the Ultimate Guide to... GETTING ON THE LADDER, THE PROPERTY MARKET AND HELP TO BUY October/ November 2019 £3.95 firsttimebuyermag.com
EVERYTHING YOU NEED TO KNOW ABOUT SHARED OWNERSHIP
EXCLUSIVE! I'LL FIX THE HOUSING MARKET SAYS SHAUN BAILEY, CANDIDATE FOR THE MAYOR OF LONDON
WIN!
A TWO-NIGHT STAY, DINNER AND BEAUTY TREATMENT AT THE CLUB HOTEL & SPA, JERSEY WORTH £550
ADDED EXTRAS: TOP INCENTIVES FOR FTBS
“Shared ownership is definitely the way to get on the property ladder” AJ Odudu
TV presenter and Ambassador for Shared Ownership Week FTB 01 Cover October-November19.indd 1
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EDITOR’S LETTER
E D I T O R I A L – 020 7258 0036
Editor-in-Chief SARAH GARRETT sarahg@spmgroup.co.uk Editor LYNDA CLARK lynda@firsttimebuyermag.co.uk Editorial Assistant DAWN HARKER Creative Director RYAN BEAL Sub Editor KAY HILL Social Media DAWN HARKER Contributors CHRIS CLARK, DEBBIE CLARK, ADAM CRAWFORD, DAWN HARKER, KAY HILL, RUPI HUNJAN, JONNIE IRWIN, LAURA DEAN-OSGOOD, VICTORIA PERSELLI, DONNA PILCHER, LESLEY PRICE, 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
W elcome The autumn can be a lovely time of year and after the long summer and holidays it is the perfect time to start searching for your first dream home. Shared ownership is a very affordable way to get on the ladder and on pages 28-42 we highlight Shared Ownership Week 2019 which aims to help homebuyers understand how they could be eligible to secure a property with this pioneering scheme. Shared Ownership Week is backed by major housing associations, and we have featured some of their amazing developments and also included some interesting case studies of first time buyers who have already bought through the scheme. There is a dedicated website – sharedownershipweek.co.uk which I think you will find very useful. The next London mayoral election will take place on 7 May 2020 and we have an exclusive interview with the Conservative party candidate, Shaun Bailey, who talks about his view of the housing market and what his plans are for the future if he gets elected. Do turn to pages 48-49 as I am sure you will find his thoughts and ideas of great interest. Another date to put in next year’s diary is 7 March 2020, when we will be holding a FTB Home Show in Stratford. It is the ideal opportunity to come along and talk to private developers, housing associations and legal and financial experts to find out how to get on the property ladder. Do go to our website to register at ftbhomeshow.com I hope you find this issue packed full of useful information to help you buy your first dream 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 rachel@building-relations.co.uk SUBSCRIPTIONS 020 7258 0036 SWITCHBOARD 020 7258 1777 FAX: 020 7258 1787
firsttimebuyeronline EDITOR’S PICKS…
I am excited to move in soon and make use of the communal spaces.
THE ULTIMATE GUIDE COMPANY LTD, 37 IVOR PLACE, LONDON NW1 6EA All advertising copy for December 2019/January 2019 must be received before 8 October 2019. Send all copy to: lynda@ firsttimebuyermag.co.uk The content of this publication, either in whole or in part, may not be reproduced, stored in a data retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying or otherwise, without prior permission from the publishers. Opinions expressed in First Time Buyer magazine are not necessarily those of the publishers. © The Ultimate Guide Company Ltd 2008-2019. The Ultimate Guide Company Ltd t/a First Time Buyer magazine will take no responsibility for any loss/ claim resulting from a transaction with one of our advertisers/media partners.
@firsttimebuyer
Shared ownership is a fantastic way to enter into homeownership and makes a huge difference to affordability.
Jim Munson, 20 Questions, page 114
Hadden White, Real Life, page 77
Get a Mortgage in Principle as then everyone knows you are serious about buying and able to do so. Jo Dyson, At home with, page 16
London’s global popularity is wonderful but it places an enormous pressure on our property prices because there isn’t enough supply.
