Urban Moves leads the market in shared ownership resales

URBAN MOVES LEADS THE MARKET IN SHARED OWNERSHIP RESALES

Urban Moves Ltd is the UK’s leading shared ownership nomination service provider. Known for its transparent and direct approach, its teams are experts in their fields and work together to ensure the process goes as quickly and smoothly as possible. Urban Moves understands the shared ownership scheme and works hard with owners, the housing associations and Homes England to ensure that the scheme helps more and more first time buyers get on the property ladder

SHARED OWNERSHIP EXPLAINED

When you buy a shared ownership home you purchase an initial share of the property and the housing association owns the remainder; you’ll pay a mortgage on the share you own and rent on the share you don’t. This makes the process of getting on to the property ladder that much more affordable and more easily accessible for first time buyers. If you want to, down the line, you can purchase more shares of your home either gradually or all at once – this is known as “staircasing”. The more shares of the property you own the less rent you pay to the housing association. If you decide to staircase up to 100% ownership, the property is yours; you will still pay any ground rent and service charge, but no rent to the housing association. Alternatively, you can sell your share for what it is now worth and move on – the housing provider will help you!

THE BENEFITS OF BUYING A RESALE PROPERTY

Shared ownership resales are a little different. Resales are shared ownership properties that the current owners want to sell. There are multiple advantages of buying resale, one of which is that you aren’t waiting for the home to be built, you can go and see it, as it is, and really get a feel for the property – something that’s tricky to do using show flats, pictures and floorplans. You are also not going to be subject to the “new build premium”. New builds are valued at a higher price, newer equals more expensive. Therefore, the rents on a new build property will be that much higher than a resale, and your mortgage would be more too. Another advantage of resales is that you would be moving into an established property and neighbourhood – not buying off-plan and wondering what your neighbourhood will be like.

WHERE URBAN MOVES COME IN

When the owner of a shared ownership home wants to sell, it’s Urban Move’s job to find them a new shared ownership buyer. It markets the property for the owner and goes through all the applicants to find them a new buyer – one that is eligible for the scheme and passes the affordability criteria. This way it ensures that the process is as seamless as possible and that no one’s time is needlessly wasted. It works with the current owner, their housing association and the buyer to keep things running smoothly.

CRITERIA

The eligibility criteria for resales are much the same as with new build – however with resales you cannot buy a lower share than the current owner is selling. Resales are for anyone who cannot afford to buy a property on the open market, their total household income must be no more than £90,000 inside London or £80,000 outside of London, they must not already own a property and must have good credit.

SO, IT’S LIKE RENTING?

Not at all! When you purchase a new build shared ownership or resale shared ownership property you’re buying the lease on the property, and as a leaseholder you have the same rights and responsibilities as a full owner-occupier. You will likely want to make changes and redecorate, which you absolutely can do! Usually, any cosmetic or decorative changes except structural and hard flooring can be made without permission – so paint that feature wall and put those shelves up!

INTERESTED?

Stay up to date with its ever-expanding listings of shared ownership resales by visiting urbanmoves.com.

For expert hints and tips about getting on the property ladder be sure to follow Urban Moves on Facebook, Instagram or Twitter and watch out for its next feature in First Time Buyer magazine.

FABLE APARTMENTS

261c City Road, London EC1V 1AP

DEPOSIT £22,200 FMV £740,000

This top- oor shared ownership resale apartment in London features oor-to-ceiling windows, and the elevated position allows a view over many of the surrounding buildings. The reception room has attractive ooring and is open plan to the kitchen area. There is a spacious main bedroom with tted wardrobe plus a second, smaller double bedroom. The hallway includes useful storage and utility cupboards, and the bathroom is stylish and modern. Fable Apartments is part of a recently constructed development which backs on to City Road Basin, to the south of Regent’s Canal. Well-insulated walls, high-performance glazing and a communal heating/hot water system make for a good energy ef ciency rating. There is a large, communal cycle store plus Angel and Old Street stations are only a short walk away.

urbanmoves.com/property-details/4926314 020 3944 7681

JUDD APARTMENTS

Great Amwell Lane, London N8 7NP

DEPOSIT £15,300 FMV £510,000

This stylishly presented and wellproportioned shared ownership resale apartment is on the second oor of a modern building which forms part of the New River Village development close to Alexandra Palace and the surrounding park. The property features a 21ft reception/dining area which is open plan to the spacious kitchen. There is a large main bedroom with tted wardrobe plus a second comfortable double bedroom and a sleek bathroom. The development has an underground car park which includes a space for this apartment. Alternatively, Hornsey station, for services to a number of destinations including regular trains into Moorgate, is only a short walk away and Turnpike Lane station, on the Piccadilly Line, is also within easy reach.

urbanmoves.com/property-details/4936181

3 ALDERSON GROVE

DEPOSIT £11,200 FMV £320,000

Hersham, Walton-on-Thames, Surrey KT12 5EG

This smartly presented, top oor shared ownership resale at in Hersham features a 25ft reception room with attractive ooring, open-plan kitchen area and a door that leads out on to a sunny balcony. There is a spacious bedroom with tted, mirror-fronted wardrobe and a simple white-tiled bathroom. A generous amount of storage space has been provided in the hallway. Modern insulation standards, gas central heating and high-performance glazing make for a very good energy ef ciency rating. The apartment comes with the use of a parking space, plus Walton-on-Thames station, for rail services between Woking/Basingstoke and London Waterloo, is only a short walk away.

urbanmoves.com/property-details/4934860

FIRST-HAND EXPERIENCE

Merlin House is an excellent example of some of the properties available as shared ownership resales. Located in Suffolk, with parking, good environmental impact ratings and close to Stowmarket railway station, properties like Merlin House are a great way to get on the property ladder. We sat down with the new owner of one of the bright, modern ats within it to discuss his shared ownership journey.

Q: How did you nd the process of buying and how long did it take? A: I found the process easy from start to nish, from viewing to buying the property. It took three months from viewing to moving in.

Q: How long were you looking for a property? A: I had been looking for only a month before I found this property.

Q: How many resales or new build shared ownership properties did you look at? A: I looked at a total of three resale properties.

Q: Did you choose a resale over a new build for a particular reason? A: I found it easier to nd the property style I wanted as a resale rather than a new build.

Q: Where were you living before buying? A: I was living back with my parents at that point.

Q: How have you found living in the property and shared ownership? A: I’ve found living in this property brilliant! It’s affordable and I own some of it so not all of my money is going on just rent. It is so much cheaper than renting a similar property in the area and I have no worries as I part-own it.

Q: What would you say to anyone thinking of buying a resale? A: I would say de nitely look into it and I highly recommend it as the whole experience was easy. You’re not having to wait for the place to be built which is a bonus and there is plenty of choice of resales out there.

Google review: “Brilliant experience buying my at through Urban Moves who were quick to respond to questions and very helpful.”