paid, financial help with conveyancing fees and a superb furniture pack which includes everything you need to set up your home for the first time It sounds like every first time buyer’s dream, and it can be a reality with Brickfield Court in Slough by C Group Developments, which is offering one bedroom apartments built to be perfectly in tune with modern day living. Designed to a very high specification by Kelly Hoppen MBE, whose objective is to create a calm and balanced environment where people see their homes as their own private sanctuary – a place to relax with friends and family. The apartments are really spacious, with the secret to that extra room being that they have used the space efficiently, meaning that the apartments do not have hallways, which enables the living spaces to be bigger. The bespoke kitchens come with Bosch appliances including an oven, hob and cooker hood, fridge/freezer,
54
dishwasher and washing machine/dryer. Managing Director of C Group Developments, Ross Mansoori-Dara said, “We have really thought out the best design possible for our apartments and Kelly Hoppen MBE and her team have been involved right from the conception of the development. For example, the bespoke front doors are quite unique and have special handles. The bathrooms are really luxurious and have floor to ceiling tiles and really superb fixtures and fittings. There is also a concierge, secure parking both above and underground and an on-site gym. We wanted to create a real sense of boutique living but at an affordable price and Brickfield Court has really achieved this.”
THE PERFECT LOCATION Slough is undergoing a big regeneration project and is home to numerous green
spaces including Black Park, a 600-acre country park that is designated a Site of Special Scientific Interest. The Curve is Slough’s brand new iconic library and cultural centre right in the heart of the town. The perfect location for commuters, the average journey time from Slough to Paddington takes just 30 minutes - or 18 minutes on a fast train. When Crossrail becomes operational in 2019 there will be direct, non-stop trains from Slough to Liverpool Street, which will take just 39 minutes, while a train to Canary Wharf will take a mere 46 minutes. Prices for a one bedroom apartment at Brickfield Court start from £227,000 – and for first time buyers, not only will the Stamp Duty be paid, but there is also a contribution towards the cost of the conveyancing fee, plus the addition of a free furniture pack worth £3,500. Help to Buy is also available. brickfieldcourt.co.uk
First Time Buyer August/September 2017
FTB 54-57 C Group August-September17.indd 54
18/07/2017 16:45
FTB 54-57 C Group August-September17.indd 55
18/07/2017 16:45
FTB 54-57 C Group August-September17.indd 56
18/07/2017 16:45
FTB 54-57 C Group August-September17.indd 57
18/07/2017 16:45
FTB 58-61 For-Sale August-September17.indd 58
18/07/2017 16:47
FOR SALE
FOR SALE THE CREAM OF THE CROP Each month, FTB scours the market for the best starter homes for first time buyers. So, if you’re searching for your dream home on a budget, we hope you will enjoy our selection.
HYTHE, KENT
HOIC FIRST C
E
WATERSIDE
LIV★ ★IN★G
Affordable homes p60-61
REAL LIFE
Ilja wins £5,000 p62
First Time Buyer August/September 2017
FTB 58-61 For-Sale August-September17.indd 59
59
18/07/2017 16:47
FOR SALE
AFFORDABLE HOMES HYTHE, KENT
HOIC FIRST C
FROM £199,995
E
WATERSIDE LIVI★N★G ★
Martello Lakes These beautiful new homes sit in a pretty spot on the Kent coast, just 15 miles from the white cliffs of Dover. The properties available range from two bedroom apartments to four bedroom detached houses, all with outdoor space, and many with views out over lakes. The apartments feature open plan living/dining areas with French doors leading to a private terrace. The bedrooms are well sized, with the master also featuring an en suite. Fast travel into London is aided by speedy services from Ashford International (38 minutes), a 20-minute drive away. Barratt Homes 0844 854 9936 barratthomes.co.uk
60
First Time Bur August/September 20177
FTB 58-61 For-Sale August-September17.indd 60
18/07/2017 16:47
FOR SALE FROM £155,000
GORTON, MANCHESTER
FROM £126,000*
B O W, E A S T L O N D O N
Grace Gardens The latest phase of this popular development features 48 two, three and four bedroom homes complete with private offroad parking and landscaped gardens. The homes are bright, contemporary and ideal for family life. Transport links are excellent here, Manchester can be reached in under 10
minutes from nearby Belle Vue rail station, while buses run from Hyde Road. For those looking to explore, there are several parks nearby, as well as the stunning Peak District, which is accessible in minutes by car. Linden Homes 0161 825 8188 lindenhomes.co.uk
WIMBLEDON, SOUTH WEST LONDON
FROM £460,000
Merchants Walk There are 48 one, two and three bedroom apartments available through shared ownership at this award-winning development in trendy Bow. The spacious homes, which feature bright, contemporary interiors are finished to a high standard and also include private balconies. There is much to see and do in
the local area, with Victoria Park, Mile End Park and miles of canal to explore, as well as Shoreditch, Hackney and Canary Wharf all a short bike ride away. Devons Road DLR can be reached in a matter of minutes by foot. Peabody 020 7021 4842 peabodysales.co.uk
*Based on a 35% share of the full market value of £360,000
CUSTOM HOUSE, EAST LONDON
FROM £83,750*
Middleton Court There are just 18 apartments at Middleton Court, which lies a few moments from the heart of Wimbledon. The one and two bedroom homes, created by Bridgewood New Homes, have been finished to a high standard, with a focus on energy efficiency. All of the homes feature open plan living/dining areas that
lead to a well-sized balcony or terrace. Wimbledon has a great deal to offer residents, with great shopping facilities, theatre and dining options, as well as plenty of green space and good access to central London. Hamptons 020 3369 4382 hamptons.co.uk
Royal Dock Gardens Vibrant Custom House, an increasingly popular corner of the East End, is home to this stunning new collection of one and two bedroom apartments. Located a stone’s throw from Prince Regent DLR station, the homes are superbly located for getting into town, and to Docklands, which can be reached in just 13 minutes.
Inside, the apartments are bright and spacious, with fitted kitchens, integrated appliances and under floor heating. All of the homes also feature a private balcony or terrace, perfect for taking in the sights. East Thames 0300 303 7333 east-thames.co.uk
*Based on a 25% share of the full value of £335,000
First Time Buyer August/September 2017
FTB 58-61 For-Sale August-September17.indd 61
61
18/07/2017 16:47
REAL LIFE
Ilja wins the £5,000 prize and gets on the property ladder When Ilja Trubilin and his girlfriend Victoria Luchita went along to the First Time Buyer Home Show last October, they knew it would be helpful, but they had no idea that it would change their lives Ilja and Victoria had been saving hard for their deposit, as they both wanted to get on the property ladder as soon as possible. Victoria, who works in interior design, heard about the Home Show through Eventbrite. She and Ilja thought that it would be a great opportunity to come along and talk to the experts. Little did they think that they would win £5,000 towards the cost of their first home that the magazine gave away in a prize draw on the day. They had a year to find their first home and receive the money, so they had to start their search straightaway. Ilja said, “Finding a house nowadays isn’t that difficult as everything is online. You can get street views, a crime map, schools, parks and prices for properties that have been sold nearby. We found our house in about three months, but it takes a lot more time to organise the viewings and negotiate with the vendor. We tried to do everything that we had been advised to do, so we made sure we saw the property in daylight and we also looked at the commuting times to London and how far it was from the motorway – all the things that are important to us.” They bought a three bedroom house in High Wycombe, Buckinghamshire which has a garden, off-street parking and a garage. It was originally built in the 80s so it didn’t need any major renovation work. Ilja added, “We did some work ourselves to save money and renovated the kitchen and also did some painting. The house is in a quiet cul-de-sac and is near to a park, which has a lido and there is also a large wood about a mile away where you can go for walks. We are in the Chilterns, which is an Area of Outstanding Natural Beauty, so it is very pretty. The station is just 10 minutes away and it only takes 24 minutes to get to London, which is amazing. Even people living closer to the capital have longer journeys!” They paid just over £300,000 for the house and Ilja points out that when they were renting a one bedroom apartment in Zone 3, it cost about the same as their mortgage now on a three bedroom house. “This is why we moved out of London as we get so much more space and value for money. We really love owning our
62
“WE ABSOLUTELY LOVE OUR FIRST HOME – THANK YOU SO MUCH FIRST TIME BUYER AS YOU HELPED TURN OUR DREAM INTO REALITY. WE ARE SO HAPPY THAT WE WENT ALONG TO THE HOME SHOW, WHICH WAS BRILLIANT AND WE FOUND OUT EVERYTHING WE NEEDED TO KNOW ABOUT BUYING FOR THE FIRST TIME AND THEN WINNING THE £5,000 WAS THE ICING ON THE CAKE” first home as we have more freedom and there is no need to ask permission to paint the walls, fit solar panels or build an extension. We also really wanted to adopt a kitten and now we have our own place we have finally done it!” So did winning the money change Ilja and Victoria’s life? He said, “It was incredible as we won a significant amount of money which has made our lives so much easier. We didn’t have to save or
borrow quite so much and it was a real boost to our savings pot. We absolutely love our first home – thank you so much First Time Buyer as you helped turn our dream into reality. We are so happy that we went along to the Home Show, which was brilliant and we found out everything we needed to know about buying for the first time. Winning the £5,000 was the icing on the cake!”
First Time Buyer August/September 2017
FTB 62-65 Real Life August-September17.indd 62
18/07/2017 16:48
FTB 62-65 Real Life August-September17.indd 63
18/07/2017 16:48
FTB 62-65 Real Life August-September17.indd 64
18/07/2017 16:48
FTB 62-65 Real Life August-September17.indd 65
18/07/2017 16:48
FTB 66-67 Competition August-September17.indd 66
18/07/2017 16:49
COMPETITION
WIND!IANT
A A SET OF R E FROM R COOKWA RTH JUDGE WO £168
Update your kitchen pots and pans, and get cooking with ease using the new range of cookware designed by Judge HOW TO ENTER Answer the following question:
How many years does the Judge guarantee last for?
Get Cooking! A fresh style of cookware that has been updated to reflect modern family cooking, Judge’s Radiant range of cookware is perfect for any kitchen. Whether you are cooking for yourself, friends, or family, the new collection makes cooking fun and exciting for any first time buyer. The Radiant cookware collection includes a crepe pan, wok, milk pan and frying pan. Each has been created to fit the needs of today’s home cooks. The cookware has been designed to use with induction hobs, and benefits from Teflon’s latest Radiance nonstick surface which is PFOA free. The milk pan may have an old-school name but it is a household staple. Not just for warming milk, the pan is great for sauces, scrambled eggs or even custard. The wok makes easy work of oriental foods, and is great for whipping up a quick and easy stir fry. The crepe pan makes cooking pancakes simple,
and is designed to make flipping look effortless and easy. Finally, the essential frying pan is perfect for everything, from a tasty weekend fry-up, to a delicious dinner for two. The cookware range is made from aluminium and is coated with metallic red paint. All the pans are oven safe up to 150oc or gas mark two, and are also dishwasher safe. The range also comes with Judge’s 25-year guarantee as well as a 10-year non-stick guarantee as well. For more information, or stockist details, visit judgecookware.co.uk, or call 0117 940 0000
a. 10 b. 20 c. 25 Send your answer with your full name, address and telephone number to: lynda@firsttimebuyermag. co.uk Closing date: 20 September 2017
THE PRIZE… THERE ARE THREE SETS OF JUDGE RADIANT COOKWARE – WORTH £168 EACH EACH SET INCLUDES A CREPE PAN, 24CM WOK, MILK PAN AND 22CM FRYING PAN. T&Cs The prize in non-transferable and no cash alternatives will be given. Competition is open to UK residents only.
First Time Buyer August/September 2017
FTB 66-67 Competition August-September17.indd 67
67
18/07/2017 16:49
FIRST MEAL
FIRST HOME, FIRST MEAL Davina McCall has created this delicious lower-calorie version of a burger, which can be served on its own or with a bun.The smoky flavours of the pork are perfect with the apple coleslaw and are sure to be a favourite with all the family
DAVINA’S PORK SLIDERS AND QUICK APPLE COLESLAW
Ingredients (Serves 4) Pork Sliders 500g pork mince 1 tsp dried oregano 1 garlic clove, crushed ½ tsp mustard powder ½ tsp fennel seeds, lightly crushed 100g wholemeal breadcrumbs or cooked quinoa 1 egg 25ml whole milk Olive oil spray (optional) Lettuce leaves Slices of tomato and onion (optional) Salt and black pepper Quick apple coleslaw 1 green apple, peeled and grated 4 spring onions, finely chopped ¼ small green or white cabbage, finely shredded 1 tsp cider vinegar 1 tbsp créme fraiche or yoghurt ½ tsp Dijon or American mustard
METHOD 1
2
3
If you’re baking the sliders, preheat the oven to 220°C/200°C Fan/Gas Mark 7. Put the pork mince in a bowl with the oregano, garlic, mustard powder, fennel seeds, breadcrumbs or quinoa, egg and milk. Season with salt and pepper, then mix thoroughly – it’s easiest to do this with your hands. Divide the mixture into 8 patties and flatten them very slightly. Place the sliders on a baking tray and bake them in the oven for about 15 minutes. Alternatively, spray a large frying pan or griddle with oil and fry or grill the sliders for 4–5 minutes on each side until they’re charred and cooked through. Leave the sliders to rest for a few minutes. Place each one on a lettuce leaf, add a spoonful of coleslaw and top with another lettuce leaf. Add slices of tomato and/or red onion if you like.
QUICK APPLE COLESLAW To make the apple coleslaw, mix the grated apple with the spring onions and cabbage and season with salt. Whisk the cider vinegar with the créme fraiche or yoghurt, and the mustard, if using, then stir this mixture into the apple and cabbage. If necessary, drain the coleslaw slightly before serving with the sliders.
68
Davina McCall is a TV presenter who has been on our screens since 1992. She is best known for her work on Big Brother and Long Lost Family. She has also recently presented Life at the Extreme, The Jump and This Time Next Year. A strong advocate for a healthy lifestyle she has a successful range of fitness DVDs and raised millions through her Sport Relief challenge in 2013. She is the author of Davina’s Five Weeks to Sugar Free, Davina’s Smart Carbs and Sugar-Free in a Hurry. Copyright © Davina McCall, 2016. Extracted from Davina’s Smart Carbs by Davina McCall. Published by Orion. Available from Lakeland, £8.49.
First Time Buyer August/September 2017
FTB 68-69 FirstMeal August-September17.indd 68
18/07/2017 16:50
FIRST MEAL
FTB’S FAST FOOD With the hot weather and August bank holiday, it is the perfect time of year to have a BBQ in the sun with your family or friends. We tried a variety of BBQ food from the UK’s top supermarkets, to see which ones were the tastiest
TEST WINNER
BBQ BITES
SAINSBURY’S
M&S
TESCO
ASDA
Hot & spicy BBQ sauce marinade, £1.20; honey and mustard marinade, £1.20; toffee & vanilla ice cream cones, £1.10; TtD brioche burger buns, £1.00; TtD British ultimate beef burgers, £3.00; BBQ sweet chilli chicken thighs, £3.50; spicy Moroccan mini fillet kebab, £3.50; halloumi and vegetable kebabs, £3.50; potato salad, £0.75; TtD smoky chipotle and avocado salad, £2.00; TtD sparkling Sicilian lemonade, £1.90
Pork, manchego and pepper burgers, £4.50; Mediterranean sizzler selection, £4.50; piri piri king prawns, £5; freekah, cous cous and cauliflower, £2; new potatoes, red onion and poppy seeds, £2; Greek style frozen yogurt with honey, £3; sparkling sangria spritzer, £2
Lemon and mascarpone ice cream, £2.00; ancho chilli mayonnaise, £1.50; smoky chicken and chorizo kebabs, £3.25; Extra Special beef burgers, £3.00; baker’s rolls, 80p
FTB SAYS: We loved the spicy
Brioche burger rolls, 90p; Texas BBQ sauce, £0.89; simple salad, £1.00; bistro salad, £2.00; finest* British beef steak burgers, £3.00; finest* British pork sausages, £2.50; watermelon lollies, £2.00; Moroccan inspired falafels, £2.30; sweetcorn fritters, £2.30; mushroom arancini, £2.30
piri piri king prawns, they were
FTB SAYS: The watermelon lollies
smoky chicken and chorizo kebabs
seasoned well and tasted fantastic
were thirst-quenching, and tasted
were bland and had very little smoky
hot off the BBQ. The new potatoes
delicious when frozen. The sweetcorn
flavour even after being griddled on
were a little bland and the red
fritters were bland and didn’t have
the BBQ. The lemon and mascarpone
onion overpowered the poppy
much flavour. The sausages were
ice cream was zesty and creamy and
FTB SAYS: We loved this selection.
seeds. The sparkling sangria spritzer
meaty and full of flavour. The
had an intense lemon flavour. The
It was perfect for a summer BBQ.
was fruity and full of flavour. The
mushroom arancini tasted authentic,
ancho chilli mayonnaise lacked any
The sweet chilli chicken thighs tasted
Mediterranean sizzler selection
and the mozzarella middle was a
spice and tasted very plain. The buns
amazing and had a real kick! The
made a change to ordinary hot
great addition. The falafels were dry
were dry and fell apart as soon as
halloumi and vegetable kebabs are
dogs, and the herbs were a great
and needed a sauce with them. The
you picked them up.
a tasty option for vegetarians. The
addition. The Greek frozen yogurt
brioche bun was tasty, but didn’t hold
★
Moroccan mini fillet kebabs were
was rather plain, and the honey
together well when the burger was
seasoned well, but the hot and spicy
taste didn’t really come through.
being eaten.
marinade didn’t quite live up to
The pork burgers were very
★★
expectations. The Sicilian lemonade
flavoursome and went well with the
was tart and refreshing. We loved
manchego. The freekeh, cous cous
the honey and mustard marinade,
and cauliflower was a nice healthy
which was sweet and spicy and very
treat and made the perfect side
flavoursome. The ice creams were
accompaniment.
a little sweet, but still a great way to
★★★
cool off in the sun.
★★★★
FTB SAYS: The Extra Special beef burgers had a great texture, were not too fatty, and are the perfect burgers for a summer BBQ. The
SUMMER COVERED
With long summer days and warm weather there will be plenty of opportunities for picnics, BBQs and outdoor entertaining. With Judge’s cheeseboard and cloche you can eat outside with no worries about bugs and insects, as the glass dome is perfect for keeping your food protected. The practical natural acacia hardwood and slate is perfect for both hot and cold foods. Cheeseboard and cloche, from £24 judgecookware.co.uk
First Time Buyer August/September 2017
FTB 68-69 FirstMeal August-September17.indd 69
69
18/07/2017 16:51
LEASEHOLD
LIVING IN A COMMUNITY?
How do you know who your neighbours will be? Will they be antisocial? Will they be perfect? These are impossible questions to answer, but a good starting point is to think about what best suits you and fits your particular needs when finding a home. It doesn’t matter if you buy leasehold or freehold, neighbourly issues can still occur; disruption and problems are not confined to one tenure type. You do have more control in leasehold, strangely, as there are clauses in the lease that will cover social areas that can be enforced. In freehold you are left to the will of the legal system and the law. Recently my mother had her neighbours’ dogs dig up plants and destroy a fence. The neighbour has made vague promises of repairing and making good, but nothing has materialised. Should she have to clean up after her neighbour? I am aware of a terrace of freehold houses in London that should have been leasehold because of the nature of the development and the communal facilities serving all the houses. Of the terrace of seven houses, three have converted the house to have separate flats that can be let out and split the door entry system. The work to the door entry has caused problems for all the houses and invalidated the warranty for the system. If the houses were leasehold, it would be easy to seek rectification through breach of lease clauses. With freehold houses, it is harder because positive covenants do not sit easily on freehold. That is to say, you cannot force someone to pay or not do something easily. It will require visits to the County Court, which can be expensive and doesn’t aid neighbourly relations. They have breached planning and that is a route to pursue. It doesn’t really matter what the ownership structure is for a property when it comes to human elements. If someone is a bad neighbour, they will be the same whether freehold or leasehold. So what is the definition of a bad neighbour? Is it someone who does something that you don’t agree with? Is your moral and reasonableness compass the right one to use as the yardstick? Some areas are clear-cut, of course. Playing music or TV loudly that can be heard outside of the property between 11pm and 8am would be considered
70
Roger J Southam, Non-Executive Chair of Leasehold Advisory Service
unreasonable. Leaving rubbish in hallways and anywhere other than a specific refuse area would be considered antisocial, but there are still grey areas. A lot of leases will have clauses saying that windows must have curtains or blinds at them and no laundry. Well if you are ironing or drying your shirts, can you not hang them on the curtain pole? Years ago we had a resident management company we were working with, where one of the directors was unbelievably OCD. He started to complain of a flat he could see from his window that was untidy and had shirts hanging from a curtain pole. He expected the managing agents to tell the flat owner to have the flat tidied and stop their shirts being hung in the window. On the issues of the shirts, strictly, he was correct, however, when it was pointed out that the person may look into the director’s flat and think it is ridiculously tidy, and would prefer it to be messy, a realism dawned on him that we have to let people live and let live. This is the crux: if you are going to live in a block of flats or any community, you have to have a public spirit and be aware of others at all times. Live your life, but not to disrupt or cause nuisance.
Of course, we could get philosophical about what that means, but imagine how much nicer the world would be if we put others first and resolved to be respectful at all times. However, I digress! One of the good things about leasehold is the control and regulation it provides. For some, that is a bad thing. Why can’t you do what you want to your property? Why do you need consent? Well, when it comes to alterations it actually provides a check and balance. The BBC covered a story of a house converted into two flats. The owner of one of the flats had works undertaken by a cowboy builder which caused the whole building to collapse destroying the other flat as well as their own. So stopping people doing work that will affect the structure of a shared building is a good thing on the whole! Everyone is different, and there are no simple answers to what property is right for you. What is important is making sure that you know what you are moving into and that you feel comfortable with it. After all, everybody is after the home of their dreams, not their nightmares! lease-advice.org
First Time Buyer August/September 2017
FTB 70-71 Lease August-September17.indd 70
18/07/2017 16:52
FTB 70-71 Lease August-September17.indd 71
18/07/2017 16:52
FINANCE
Mortgage Clinic As a first time buyer, understanding mortgage terminology and knowing what mortgage is right for you can be difficult, so David Blake at Which? Mortgage Advisers has joined up with First Time Buyer to answer your mortgage-related questions
Q
My family want to support me with my deposit. What options are available to us?
A
We get lots of enquiries of this nature and the market has changed a great deal when it comes to family deposits. The good news is there are several options for people now. The main thing to consider is what you want to achieve and whether your family want to gift the money to you or if they would like their money back after a certain period of time. If a family member is offering financial assistance and you are buying with a partner, do they want to protect their money in case your relationship breaks down? If you are going to jointly own the property with the person who is helping you, make sure they are aware of their Stamp Duty liability. These are all things to consider, with many lenders being able to assist in any of the above circumstances. Mortgage lenders are increasingly offering new packages for those looking to get onto the property ladder. For many, this is about finding innovative ways to allow for family support in securing a deposit. Guarantor mortgages are one such option. These allow borrowers to take on larger loans than the lender would normally be prepared to extend if a close family member is prepared to act as a guarantor on the debt. A family offset mortgage is another option. With these deals, parents or grandparents put their savings into an account linked to the child’s mortgage. The children can’t get at the money, but it effectively serves as a deposit on the property they want to buy. It also lowers interest charges, as the savings balance is deducted from the value of the loan.
Q
Should I get a fixed mortgage on my first home? How long should it be fixed for?
A
A fixed mortgage means your interest rate is set at a pre-determined rate for a finite period. This will give you a level of certainty and means that you can budget the rest of your expenditure around a set monthly mortgage payment. Fixed mortgages are not impacted by
David Blake has more than nine years experience in the financial services industry and prides himself on helping first time buyers get onto the property ladder. In his current role at Which? Mortgage Advisers, David (along with the entire team) provides independent, impartial advice and searches thousands of mortgage deals, to help buyers find the deal that is right for them.
changes in interest rates, so you know exactly how much you will pay from one month to the next. This can be useful for those with fewer savings or those looking for financial security. It all depends on your attitude towards risk, what you think will happen to interest rates over the short and long term, if you are buying on your own or with family/partner and how long you will live in the property. If you are buying with family or a partner, being locked into a long-term fixed rate might not make sense, especially if you have not lived together before. Likewise, if you don’t see yourself living in the property for more than a couple of years, it doesn’t make sense to lock into a mortgage for longer than this, as having the ability to review your situation in a couple of years could be important. Another determining factor will be how much flexibility you require from a mortgage. If you’re planning to make large overpayments, a fixed rate might not be right for you, or if you have recently started a new job, then you might want to keep things flexible so you have the ability to change mortgages. It may also be important to consider your future borrowing requirements. Is it likely you will want to borrow more money in the future? Is it possible you might want to let the property in the future? These are
things to consider when looking at the right mortgage for your individual circumstances. The majority of people I speak to do want fixed, stable mortgage payments for a set period of time, but fixing is not right for everyone and it is important to understand the options that are available. Fixed mortgages can have slightly higher interest rates than variable mortgages, but the slight increase in cost is seen to be offset by the financial security that it brings. Given the current record-low rates of interest on mortgages, it may be worth looking at a five or 10-year fix to ensure you are locked in at a rate that is affordable for you.
Q
Should I choose the mortgage lender offering the lowest arrangement fee?
A
Not necessarily. It is all about looking at the overall cost of the mortgage over a set period of time. For example, if you are comparing two year products, look at the total cost of the mortgage over two years, taking into account any fees payable. Sometimes it makes sense to take a lower rate of interest and pay a higher fee. You also need to think about what will happen at the end of the two year period. Make sure you speak to an independent mortgage adviser who will be able to give you all the information you need and can direct you to the mortgage that will work best for you. For further help and advice from Which? Mortgage Advisers, please visit which.co.uk/ ftbmortgages, or call 0808 159 4852
72 First Time Buyer August/September 2017
FTB 72-73 Finance-Which August-September17.indd 72
18/07/2017 16:53
FTB 72-73 Finance-Which August-September17.indd 73
18/07/2017 16:53
FINANCE
Credit Clinic
Experian expert, Joe Green,, answers your credit-related questions
If you have a question for Joe, please get in touch by emailing us at lynda@firsttimebuyermag.co.uk and you may see your question answered in the next issue.
Past loans
Refused credit
I am currently in the process of looking for my first home, however, I have had two small loans in the last two years. When applying for a mortgage will this show on the credit check and affect my chances of being accepted? Laura Moore
I recently applied for a credit card and was told my application had been rejected. I was wondering if this will go against my credit history? I have been saving for the last few years to buy my first home and now worry that this rejection will affect my application? Richard Smith
When running a credit check, lenders will be looking to confirm you are who you say you are, that you can afford to pay back the money they lend to you and that you can meet the agreed repayments, both now, and in the future. If you have managed these loans well and successfully settled them, it’s likely that lenders will see it as a positive which could act in your favour when you apply for your first mortgage. When you make a credit application, the company you apply to will look at three sources of information to help ‘score’ you. This will include your credit report, which contains information about how well you have managed any credit accounts you have held, including credit cards, mobile phone contracts and even some utilities, over the last six years. They will also look at your application and any previous information they have on you, for example, if you’ve previously banked with them. As you’re at the beginning of your mortgage journey, now could be a good time to check your credit report to ensure everything is accurate and up-to-date. Failure to do this could prevent you from getting a mortgage, so it’s an important step to take. You should do this with all three credit reference agencies. There could also be room for improvement. Here’s a few tips to consider: Ensure you’re registered on the electoral roll. If you can, pay down outstanding balances to less than 50% of your limit on each account. If you can, pay off more than the minimum repayment on your accounts each month. Try to never miss a repayment. Settle inactive accounts if you’re not using them.
74
Credit refusal is certainly not uncommon, so you’re not alone, but the key to a successful mortgage application is the steps you take from now on, to make sure you get yourself in the best possible position to be accepted next time. When you apply for credit, it’s up to the lender to decide whether or not to lend to you. That’s why, if you are turned down for credit, only the lender can tell you why you’ve been refused because only they know. If you ask, they should be able to give you the main reason. Continuing to apply for credit with other lenders could be damaging, as too many searches created by applications for credit can affect your credit score. Every time you make an application for credit, the lender will usually carry out a full credit check, which will leave a ‘footprint’ visible to other lenders. One or two footprints are unlikely to cause you problems, but a rush of recent credit report searches may worry prospective lenders as this is often a sign of financial stress or even fraud. To avoid any visible footprints being registered on your credit report, it’s important to shop around to find the best deals suitable to you using price comparison websites. Many lenders will be able to give you a credit quotation, which won’t affect your credit score. An agreement in principle will leave a hard search, which other lenders will be able to see on your credit report – so it’s important to be aware of this.
Back on track My partner and I are hoping to stop renting and buy our first home
together. However, my partner was in quite serious debt a few years ago and although it was settled, I want to know if this will affect our mortgage application and what we can do to show we can afford our repayments? Sam Green If your partner has struggled in the past with their finances, then this might not be the best news for your credit application. Lenders like to see a positive track record of responsible credit management, so any missed payment or defaulted accounts could damage your chances of securing the mortgage you want. If you were to apply for your mortgage together, and a mortgage provider sees your partner’s previous financial difficulties with other lenders, they may be concerned that you will miss payments with them too. Lenders check your credit report to assess the likelihood that you’ll pay back on time, so if they spot any negative information this may be a cause for concern. It’s usual for this information to stay on your credit report for six years and is likely to impact your credit score, meaning that any credit you do apply for and manage to get might end up costing you more money. It may be worthwhile for you and your partner to sit down and review your credit reports together to make sure everything is accurate and up-to-date, as you don’t want any unexpected surprises when you do decide to apply for your mortgage. You can get your Statutory Report for just £2 on experian.co.uk and this will show you all of the information that is registered about you with us. You can check out our ‘Mortgage Application Guide’, for more useful tips: experian.co.uk/ consumer/guides/mortgage-application.html
First Time Buyer August/September 2017
FTB 74-75 Finance-Experian August-September17.indd 74
18/07/2017 16:53
FTB 74-75 Finance-Experian August-September17.indd 75
18/07/2017 16:53
FINANCE
Service not included
First time buyers may not realise some of the ongoing costs they are signing up for, warns Kay Hill EXPERT COMMENT A new model of home ownership, ‘freeholders on private estates’, is fast becoming the industry standard. At least half a million UK homes now fall into this category, but few buyers and
You’ve worked out your mortgage payments and factored in the council tax, insurance and utility bills – surely now you can relax and enjoy your new home? Well it’s possible that there are a few bills you haven’t accounted for, so be sure you have the full picture before signing on the dotted line.
conveyancers understand the potential consequences. Buyers purchase a new freehold house and are told there is a small service charge to look after the lovely green open spaces. Sounds reasonable? Yes, unless the buyers become unhappy with the cost or the level of service, because unlike leaseholders who have a tribunal, there is no government dispute resolution. The charge is bound to your property through your title deeds, and you have no legal right to change the service provider or manage it yourself. Meanwhile, the open space you pay for can be used by the general public and you still have to pay full council tax. The cause is Section 106 agreements between developers and planning authorities which have turned into a mechanism for councils to squeeze funding from developers, leaving homeowners being forced to pay for open space which is not theirs and over which they have no influence. Many homeowners feel duped, and we have launched HorNet, a UK-wide network to campaign for change and regulation. Cathy Priestle Founder of Home Owners Rights Network (HorNet)
76
GROUND RENT When you buy a leasehold rather than freehold home, you don’t own the land, so a ground rent is payable to the freeholder. Traditionally, these have been very low, but in recent years developers have begun to see the freehold as a revenue stream. Some buyers have found that while their ground rent started low, it increases each year in line with inflation, or worse, doubles every decade, and if the developers sells the freehold to investors, the cost of buying it can go up dramatically. In the past, leasehold only tended to apply to flats, as these had common areas to maintain (the leasehold system, for example, ensures that all apartment owners contribute towards fixing a leaking roof, rather than it all falling on the person whose flat it was leaking into). Recently, however, developers in some areas, particularly in the north-west of England, have begun to sell houses as leasehold, often without the buyers being fully aware of the ongoing costs. Katie Kendrick recently founded the National Leasehold Campaign, protesting against the practice. “I bought a new build house in Ellesmere Port and was told I could buy the freehold for £2,000 to £4,000 after two years,” she says. “But the developer sold it on and the new freeholder wanted £13,000. Others have found they are being asked for up to £44,000 to buy the freehold if there’s a ground rent doubling clause. The ground rent we have to pay is all for nothing – there’s no services or upkeep, it’s a fee for nothing at all.”
While there is a legal process called enfranchisement which allows leaseholders to buy their freehold at a price agreed by the courts, it is a costly process. Ground rents can range from anywhere between £100 to £8,000 a year, and if a leaseholder defaults on payments of more than £300 then the home can be repossessed, so it’s important to ask the right questions up front, particularly about any formula that is in place for increasing the ground rent.
SERVICE/MAINTENANCE/ESTATE CHARGES Leasehold properties nearly always come with a service charge (sometimes called a maintenance or estate charge) in addition to the ground rent. This covers the maintenance of communal and outside areas, including keeping lifts working, cleaning the hallways, repainting shared areas and repairing the roof and drains. Now many new freehold houses are also being sold with a clause in the deeds that requires them to pay service charges – often to cover the cost of doing things that local councils used to do such as repairing the roads, maintaining children’s playgrounds and grass cutting on verges and communal gardens – even if these are all used by the general public. Leaseholders have rights and protections under law against overinflated service charges, but freeholders are not protected in the same way. For example, Ellen Rose bought a new house in Lawley Village in Telford, and is disgusted that on top of her £2,000 a year council tax she is having to pay £250 a year to a management company. “It covers unadopted roads, grounds maintenance and community development – although in reality, the community ‘develops’ in our shared frustration at paying for a service we don’t receive!” Some developers have their own management companies that continue to charge for upkeep, others devolve it to residents. For example, the
First Time Buyer August/September 2017
FTB 76-77 Finance August-September17.indd 76
18/07/2017 16:55
FINANCE
for example, that while 76% of buyers said they wanted a gym and 69% wanted a swimming pool, when it questioned people who already live in amenityfilled apartments, only 46% of residents that had access to a gym and 29% of those with a pool actually used them regularly.
PERMISSION FEES
Millbrook Park development in Mill Hill will eventually have 2,200 new properties that will each receive one share in the Millbrook Park Residents Management Company which will own and be responsible for the unadopted roads, parks, play areas and open spaces. Each property, depending on its size, will then be liable to pay a proportion of the actual costs. Service charges can vary immensely as they depend on maintenance costs and facilities. Older flats, for example, can have high service charges if major repairs are necessary, while newer apartments often provide facilities such as a concierge, gym or pool that require much higher fees. A recent report by Direct Line revealed that the average annual service charge across the UK is £1,863, but the average charge for new build apartments is £2,777. Nick Breton, Head of Direct Line for Business says, “Service charges are often a hidden cost, which should be factored in when considering the affordability of a property. In some cases service charges are uncapped and can escalate rapidly.” The key is to be aware of service charges – and that they are in addition to ground rent. It may not be obvious in new home literature – some homebuyers have reported only discovering the charge when they are signing contracts. It’s also worth considering whether you want to pay higher service charges to receive perks such as a 24-hour concierge or gym, or whether you’d be better off purchasing a similar property without these facilities. Research from property company CBRE Residential found,
Hand-in-hand with leasehold come permission fees to make alterations to the building. This is seldom relevant with apartments, but can be onerous with leasehold houses. And if a developer sells on the freehold to an investment company, although ground rent cannot rise beyond its original formula, permission fees for things such as building an extension or conservatory or simply putting up a For Sale sign can rise massively. Even if you buy the freehold later, make sure that you use an independent solicitor, as some developers try to retain permission fees even for freehold properties.
EXPERT COMMENT The main thing I’d say to a first time buyer is that if you are buying a leasehold property don’t just use the recommended solicitor, use a leasehold specialist. Developers often put subtle pressure on buyers, either by offering discounts to use the recommended solicitor, or by scaring you that you could lose your purchase if a different solicitor takes too long. And don’t just take the salesperson’s word for it that leasehold is nothing to worry about, get advice. The implications were never properly explained to me – I wasn’t told that the freehold could be sold on to an investor, making
ROAD REPAIRS
it more expensive to buy, or that
On new estates, road repairs are included in the maintenance charge, but if you buy an older property on a private road, be aware that maintenance costs will be shared.
rent can’t change, permission fees
if this happens, while the ground can. At first we would have been charged £300 for permission to put up a conservatory, now it would be £2,600 just for the freeholder
CHANCEL REPAIRS
to say yes. You might find you have
Those buying homes in the close vicinity to an old church could find themselves liable to pay towards the upkeep of it. Your solicitor should find out if this is the case, and you can take out insurance to cover any future costs.
house up for sale or even change
to pay a permission fee to put your your flooring. Some buyers find they are offered the freehold at the point of sale for an extra £10,000, but then discover that the developer is keeping the restrictive covenants in place so you will still have to pay
DISTRICT HEATING SCHEMES Some new build homes come connected to district heating schemes – large boilers, often biomass, that serve a number of homes. These can be economical, but occasionally work out to be expensive if you aren’t able to move suppliers, so be sure to check what bills are coming in at neighbouring properties.
permission fees.
Katie Kendrick Founder of The National Leasehold Campaign
First Time Buyer August/September 2017
FTB 76-77 Finance August-September17.indd 77
77
18/07/2017 16:55
MARKET
Earning cash from your home Saving for your first home or - when you’ve finally achieved your dream struggling to pay the mortgage can be tough. But, whatever stage you’re at, there are some canny ways of raising extra cash from your home CAN YOU AFFORD IT? New research from Halifax examined the attitudes of young people who don’t own a property, revealing that a quarter of 18-34 year-olds think the only way they’ll manage is by inheriting the cash. Despite the number of first time buyers reaching a 10-year high of 339,000 in 2016, half of 18-34 year-olds don’t think homeownership is a realistic option for their generation, with two thirds (65%) saying they don’t earn enough to afford it. Deposits are still out of reach for over half (52%) of young people as the average age of those
buying their first home has crept slowly up to 30. The average deposit across the UK for a first time buyer home is now £32,321, rocketing to £100,445 in London. Northern Ireland has the lowest at £16,695 – less than half of the average deposit needed in the south-east (£47,472).
FINANCIAL MAKEOVER Taking a long and hard look at your finances is always worthwhile as there may be savings you can make somewhere. If you are a first time buyer or if you’re on the ladder but thinking about re-mortgaging, using a broker can be a good idea. They can source from the whole market as they have access to products that are otherwise unavailable on search engines and internet sites.
NEGOTIATE ON THE ASKING PRICE If you’ve found a property, then make sure you’re not paying over the odds. Recent research from Barclays Mortgages showed that first time buyers are missing out on £1000s in potential savings on their home with over half of first time buyers (52%) admitting to never negotiating and 51% regretting that they didn’t negotiate before buying. The study found that one in five pay above the asking price for their first property, and on average fork out nearly £8,000 extra to secure the deal. Surprisingly, it’s not Londoners, but those in Yorkshire and Humber who proved to be the most likely to go over the asking price with almost a third, 29%, paying more than the initial selling price. In Scotland, the figure is even higher at 40%, but this reflects the fact that properties are often bought via sealed bids.
SELL YOUR STUFF If you’re still trying to save for a deposit, then look around at your belongings to see if there is anything you don’t need. Holding a garage sale or getting a stall at a boot fair
78 First Time Buyer August/September 2017
FTB 78-79 Market August-September17.indd 78
18/07/2017 16:56
MARKET EXPERT COMMENT Do your research. There are many online tools available that allow prospective buyers to see the average selling prices, school
are both good ways to sell things, but sites such as eBay can help you reach a wider audience. Check whether your area has a local online forum with a section for sales. Gumtree is an increasingly popular way of reaching a local audience, especially if you have heavy items that can’t be posted. If you’re not sure where to start, begin with small steps and tackle different categories one at a time, as trying to declutter your whole home at once can be daunting. It’s easy to set up an account and start selling straight away. Living and dining room furniture are searched for the most, as more people are choosing to buy these big-ticket purchases second hand, rather than brand new. Baby equipment is also popular.
RENT OUT YOUR PARKING SPACE Depending on your area, you could net up to £200 per month, more in some parts of London, just for letting somebody park in your drive or garage. This must be offstreet parking at your own property, as council rules forbid you to sell on your residents’ permit. The most coveted spaces tend to be in city centres, but you can still make serious cash elsewhere. If you live by a big transport link or a sporting or entertainment venue, then you may find your space in demand. Sites such as Park Lets have an online calculator so that you can check out how much you could make. Visit justpark.com and parkonmydrive. com for more information, but check your mortgage and insurance terms beforehand.
OPEN YOUR HOME TO PAYING GUESTS If you own your own home, then you might want to think about letting part of it. Government rules have now changed and the Rent a Room Scheme now lets you earn up to £7,500 per year tax-free from letting out furnished accommodation in your home. This is halved if you share the income with your partner or someone else and you can let out as much of your home as you want.
AIRBNB AND OTHER SITES There are plenty of sites dedicated to letting out part or all of your home. Airbnb is one of the most popular and it’s a relatively simple exercise to post a description of your space, location and how much you are
charging for either a room or the entire property. The site has plenty of advice and tips to get you started, including whether there are restrictions in your area as to how many nights you are allowed to rent out. Registration is free but the site then deducts a proportion of your rental income as commission. You should check with your insurers and mortgage providers beforehand to make sure you are still covered and not breaking your mortgage terms. Property portal Spotahome, describes itself as ‘designed for direct booking of accommodation like Airbnb’ but for medium to long term tenancies. The website offers tenants property descriptions and photos, allowing them to make an informed decision about housing, without having to attend numerous house viewings - saving tenants and landlords time and energy. The site is currently only taking on homes in London, but there are plans to roll out nationwide. They carry out similar checks on tenants to lettings agents including a guest’s work details, bank statements and educational background. It is currently free to register a room or entire home but the company deducts 3% of your rental income once you have accepted a guest and the paperwork has been signed. Check out SpareRoom.com and uk.easyroommate.com for other options.
catchment areas and crime rates in the local area and use this knowledge as negotiation ammunition. Be optimistic but always be willing to walk away and don’t pin all your hopes on just one property– there are plenty more opportunities out there if this one doesn’t go to plan.
Peter Brooks Barclays Behavioural Finance Expert
EXPERT COMMENT A quick and effective way to make money from your home is to declutter, particularly as it’s now easier than ever to earn extra cash by selling items and releasing what we at Gumtree term your ‘cupboard equity’, by making the most of what you already have in your home. Where once you would have had to attend a car boot sale at the crack of dawn to shift the entire contents of your spare room, now sites like Gumtree can do all the hard work for you. Our homes
USING YOUR HOME AS A LOCATION
can often turn out to be a small
You may think your home isn’t up to being a film location but companies are always looking for a wide range of locations ranging from humble accommodation right up to stately piles. Parking can be an issue for major feature films involving huge crews and multiple vehicles but stills shoots are less intrusive and often involve a handful of models and crew. Most companies are free to register. Check out shootfactory.com, freshlocations.com and lavishlocations.com.
items just lying around!
goldmine, as nine in 10 of us have up to £1,000 worth of unused
Hannah Wilson Head of Insights, Gumtree
EXPERT COMMENT Using your home as a location is a great option for first time buyers. At jj Connect we are always looking
USING YOUR HOME AS A MEETING PLACE OR VENUE
at different types of property to suit
You may not want a lodger but you could make money from renting your home as a work space or venue while you are out at work. Spareground matches those with space to offer with those seeking it. Recently launched Spacehop say they are ‘capitalising on growing demand for thrifty, interesting, co-working office spaces from young entrepreneurs and start-up owners’.
property types in different locations
our different types of events and location shoots. Having a variety of is something that we are valued for by our clients. Josh Jones CEO & Cofounder of jj Media Group
First Time Buyer August/September 2017
FTB 78-79 Market August-September17.indd 79
79
18/07/2017 16:56
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
Lisa Ley Head of Sales and Marketing, Network Homes
Steven Way Practice Principal, Collier Stevens Chartered Surveyors
Simon Scott Head of Sales and Marketing, Origin Housing, and Chairman of the London Home Ownership Group (LHOG)
T E S T T H E PA N E L
We need your questions... If you have any queries, or difficulties in understanding the property buying process, our panel of experts is waiting to help. Send our team your questions on buying property, Help to Buy, legal issues, or your financial problems and we’ll find the best person from the panel to give the advice you need. Email your questions to: lynda@firsttimebuyermag.co.uk
Selling a shared ownership home
Q A
I want to sell my shared ownership home but it sounds complicated. Is the process really that bad? Jonathan Willoughby, Surrey
Selling your shared ownership home is a great way to move up the property ladder, and with the right guidance and support from your housing association, it should be fairly straightforward. The first thing you need to do is tell your housing association of your intention to sell. They have the right to nominate a new buyer for your property or to market your share for sale over an eight-week period, depending on your lease. They may already have someone registered with them that is looking for a place like yours. If so, this is a great position to be in, as it could save you money on fees you would normally have to pay an estate agent. Whatever happens, your housing association is still likely to charge a fee to cover the work they need to do to sell your share. If your housing association can’t find a buyer within the specified period, then you’re free to sell your home on the open market. It’s worth bearing in mind that prospective buyers will still need to meet the eligibility criteria for shared ownership, but finding a new buyer shouldn’t be difficult as demand for shared ownership resales is currently very high. The price of your share in the property is, quite simply, determined by the proportion you own. For example, if you own 50% of a property valued at £200,000, the value of your share will be £100,000. If you can afford to, you can usually buy the remaining shares in your property from the housing association. This is known as staircasing. Once you own 100% of your home, you can sell it on the open market. As always, make sure you choose an experienced solicitor that is familiar with shared ownership to act on your behalf during the process of selling, and talk to your housing association if you need any other help. Network Homes has an expert and friendly team, which specialises in sales of shared ownership homes. Visit networkhomes.org.uk to find out more. Lisa Ley
80
First Time Buyer August/September 2017
FTB 80-81 Agony Agent August-September17.indd 80
18/07/2017 16:56
EXPERTS
Building survey
Q
I’m a first time buyer and I’m a little confused. Can you tell me what a building survey is and what it’s going to tell me about the property that I am thinking of buying? Simon Atlington, Birmingham
A
A building survey can often be seen by buyers, especially first timers, as an unnecessary expense, but it is a vitally important part of the homebuying process and one which you may live to regret if you scrimp on it. Research by the Royal Institution of Chartered Surveyors suggests that homebuyers who do not have a survey face unexpected costs of over £5,000 on average when they move in. Often confused with the valuation survey that your mortgage provider undertakes, a building survey is different - it is written to offer up valuable nuggets of information about the property you are thinking of buying. A building survey comprises a detailed inspection of the property by a qualified chartered surveyor. They will use specialist
equipment to look at the ins and outs of your proposed home, and to forensically examine it for issues such as subsidence, dampness, asbestos, or even a wobbly chimney stack. The surveyor will look at the cause of any problems and recommend the best way of resolving any issues. Even less obvious than that, your surveyor will also look at the property objectively and report non-structural matters that you may not have noticed. You most likely visited the property on a Saturday morning, whereas the survey is
usuallyy carried out during the week when the environment is different. A surveyor will spend several hours at the propoerty, while most purchasers spend less than 40 minutes. The surveyor will pick up potential issues you may not have thought of, such as the church hall opposite being used as a youth club five nights a week, parking restrictions or unacceptable noise from the next door neighbours. Remember, your surveyor works for you, no-one else, and will give you an honest opinion about the potential of your new home. It is a surveyor’s job to look at the house as a building, not a home, and to spot things that a buyer’s rose-tinted glasses may have obscured. A building survey is always recommended, especially when buying an older house and it doesn’t have to cost a fortune. Budget around £500, which is a minimal cost compared to the cost of the property. A survey will save you money in the long term and can give you ammunition to renegotiate the purchase price – nearly every survey my practice undertakes enables the price to be negotiated. Steven Way
Advantages of shared ownership
Q
I am a teacher, hoping to get on to the housing ladder, but am struggling to save enough money to purchase a home on the open market. I’ve heard about shared ownership, which I understand is designed to help people buy their first home. What are the advantages of shared ownership over buying on the open market? Andrew Courtney, Camden
A
It sounds like shared ownership could be for you, Andrew. The increasingly popular scheme allows buyers to purchase a share in a property (at least 25%), while renting the un-owned share at a subsidised rent level, from a housing association such as Origin Housing.
Buying through shared ownership has a number of advantages. For example, you mentioned you are struggling to save up enough money to buy on the open market? Well,
a shared ownership deposit is much smaller than if you are buying on the open market – usually just 5% of the share you buy. In addition, because you are buying a share of your
property, it can be easier to get a mortgage, even if you are on a lower salary. To make things easier for you, the housing association you buy through will put you in touch with an independent financial advisor, who can help you with your mortgage application. Crucially, buyers using the shared ownership scheme can get onto the ladder without overstretching themselves. As and when it suits them, they can buy additional shares in the home through a process called staircasing, meaning they can eventually own the home outright. The good news is that shared ownership often helps buyers onto the property ladder at a younger age. Recent data from the National Housing Federation showed that the average age of shared ownership buyers in the UK is 25, eight years younger than the average first time buyer. For further information about shared ownership, visit originsales.co.uk Simon Scott
First Time Buyer August/September 2017 81
FTB 80-81 Agony Agent August-September17.indd 81
18/07/2017 16:56
FTB 82-87 Buyer's Guide August-September17.indd 82
18/07/2017 16:57
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 90.
BUYING ON THE OPEN MARKET
FUNDING OPTIONS
JARGON EXPLAINED
G O V E R N M E N TBACKED SCHEMES
EQUITY LOAN 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).
HELP TO BUY The government will provide you with a 20% equity loan that is interest free for the first five years with interest charged at 1.75% in the sixth year and at annual RPI (retail price index) inflation plus 1% after that. The loan must be repaid when the property is sold or within 25 years. Buyers need to raise a deposit of 5% and a 75% loan-to-value (LTV) mortgage. Only new build homes valued up to £600,000 can be bought. The scheme is available for ftbs and movers.
HOMES AND COMMUNITIES AGENCY
NEWBUY Available on all newly built properties offered by homebuilders participating in the scheme up to the value of £500,000.Under the scheme, the house builder will put 3.5% of the sale price into an indemnity fund, and the government provides an additional 5.5%. The mortgage lender is then able to offer 90-95% LTV mortgages, and the purchaser only needs a 5-10% deposit.
NEW BUILD HOMEBUY, ALSO KNOWN AS SHARED OWNERSHIP OR 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 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.
First Time Buyer August/September 2017 83
FTB 82-87 Buyer's Guide August-September17.indd 83
18/07/2017 16:57
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
84
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
First Time Buyer August/September 2017
FTB 82-87 Buyer's Guide August-September17.indd 84
18/07/2017 16:57
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.
First Time Buyer August/September 2017
FTB 82-87 Buyer's Guide August-September17.indd 85
85
18/07/2017 16:57
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.
86
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).
First Time Buyer August/September 2017
FTB 82-87 Buyer's Guide August-September17.indd 86
18/07/2017 16:57
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.
First Time Buyer August/September 2017
FTB 82-87 Buyer's Guide August-September17.indd 87
87
18/07/2017 16:57
BUYERS’ GUIDE
Conveyancing – The Questions Buying your first home should be one of the most exciting times of your life. You’ve finally saved your deposit, your offer has been accepted and your mortgage has been approved leaving just the legal part to get through before the keys are yours. However, for many, the conveyancing process can be frustrating – feeling like the last hurdle to get over before you can finally move in Doing your research in advance and knowing how the legal process works can really help reduce the stress levels and make the weeks leading up to completion as easy as possible. We spoke to Heather Little from Beaumont Legal to get the answers to the questions that first time buyers frequently ask.
Does the conveyancer need to be local? These days, just like many people do with banking and shopping, conveyancing can all be done online. Pretty much all the information we need nowadays is available via the internet, meaning there is no need for you to visit your conveyancer in person. Make sure you look to instruct a company that provides you with a dedicated conveyancer that you can contact throughout the process. As a first time buyer, you’re bound to have questions and it is important that you can speak to someone who can guide you through the process and give you regular updates.
How much will the conveyancing cost? Costs do vary and factors such as property tenure (freehold or leasehold) and purchase price will have an impact. However, you also need to budget and you don’t want to be faced with spiralling costs at a time when every penny counts. Do your homework in advance and select a conveyancing firm who is able to provide you with a fixed legal fee along with an accurate estimate of other costs such as Stamp Duty, registration fees and search costs. You should also check whether the conveyancing company offers a ‘No completion, No fee’ service, where you won’t be expected to pay the conveyancer legal fees if you decide not to go ahead or the sale falls through.
When will the legal fees and deposit be required? Understanding when you will be expected to pay can really help you get your finances in order. Once your offer has been accepted you will need to instruct your conveyancer and will be required to make an initial payment of around £300 to cover the cost of outgoing expenses such as searches. The next payment will be requested before exchange of contracts, when the house deposit is required. This is normally be a minimum of 10% of the total purchase price. This will allow exchange to take place so that contracts are legally binding. Before completion, you will receive a Completion Statement from your conveyancer showing the final amount due from you. This includes the remaining balance for the property, plus the outstanding legal fees and costs such as registration and Stamp Duty fees.
If completion is due to happen shortly after exchange, your conveyancer may request the full balance at that point to ensure there are no last-minute delays on the day of completion. On the day of completion, your conveyancer will have already requested the funds from your mortgage lender and will transfer the full amount including your deposit across to the seller’s solicitor. Once they have received the money, the agent will release keys and you will officially be the owner of a brand new home!
How do buyers claim their Help to Buy ISA bonus? If you have a Help to Buy ISA and are eligible to claim the bonus, your conveyancer will be responsible for applying for the bonus on your behalf. They’ll ask you to complete a First Time Buyer Declaration Form and you’ll also need to close your ISA account in good time so that you can provide the Closing Statement to your conveyancer, who’ll then apply for the bonus via the Help to Buy portal. The Help to Buy administrator will check the information submitted and the bonus will then be released to your conveyancer in time for completion.
Why are searches required? Searches are a key part of the conveyancing process as it is crucial that possible risks such as flooding, ground hazards and road statutes are identified. We need to carry the searches out, not only so the mortgage provider is sure they want to lend you the money, but also to make sure that you are certain you want to buy the property at the price you agreed. We give you as much information about the property as we can and also make sure you won’t have any problems if you decide to sell the property in the future. If you’re buying a newer property you can’t be blamed for assuming the risks are low, but thousands of properties in the UK have been built on potentially contaminated land. If you came to sell your property in the future and your buyer carried out a search that revealed contamination, the average cost for clearing contaminated land is £35,000! The money you spend on searches now could save you a lot in the long run.
Does the conveyancer also carry out a survey? The survey does not form part of the conveyancing process, as we specifically deal with the transfer of the land/title and related queries. The searches we do refer to the land, and do not check the structural condition of the property itself. The survey can usually be obtained as an upgrade from the standard mortgage valuation, so you can ask your mortgage advisor about this, or alternatively you can contact an independent surveyor.
88 First Time Buyer August/September 2017
FTB 88-89 Beaumont Legal August-September17.indd 88
18/07/2017 16:58
BUYERS’ GUIDE
When buying a property wit h a partner/ friend, how would buyers protect their deposit? You need to think carefully about your individual circumstances and how you wish to own the property and what that means if you part ways or the worst happens. If you plan to co-own a property, your conveyancer will ask you whether you want to own the property as ‘Joint Tenants’ or ‘Tenants in Common’. Joint Tenants own a property equally in ‘undivided shares’ i.e. you both own all of the property together. If one person dies, the ownership automatically passes to the other person. Ownership of the property cannot be passed on in a Will, and if someone tries to leave a share in the property in their Will, this won’t take effect. Unlike Joint Tenants, Tenants in Common can divide their ownership in the property however they choose. If one person dies, their share of the property is transferred according to their Will, or under the Intestacy Rules if there is no Will. If one person is contributing more to the deposit than the other, you can consider unequal shares and vary how the proceeds are split.
How long will the process take?
TOP TIPS
What can you do now to prepare for purchasing your home? Get your ID ready. Your conveyancer will need to see copies of your ID and proof of residence – even if you have already provided this to your Mortgage Advisor. With so many statements now being produced online, make sure you have some official correspondence along with your photo ID so this can be sent promptly on request. If you’re renting, check how much notice you’ll need to give to a Landlord. We’d never advise you to give notice until you have exchanged contracts and the deal is legally binding as you risk being homeless if the purchase falls through. Make sure your finances are in place so that you can access funds and transfer them to your conveyancer on request, ready to meet the exchange deadline. Return any required documentation to your solicitors and financial advisor as soon as possible to ensure that there are no unnecessary delays within the exchange period.
This is by far the most frequently asked question! Understandably, you want to know when to arrange removals, when to hand your notice in to your landlord and when to have that sofa delivered. Most buyers have been waiting a long time to get to this point so just want to move ASAP. However, it is better to have realistic expectations and understand that there are several key stages involved in the legal process. Timescales are also dependent on the type of property you’re buying and the other parties involved, such as the seller, the developer and your mortgage lender. If you’re purchasing a new build, it is likely that you’ll be required to exchange contracts within 28 days, with completion taking place once the property is fully built. The average timeframe for a buyer with a mortgage is around 12 weeks from start to finish but most conveyancers will aim for eight weeks, providing everything goes smoothly. If you’re purchasing a flat, expect to wait a little longer due to the extra work involved.
Get your conveyancing quotes now so that you can calculate how much you’ll need to pay and work out if Stamp Duty is applicable. For a discounted no obligation quote from Beaumont Legal, contact Beaumont Legal at NewBusiness@beaumont-legal.co.uk quoting the reference FTB2017
First Time Buyer August/September 2017
FTB 88-89 Beaumont Legal August-September17.indd 89
89
18/07/2017 16:58
Directory
ZONES, HELP TO BUY AGENTS, HELP TO BUY PROVIDERS AND MORE... HELP TO BUY NORTH EAST, YORKSHIRE & THE HUMBER Tel: 0113 243 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
4 2
3
2
12
9
3 2
1
11
10
1
10
11
HELP TO BUY LONDON Tel: 0300 500 0996 helptobuylondon.co.uk 1) London
Map supplied by Help to Buy South
90 First Time Buyer August/September 2017
FTB 90-97 Directory August-September17.indd 90
18/07/2017 17:00
USEFUL CONTACTS ZONES, HELP TO BUY AGENTS & HELP TO BUY PROVIDERS – RECEIVE ADVICE ON PROPERTY FUNDING OPTIONS
LONDON
LONDON
MIDLANDS
Help to Buy London
guarantee, please contact the participating lenders
Tel: 0300 5000 996
Tel: 0345 850 2050
0300 500 0996
directly.
helptobuylondon.co.uk
helptobuymidlands.co.uk
helptobuylondon.co.uk Shropshire Share to Buy sharetobuy.com/firststeps
EAST & SOUTH EAST
Staffordshire Derbyshire Nottinghamshire
Please note:
Tel: 03333 214044
Lincolnshire
Help to Buy agents administer the Help to Buy: equity
helptobuyese.org.uk
Herefordshire
loan scheme but not the mortgage guarantee scheme.
Worcestershire
They have the authority to give the go-ahead for you
Norfolk
West Midlands
to purchase a home with help from the equity loan
Cambridgeshire
Warwickshire
scheme. The agents make other key decisions during
Suffolk
Leicestershire
the purchase process. For the Help to Buy: mortgage
Bedfordshire
Rutland
Buckinghamshire
Northamptonshire
Hertfordshire
NORTH WEST
Essex Surrey Kent
Tel: 0300 790 0570
West Sussex
helptobuynw.org.uk
East Sussex
Cumbria Lancashire Merseyside
SOUTH WEST
Greater Manchester Cheshire
Tel: 0300 100 0021 helptobuysw.org.uk
NORTH EAST, YORKSHIRE & THE HUMBER
Cornwall Devon South Somerset
Tel: 0113 825 6888
Dorset
helptobuyneyh.co.uk
SOUTH
Northumberland Tyne & Wear
Tel: 0800 456 11 88
Durham
helptobuysouth.co.uk
North Yorkshire West Yorkshire
Gloucestershire
South Yorkshire
Oxfordshire
East Riding of Yorkshire
Bristol Bath & NE Somerset, Mendip and North Somerset Wiltshire Berkshire Hampshire Isle of Wight
ADVERTISE IN THIS SPACE Speak to our advertising team to find out the best ways to give your organisation maximum exposure. Call 020 7258 1777 or email lynda@firsttimebuyermag.co.uk
First Time Buyer August/September 2017 91
FTB 90-97 Directory August-September17.indd 91
18/07/2017 17:00
FTB 90-97 Directory August-September17.indd 92
18/07/2017 17:00
USEFUL CONTACTS HELP TO BUY PROVIDERS – OFFERING NEW BUILD SCHEMES, INCLUDING HELP TO BUY (SHARED OWNERSHIP) AND RENT TO BUY PROPERTIES Octavia Housing
Swan Housing
Estuary Housing
Fusion Homes
octaviahousing.org.uk
Association
Association
fusionhomes.org.uk
020 8354 5500
swan.org.uk
estuary.co.uk
0208 942 4062
0203 675 9933
0300 304 5000
optivo.org.uk
Thames Valley Housing
Fabrica
genesishahomes.org.uk
020 3202 0263
Association
fabrica.co.uk
033 3000 4000
tvha.co.uk
0800 783 2159
Genesis Homes
Optivo
Origin Housing 0300 323 0325
LONDON Catalyst Housing
Family Mosaic
(South)
Wandle Housing
familymosaicsales.co.uk
guinnesspartnership.com
Association
020 7089 1315
0303 123 1890
Home Group
Paradigm Housing
wandle.com
homegroup.org.uk
paradigmhousing.co.uk
0300 2000 116
0345 141 4663
0845 337 4877
chg.org.uk 0300 456 2099 East Thames
Flagship Homes flagship-homes.co.uk
SOUTH EAST
Hyde New Homes
Peabody
hydenewhomes.co.uk
peabodysales.co.uk
Accent Group
0345 606 1221
020 7021 4842
accentgroup.org
Islington and Shoreditch
Places for People
01603 255 444
0345 678 0555
east-thames.co.uk 0300 303 7333
Guinness Partnership
020 8607 0550
originhousing.org.uk
LienViet Housing
placesforpeople.co.uk
Aster Group
Estuary Housing
Association
01772 667049
buyanasterhome.co.uk
Association
isha.co.uk
estuary.co.uk
020 7226 3753
01380 735 480 Sanctuary London sanctuary-homeownership.
Chelmer Housing
Latimer
co.uk
Partnership
Fabrica
latimerhomes.com
0800 916 1444
chp.org.uk
fabrica.co.uk
0300 100 0309
0300 304 5000
0300 555 0500 Site Sales
0800 783 2159 London and Quadrant
site-sales.co.uk
CHS Group
Family Mosaic
lqgroup.org.uk
0208 502 5758
chsgroup.org.uk
familymosaicsales.co.uk
0300 456 9997
0300 111 3555 Shepherd’s Bush Housing
020 7089 1315 Metropolitan Home
sbhg.co.uk
Crown Simmons
Gateway Housing
Ownership
020 8996 4200
crownsimmons.org.uk
Association
mho.co.uk
gatewayhousing.org.uk
020 3535 2555
020 8709 4300
01372 461 440 Southern Home Ownership shosales.co.uk
Newlon Housing Trust Genesis Homes
newlonhomeownership.
genesishahomes.org.uk
co.uk
033 3000 4000
0800 058 2544
Guinness Partnership
Notting Hill Housing
(South)
nottinghillhousing.org.uk
guinnesspartnership.com
0203 815 0000
0300 555 2171
0303 123 1890 Nu Living Hexagon
nuliving.co.uk
hexagon.org.uk
0800 819 9390
020 8778 6699
First Time Buyer August/September 2017 93
FTB 90-97 Directory August-September17.indd 93
18/07/2017 17:00
SUBSCRIPTIONS
SUBSCRIPTION
OFFER!
Four issues for just
£14 Please call our subscription team on
1 issue
£3.95
020 3874 1649
4 issues
£14
6 issues £21
FTB 90-97 Directory August-September17.indd 94
(Free P&P)
(Free P&P)
(Free P&P)
18/07/2017 17:00
USEFUL CONTACTS HELP TO BUY PROVIDERS Hastoe Housing
Metropolitan Home
PA Housing
Southern Home Ownership
Association
Ownership
pahousing.co.uk
shosales.co.uk
hastoe.com
mho.co.uk
01932 235 801
0300 555 2171
0800 783 3097
020 3535 2555 Paradigm Housing
Sovereign Housing
Home Group
Moat
paradigmhousing.co.uk
sovereignliving.org.uk
homegroup.org.uk
moat.co.uk
0845 337 4877
0300 330 0718
0345 141 1663
0300 323 0011 Peabody
Stonewater
Housing Solutions Group
Nu Living
peabodysales.co.uk
stonewater.org
housingsolutions.co.uk
nuliving.co.uk
020 7021 4444
01202 319 119
0800 876 6060
0800 819 9390 Places for People
Swan Housing
SOUTH WEST
Hastoe Housing Association
Aster Group
hastoe.com
buyanasterhome.co.uk
0300 123 2250
01380 735 480 Knightstone Cornerstone Housing
knightstone.co.uk
cornerstonehousing.net
08458 729 729
01392 273 462 Places for People CURO
placesforpeople.co.uk
curo-group.co.uk
01772 667049
01225 366 000
Hyde New Homes
One Housing Group
placesforpeople.co.uk
Association
hydenewhomes.co.uk
onehousing.co.uk
01772 667049
swan.org.uk
DCH
rooftopgroup.org
0345 606 1221
0300 123 9966
0300 303 2500
dchgroup.com
0800 0421 800
Rosebery Housing
Rooftop Housing Group
01752 856 037
Knightstone Housing
Optivo
Association
Thames Valley Housing
Association
optivo.org.uk
rosebery.org.uk
Association
Elim Housing
sanctuary-housing.co.uk
knightstone.co.uk
020 3202 0263
01372 814 000
tvha.co.uk
elimhousing.co.uk
0800 131 3348
020 8607 0550
01454 411 172
01934 526 000
Sanctuary Southwest
Origin Housing
Sanctuary South East
Latimer
originhousing.org.uk
sanctuary-housing.co.uk
Town and Country Housing
GreenSquare
svhs.org.uk
latimerhomes.com
0300 323 0325
0800 131 3348
tchg.org.uk
greensquaregroup.com
01684 272 727
01892 501 480
01249 465 465
0845 304 1002
Severn Vale Housing
Orwell Housing
Soha Housing
London and Quadrant
Association
Soha.co.uk
Worthing Homes
Guinness Partnership
sovereign.org.uk
lqgroup.org.uk
orwell-housing.co.uk
01235 515 900
worthing-homes.org.uk
(Hermitage)
0845 712 5530
0300 456 9997
01473 218 818
01903 703 108
guinnesspartnership.com
Sovereign Housing
0300 123 1890
First Time Buyer August/September 2017
FTB 90-97 Directory August-September17.indd 95
95
18/07/2017 17:00
USEFUL CONTACTS HELP TO BUY PROVIDERS Stonewater
Caldmore Accord
L & H Homes
Places for People
stonewater.org
caldmoreaccord.org.uk
landh.org.uk
placesforpeople.co.uk
01202 319 119
0300 111 7000
0345 601 9095
01772 667049
Westward Housing
Derwent Living Housing
Metropolitan Home
Riverside Housing
westwardhousing.org.uk
Association
Ownership
Association
0300 100 1011
derwentliving.com
mho.co.uk
riverside.org.uk
01332 346 477
020 3535 2555
0345 155 9029
MIDLANDS East Midlands Housing
Midland Heart
Rooftop Group
Accent Group
Association
midlandheart.org.uk
rooftopgroup.org
accentgroup.org
emhhomes.org.uk
0345 60 20 540
0800 0421 800
0345 678 0555
0300 123 6000 Muir Group
Sanctuary Midlands
Accord
Friendship Care and Housing
muir.org.uk
sanctuary-housing.co.uk
accordgroup.org.uk
fch.org.uk
0300 123 1222
0800 131 3348
0300 111 7000
08456 019 095 Nottingham Community
South Staffordshire
YORKS/ HUMBER
Equity Housing equityhousing.co.uk 0300 1234 460
Accent Group accentgroup.org
Guinness Partnership
0345 678 0555
(Northern Counties)
Acis Group
Home Group
Housing Association
Housing Association
acisgroup.co.uk
homegroup.org.uk
ncha.org.uk
ssha.co.uk
Acis Group
0800 027 2057
0345 141 1663
0115 844 3447
01785 312000
acisgroup.co.uk
Black Country Housing
Guinness Partnership
Orbit
Waterloo Housing
Group
(Northern Counties)
orbit.org.uk
Association
Broadacres
bchg.co.uk
guinnesspartnership.com
0800 678 1221
waterloo.org.uk
broadacres.org.uk
0121 289 3956
0300 123 1890
0800 435 016
01609 767 900
guinnesspartnership.com
0800 027 2057
0300 123 1890 Headrow Limited yhghomes.co.uk
PA Housing
0845 618 5008 Home Group homegroup.org.uk
Bromford Group
Latimer
pahousing.org.uk
WM Housing Group
Crucible Homes
bromford.co.uk
latimerhomes.com
0116 257 6716
wmhousing.co.uk
cruciblesalesandlettings.co.uk
0800 085 2499
0845 304 1002
0300 790 6531
0114 241 3430
0345 141 1663
96 First Time Buyer August/September 2017
FTB 90-97 Directory August-September17.indd 96
18/07/2017 17:00
USEFUL CONTACTS HELP TO BUY PROVIDERS Leeds Federated Housing
ISOS
Irwell Valley Housing
Association
isoshousing.co.uk
Association
lfha.co.uk
0300 300 1505
irwellvalleyha.co.uk
0113 386 1000
0161 610 1000 Places for People
L & H Homes
placesforpeople.co.uk
Knowsley Housing Trust
landh.org.uk
01772 667049
k-h-t.org
0345 601 9095
0151 290 7000 Sanctuary North
Manningham Housing
sanctuary-housing.co.uk
Liverpool Housing Trust
Association
0800 781 0401
lht.co.uk
manninghamhousing.co.uk 01274 771 144 Muir Group
0151 708 2421 Tees Valley Housing Group teesvalley.org
Muir Group
0300 111 1000
muir.org.uk
muir.org.uk 0300 123 1222
0300 123 1222 Two Castles Housing Association (North East)
Places for People
Places for People
twocastles.org.uk
placesforpeople.co.uk
placesforpeople.co.uk
0800 085 1171
01772 667049
01772 667049
NORTH WEST Rosa Homes
Progress Housing Group progressgroup.org.uk
rosahomes.co.uk
Accent Group
0845 077 0027
accentgroup.org 0345 678 0555
Sanctuary North
03333 204 555 Regenda Homes Regenda.org.uk
sanctuary-housing.co.uk
Adactus Housing Group
0800 781 0401
adactushousing.co.uk 0300 111 1133
Stonewater
0344 736 0066 Riverside Housing Association
stonewater.org
Arcon Housing
riverside.org.uk
01202 319 119
Association
0345 155 9029
arcon.org.uk Wakefield and District
0161 214 4120
Housing
Sanctuary North sanctuary-housing.co.uk
wdh.co.uk
CDS Co-operatives
0345 8507 507
cds.coop 020 3096 7730
NORTH EAST
0800 781 0401 Optivo optivo.org.uk
Contour Homes Accent Group
contourhousing.co.uk
accentgroup.org
0345 602 1120
0345 678 0555
020 3202 0263 Your Housing Group yourhousinggroup.co.uk
Eden Housing Association Bernicia
edenha.org.uk
bernicia.com
01768 861 400
0845 618 5008
0344 800 3800 Erimus Housing Ltd
Equity Housing
erimushousing.co.uk
equityhousing.co.uk
0300 111 1000
0300 1234 460
Four Housing
Guinness Partnership
fourhousing.co.uk
(Northern Counties)
0300 00 44 444
guinnesspartnership.com 0300 123 1890
Guinness Partnership (Northern Counties)
Home Group
guinnesspartnership.com
homegroup.org.uk
0300 123 1890
0345 141 1663
Home Group
Impact Housing
homegroup.org.uk
impacthousing.org.uk
0345 141 1663
03448 736 290
First Time Buyer  August/September 2017  97
FTB 90-97 Directory August-September17.indd 97
18/07/2017 17:00
LAST WORD
Spotlight on...
SANDY MACMILLAN DIRECTOR OF SALES AND MARKETING, SOUTHERN HOUSING GROUP
Currently leading Southern Housing Group’s Sales and Marketing Department, Sandy Macmillan is a new homes sales and marketing specialist with over 13 years of experience in the housing sector. Sandy has previously worked in senior sales, marketing, research and development roles at L&Q and East Thames
Can you tell us a bit more about your team? Southern Home Ownership is a team of shared ownership specialists offering affordable and high-quality shared ownership homes in London and the South East; we’ve got long-standing experience of helping first time buyers achieve their dream of owning their own home. We’ve also got a private sale arm – Southern Space; this team focuses on delivering high-quality and stylish homes on the open market to customers who are ready to take the next step on the property ladder. Both Southern Home Ownership and Southern Space are part of Southern Housing Group, one of the largest housing associations in the South East and all profits we generate are used to provide much-needed independent funding for Southern Housing Group charitable activities. If you were a first time buyer in the current property market, would you buy a shared ownership home? Yes, absolutely. Shared ownership is now a well-established and popular route to homeownership. Since the 1980s it has helped approximately 175,000 first time buyers in England, which I personally find really amazing. A lot of prospective first time buyers are hesitant and wonder how they will ever be able to afford buying a home in the current
98
market; shared ownership is a reliable solution for them. All you need to gather is a deposit for the share of the home you want to buy – anything from 25% to 75% – which is often a more realistic and attainable objective for first time buyers. You live in your home as if you owned it outright and you can buy additional shares as your circumstances change, so it’s really suitable at all stages of your life. Buying a home through shared ownership also means that you’re not compromising on quality, style or location – it’s definitely worth the investment. You’ve got a mobility service for shared owners, can you tell us how it works? Through Second Steps, our innovative mobility service, we support Londonbased shared owners who haven’t been able to staircase to 100% to buy their next home on the open market, on a shared ownership basis. With Second Steps, we make taking the next step in life more affordable by allowing our customers to stay in our shared ownership scheme. It’s proven to be extremely popular with growing families, particularly as we also help them with the sale of their existing home through our dedicated Resales Team. What makes you proud of working in the housing sector? I’ve been working in the housing sector for almost 14 years now and my main
focus has always been on providing homes to those who need them, as everyone should be able to have a place to call their own where they feel safe and secure. We’re able to do this through our work at Southern Home Ownership and Southern Space, but even more importantly, our activities help to support Southern Housing Group’s activities and investments in new homes, services and local communities for all of our customers. What lies ahead for your team for the rest of 2017? As an organisation, we’re committed to providing more affordable, well-designed and quality homes in London and the South East; in 2017/18 we plan to deliver 494 new homes across a range of tenures as part of our objective of delivering 2,500 new homes by 2020. Shared ownership and private sale will play a key role in our development pipeline in the future with more homes being made available for customers. Keep up-to-date by checking our websites: shosales.co.uk and southernpace.co.uk. We’ll also be launching our private rent brand Spruce, for those who aren’t yet ready to buy but still want a place to call their own. All details are available on our newest website sprucehomes.co.uk
First Time Buyer August/September 2017
FTB 98-100 Spotlight August-September17.indd 98
18/07/2017 15:37
FTB 98-100 Spotlight August-September17.indd 99
18/07/2017 15:37
FTB 98-100 Spotlight August-September17.indd 100
18/07/2017 15:37