As a buyer, you have the power to decide what you can afford and what you think something is worth.
Jonnie Irwin, Jonnie’s World, page 9
Shaun Bailey, Housing for London, page 48
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CONTENTS
OCTOBER/NOVEMBER 2019 / ISSUE 79 / FIRSTTIMEBUYERMAG.CO.UK
What’s in… 76
For sale
82
Joseph Williams, along with his beloved Pomeranian, Morsen, was looking for a low-maintenance first home with a short commute to work. He was delighted when he found the Taylor Wimpey Eclipse development in Walthamstow and bought a two bedroom apartment using the Help to Buy scheme.
HOMEPAGE
Mae House Design, Jo Dyson is also one of the regular presenters at the Homebuilding & Renovating Show. She talks to Lynda Clark about her first home, her property experiences and gives some excellent advice for first time buyers.
9 Words from Jonnie TV presenter and property expert, Jonnie Irwin, gives his views on the housing market.
11 FTB Loves...
20 House Hunter
A round up of our favourite hot buys.
16
12 Living Think pink! Highlighting shades of this pretty colour to accessorise your home and give it a little facelift as we approach the new season.
12
14 How to have green fingers and green thumbs! Are you a first time gardener? Victoria Perselli shows you how to make use of the latest technology and the internet to help you to create a beautiful garden.
16 At home with…Jo Dyson An experienced property renovator, interiors specialist and founding partner of home design consultancy
We try to find Michael and Jessica Penn a perfect property in the north of England.
22 Developer’s doctor Sean Ruane, Sales Director at Joseph Homes, answers your property question.
24 The View: AJ Odudu AJ is Ambassador for Shared Ownership Week and recently bought her first home after saving for many years. She has presented many TV shows, is a qualified personal trainer and a DJ. She talks to Lynda Clark about her career, her first home and gives some very good advice for first time buyers.
FEATURED
28 Get on the ladder with shared ownership The Shared Ownership Week campaign returns for its seventh year from 19 to 25 September, aiming to help homebuyers understand how the scheme can help them buy an affordable home. The week is backed by many major housing associations and we highlight some of the great properties you can buy with the scheme.
44 Inventive Incentives It can be costly when you buy your first home when you add up all the costs involved like Stamp Duty, legal costs, mortgage and of course the deposit. Developers are offering some great deals to help ease the burden and Debbie Clark looks at what’s on offer.
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CONTENTS AJ ODUDU, PAGE 24
I TOOK OUT A HELP TO BUY: ISA WHICH GAVE ME AN EXTRA £3,000 THAT THE GOVERNMENT GIVES YOU WHICH REALLY HELPED, SO THINK ABOUT WHERE TO INVEST YOUR SAVINGS
24
AJ Odudu 90 Mortgage Clinic
REGULARS
Rupi Hunjan, CEO of Censeo Financial, answers your financial related questions.
92 Finance Many first time buyers are unaware that your credit score is vital to obtaining a good mortgage deal. Kay Hill takes a look at how to understand and improve your score.
94 Market
48
56 Hotspot
Housing for London An exclusive interview with Shaun Bailey, Conservative candidate for the Mayor of London election in 2020, where we find out his plans to tackle London’s housing market if he gets elected.
87
Recent changes to planning permission rules could help those struggling to get on the property ladder. Ginetta Vedrickas investigates.
Competition Win a two-night stay, dinner and beauty treatment at The Club Hotel & Spa in Jersey worth £550.
We look at the benefits of Harrow as a place to live.
96 Agony Agent
72 Shared ownership mortgages – all you need to know
All your property questions answered by our panel of experts.
Rupi Hunjan, CEO of Censeo Financial, explains how the shared ownership mortgage process works with this simple step-by-step guide.
84 Changes to the law surrounding leasehold houses. What does it all mean for me?
99 Buyer’s Guide Check out FTB’s Buyer’s Guide, which walks you through the property process.
104 Stamp Duty
Lesley Price FCILEx, Head of New Homes & Shared Ownership at Lawcomm Solicitors, looks at the impact of the recent changes in the law surrounding leasehold houses and what you should do if you think you are affected.
88 First home, first meal Jamie Polito, Executive Chef for Hippo Inns, creates a delicious Cajun sea trout, avocado and cucumber salad with yoghurt dressing. We test the best desserts from the UK’s leading supermarkets.
Adam Crawford, Partner and Head of New Build Homes at Prince Evans Solicitors LLP, explains how Stamp Duty works when you are buying a shared ownership home and the different options you have to pay it.
106 Directory Where and how to contact your Help to Buy Agents or providers.
114 20 Questions We ask 20 quick-fire questions to a property expert and in this issue Jim Munson, Head of Marketing at Notting Hill Genesis, steps into the spotlight
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LETTERS
Mailbox DO I NEED A FINANCIAL ADVISER? I am close to being able to put a deposit down on a property and am currently weighing up my options, including Help to Buy and shared ownership. I have noticed that the sales teams are all keen to put me in touch with a financial adviser. Is this necessary or can I organise a mortgage myself?
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
Yasmin Bougrine FTB: There is no reason you can’t arrange a mortgage yourself,but using a financial adviser is usually the quickest way to get the best deal as they are experts in the market. The housing associations will put you in touch with an adviser who knows the companies that are lending on these schemes, which can save you a lot of legwork, as not all lenders do. If the cost of a financial adviser is your biggest concern, look for one whose fee is paid by the lender.
HOME IMPROVEMENTS ON A HELP TO BUY PROPERTY My partner and I are looking to buy a new build two bedroom house. We would like to make use of the Help to Buy scheme and keep some money aside to make some changes to the property when we move in. How does this work in terms of the equity loan? Is it OK to extend the property? Tas Shah FTB: In short, no. You can apply to the Mortgage Administrator for permission to extend or alter the property but it is very unusual for it to be granted. The only notable exception to this would be in cases of genuine hardship, for example if a home needed to be adapted to meet the needs of a disabled resident. The scheme is designed to help buyers move on or up the housing ladder. It is therefore expected that you will pay off your equity loan before planning improvements or alterations to your property. The money released could then allow more buyers to benefit. You are able to make cosmetic changes to the property but it is worth bearing in mind that they will not be deducted from your valuation report when you sell.
This issue’s star letter receives a bespoke family street sign, worth £16.99. This metal sign can be personalised with surname, postcode and location and makes a really fun and unique gift. It is made from aluminium and has pre-drilled holes to allow it to be hung or mounted easily in your home. studio.co.uk
RENTING OUT A ROOM? I am just about to exchange on my first home and am getting a little nervous about how far I have stretched myself financially to be able to afford a two bedroom house. I have a very active social life and don’t really want to be constantly worried about whether I can afford to go out! I’m considering the option of renting out my spare room but not sure if this is allowed? Claire Dooley
FTB: Yes, you can absolutely rent out a room in your home as an owner occupier. Even better, the Government’s Rent a Room scheme allows you to earn up to £7,500 a year (or £3,750 if you are letting jointly) tax-free doing so. Provided that your property is still affordable for you without having to depend on this additional income, it would seem a sensible way to top up your bank balance and continue to enjoy the lifestyle you love.
CAN I PAY BACK A HELP TO BUY LOAN EARLY? I have found a great apartment in my desired location but the only way I can afford it is to take advantage of the Help to Buy scheme. I am, however, reluctant to commit myself to a loan over a long period. I am confident that my earnings will increase and I should then be able to pay the loan back in a couple of years. Is it possible to do so, or am I tied in for the first five years? Gary Slinger FTB: You can repay the equity loan, either in full or by increments, at any point – including within the first five years when the loan is
interest free. Any additional loan repayments must be at least 10% of current market value. There are, however, costs involved, including an administrative charge. If you plan to increase your mortgage to allow for this, you will also need to get permission from the Mortgage Administrator, but this is usually welcomed and approved. It is well worth sitting down with a financial adviser to discuss the most costeffective way of repaying your loan when you are in a position to do so.
VISIT OUR WEBSITE For everything you need to know about buying for the first time, go to firsttimebuyermag.com
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OPINION
Photo © Mike Prior
WORLD
TV presenter and property expert Jonnie Irwin gives his thoughts and views on first time buyers and the housing market
I’ve recently come to the end of filming a new series for the BBC called Escape to the Perfect Town. The title is fairly self-explanatory, so I won’t insult your intelligence by describing what the programme is all about. We’ve very much encouraged buyers with more modest budgets, and one of our focuses has been to help purchasers who can’t afford the space they need in a city and so have moved their search to smaller towns that still give them the amenities they’re used to, along with access back into the city for employment. As you’d imagine, the show’s format has attracted a few first time buyers, which I’ve really enjoyed. It was a conversation with one such couple that made me think of a subject that needs to be addressed. They were moving out of London to a commuter town and had already formally viewed 12 properties. What alarmed me was how they spoke in far from glowing terms about some of the estate agents they had encountered. Let’s face it; estate agents are an easy target, especially when we want to vent our frustration when considering the somewhat stressful homebuying process. The overly confident, “wet behind the ears” agent in a cheap suit a size too small is something of a cliché, but I must admit to getting narked myself if the lady or gentleman showing me around a property isn’t able to tell me everything I need to know about the property there and then. Instead I often have to endure 10-15 minutes of a property tour where I’m told the blatantly obvious “here’s the bathroom with a shower over the bath”. Oh it’s a shower is it? And here was me thinking it was an intercom system with a direct line to Odin! Of course this is unfair, as there are some highly professional estate agents out there who take their job very seriously and are able to impart a wealth of knowledge about locations to would-be buyers. It’s this perhaps more balanced opinion that made me wonder whether the problem might not be at my buyer’s door. They complained that the estate agents hadn’t taken them seriously when they submitted an offer. Things got even worse when that offer was refused. My buyers then argued that their offer was perfectly reasonable and it reflected the market value per square metre for the area. Firstly, let me assure you that it is not the estate agents that refuse an offer. Agents may advise on the suitability of a purchaser or offer an opinion on whether an offer is low in relation to their assessment of market value, but ultimately the decision is that of the owner (or vendor). Your offer may well reflect a fair price per square metre, but to be honest, that type of equation is only half relevant in large cities where there is lots of property stock. As one of my lecturers at university told me, valuation is a mix of art and science. There are many variables affecting value and there isn’t enough space in this column to go into them now, but suffice to say a first time buyer telling an estate agent how to value a home isn’t going to win you any favours. As a buyer you have the power to decide what you can afford and what you personally think something is worth, and if the seller has aspirations above this figure then you must walk away and leave them to reconsider the price, or find an alternative property to pursue yourself. My advice to any buyer, whether first time or otherwise, is to get close to an estate agent. Their remit is to act in the best interest of their client, the seller, but you as a buyer are what helps them do their job. Go and visit estate agents’ offices personally. Let them put a face to a name and understand fully your requirements. In doing so you’ll get more suitable properties sent your way and stand a better chance of being the first person they pick the phone up to call when they are instructed on something suitable. Good luck!
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FTB LOVES
Smart technology in homes is becoming more and more popular, with homeowners turning to tech that can be remotely managed as a way to enhance their lives. Research from FastSaleHomes.co.uk shows that in the next five years, 41% of Brits expect to own a digital home assistant as well as a smart heating device. FTB has rounded up the “must have” gadgets, which are sure to give you peace of mind
Home is where the hub is
According to the Real Homes Show, smart assistants are the most used home tech gadget. The Google Nest Hub is the perfect tool for a smart home, and its small and sleek design means it fits into every room. Whether you’re looking for a recipe, want to check the weather, or even just turn down your heating, the Google Nest Hub has consolidated all of these skills into one assistant. The hub functions perfectly as a smart home control panel, and works with an array of home technology, making smart living easy. Plus, when you’re not using it during the day, it can function as a digital photo frame showing a slideshow of your favourite pictures, making it the perfect addition to your home. Google Nest Hub, £79, Google Store store.google.com
rd On Gua es, especially We all worry about our hom or visiting friends day holi on y awa re when we’ Outdoor protects View e and family, but the Hiv ’re not there. The your home even when you automatic night vision, has weatherproof camera people, and notifies can detect sound, motion and is even a two-way re The ts. star you once recording to speak directly through audio system allowing you to play a pre-recorded on opti the camera, plus the or siren, to deter sound such as a dog barking cameras add an rt sma se unwanted guests. The you to rest easy g win allo rity, secu of r extra laye r inside and afte ed look is knowing your home e. ther n’t are you n whe n out, eve Hive Hive View Outdoor, £179, m e.co hivehom
Protect your Nest
The Google Nest Protect has been designed to give homeowners peace of mind for up to 10 years. This smart fire alarm can recognise fast-burning fires, steam and also carbon monoxide. The Nest Protect gives you an early warning with a notification to your phone, so whether it’s burning toast or a smouldering candle, you can handle it before it becomes a danger. With the notifications, there is no need to climb on chairs, or swing around a tea towel to switch it off – simply silence the alarm from your phone. Unlike standard fire alarms, the Nest Protect tests itself over 400 times a day, and lets you know when batteries are running low, so no more being woken up with annoying beeps in the middle of the night. Google Nest Protect, £109, Google Store store.google.com
Turn down the heat, bring up the savings
Keeping your home warm is a must in the winter months, but nobody likes being left with a huge heating bill come the spring! The tado° Smart Thermostat can help cut your heating bill by up to 31%, and even offers a 12-month energy savings guarantee. This smart thermostat monitors the weather in your area, allowing it to heat up your home more efficiently, and also uses residents’ locations to make sure it isn’t heating an empty home. It cleverly adapts to your needs using an automatic heating control, while still having the options of scheduling or manual controls. Smart thermostat starter kit V3+, £199.99, tado° tado.com
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Homepage LIVING
La Vie en Rose
Pink is always in season! A hint of blush works as the perfect neutral shade to soften any space, a bold millennial pink is fab for furnishings, and a touch of rose gold on kitchen accessories gives homes a chic and contemporary feel Blush pink Nevia ottoman, £149.99, MY Furniture
Velvet and copper shade, £29.99, Very Set of two Mirabelle side tables, £89, JD Williams Home
Blush Eden button chair, £199, JD Williams Home
Pink and gold small box, £12, Debenhams
Pink and brushed gold cutlery set, £16, George Home
Set of four rose gold wine glasses, £34.99, Very
Chairs, £259 each; side table, £69; rug, £199.99; light, £49.99; cushion, £18.99; glassware, from £19.99, Very
C ON TA C T S » Debenhams debenhams.com » George Home george.com » Homesense homesense.com » JD Williams Home jdwilliams.co.uk » M&Co mandco.com » MY Furniture my-furniture.com » Next next.co.uk » Oliver Bonas oliverbonas.com » Sunnylife uk.sunnylife.com » Very very.co.uk
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Homepage LIVING Pink velvet small stool, £49.99, HomeSense
Marble cushion, £24; velvet fringe cushion, £22; Gaia footstool, £299; Caitlin floor lamp, £49; trellis chain satin cushion, £24; gold pom-pom velvet cushion, £22; palace threeseater sofa, £749; pink throw, £18; natural luxe faux fur rug, from £29; Ayla antique nickel mirrored side table, £129; blush glass vase, £16, JD Williams Home
Pinwheel wall mirror, £35, Oliver Bonas
Gold tipped side table, £39, Very
Michelle Keegan faux suede table lamp, £79.99, Very
Marble cushion, £24, JD Williams Home
T O P TA B L E S
Geo cushion, £26, Next
Set of two electric bloom cocktail glasses, £14, Sunnylife
m cushion, £15; Gold swallows, £12; crea Co grey cushion, £12, M& Fringe table light, £35, Next
There is nothing like a piece of handmade furniture, especially one you can customise to reflect your personal style. This sleek hairpin coffee table from Modern Wire is perfect for your new home. Its solid steel frame comes with a durable finish with a range of colour options, and the veneer top is water resistant and is available in Beech or American Walnut. Simply choose the shades you want for the legs and top to create a unique bespoke design. Hairpin side table, £156, