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 PANEL OF EXPERTS PANEL OF EXPERTS

Sarah McCarthy Marketing Manager, Network Homes

Andrew Theoff Managing Partner, Direction Law

Simon Scott Assistant Director Assistant Director of Commercial & of Commercial & Property Marketing, Property Marketing, Origin Housing Origin Housing

TEST THE PANEL

We need your questions...

If you have any queries, or diffi culties 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 fi nancial problems and we’ll fi nd the best person from the panel to give the advice you need.

Email your questions to: lynda@ rsttimebuyermag.co.uk

Can I bring my pet?

QMy boyfriend and I are planning

to start looking for our first home together. My boyfriend is eager to begin viewing some apartments and I’m starting to feel stressed, as I’m worried I won’t be able to bring my cat, Beau. Beau has played an important part in improving my mental health and reducing my anxiety, so I’m keen to find a home that can accommodate him. Am I going to be able to enjoy looking for a new home?

Florence Hill, Ealing

AThe profound benefits of having an animal companion are proving to be increasingly pertinent during the pandemic; owning a pet can lift your mood, enable you to cope with anxiety and help relieve depression. Unfortunately, due to strict regulations, lack of space or access to the outdoors, it means that many homeowners residing in apartments are unable to fulfil their dream of living alongside a four-legged friend.

Recognising this growing desire to own a home as well as a pet, Network Homes is pleased to announce that a selection of its developments in west London warmly welcome homebuyers and their furry companions. You will have to complete a form to request permission, which is subject to approval by the managing agent.

Acton Works is situated within the increasingly sought-after area of Park Royal. Offering a choice of one and two bedroom shared ownership apartments, there is truly something for everyone here. Each and every home has been carefully designed to suit the needs of 21st century buyers; all homes benefit from open-plan layouts that easily cater for those living with their pets.

A welcome expanse of private outdoor space in the form of a balcony, and tranquil ground and rooftop communal gardens, also create a pet-friendly space to get outside for those allimportant morning walks. Selected homes come complete with wheelchair access and limited allocated private parking.

Prices for a one bedroom apartment at Acton Works start at £80,625 for a 25% share of a one bedroom apartment with a full market value of £322,500. Find out about all our pet friendly developments by checking our website networkhomessales.co.uk.

Which solicitors to use?

QI have recently signed up for a new build property

with a housing association and they have supplied a recommended panel list of solicitors. However, I was just thinking of using the solicitors down the road from me as they are close. What would be the difference?

Josh Taylor, Ashford

AHousing associations and the mortgage brokers they work with will often have panels of solicitors that they recommend who specialise in affordable housing. Many buyers are distrustful of using a firm of solicitors who have been recommended, fearing that they won’t be sufficiently independent. Although this is a natural concern, buyers should understand that their solicitor is duty-bound to act in their best interests and is acting for them not the seller.

Walk down any high street and you will find a firm of solicitors offering conveyancing services. However, the vast majority of these will have little or no experience of affordable housing schemes as it is only relatively recently that shared ownership, alongside various equity loan and discount purchase price schemes, have become more well known. Affordable housing is still only a comparatively small proportion of the overall housing sector, and most solicitors still see it as more complex than “ordinary” conveyancing and as a result will usually charge more and generally take longer when dealing with such cases.

In terms of new build properties, the legal paperwork is voluminous and takes several hours to read. Furthermore, as it tends to be similar for all plots, it is more efficient for a solicitor to act for multiple buyers on a development. As a result, a buyer who uses a solicitor who is already familiar with a particular development will be more likely to achieve the exchange deadline imposed by their housing association than one who uses their own, non-specialist, solicitor.

Therefore, in answer to your question, using a firm which is on a recommended panel and specialises in affordable housing, such as ourselves, means that you will be looked after by an expert who will most likely charge less and generally proceed quicker than if you used a conventional high street solicitor.

Andrew Theoff

What are my options?

QI am a recent graduate who

is now working in central London while renting with friends. I am eager to stop paying rent and want to get on to the property ladder as soon as possible in a wellconnected, vibrant London location. However, with the incredibly high house prices, I cannot see how this could be a possibility for me. I want to know about what options are available to me, as I have a small amount of savings which I hope will help me move out and into my own home.

Phoebe Allen, Brixton

AGiven your circumstances, Phoebe, it sounds like shared ownership could be perfect for you! The Government-backed shared ownership scheme is available to eligible first time buyers and others who do not currently own a home. The scheme allows eligible buyers to purchase a proportion of the property (between 25% and 75%), with deposits starting from just 5-10% of the share they buy. This means that buyers require a much smaller deposit than they would typically need if they were buying on the open market. Shared owners pay a mortgage on the share they own, and pay rent to a housing association, such as Origin Housing, on the portion they do not own. It is also a great option for those looking to move away from renting privately, as monthly payments can often be less than renting in the same area.

Shared ownership allows buyers to purchase more of their home over time through a process called staircasing. Staircasing is the process of buying more shares until you own the property outright; a process which can usually be done up to three times.

As you purchase more shares, the amount of rent paid to the housing association will go down, and buyers will pay more towards their mortgage. When you own the home outright, you will pay no rent at all – just the monthly mortgage payments and any relevant service charges.

Eligibility criteria apply. For example, you must have a household income of less than £90,000 if you are buying in London, or £80,000 if you are buying outside the capital, and priority is sometimes given to those who live or work in the borough.

Here at Origin, we have a wide selection of developments across London perfect for buyers like you! These include Harrow One, a collection of studios and one, two and three bedroom homes in central Harrow and The Place, New Southgate, a stylish collection of homes in a convenient location, moments from public transport.

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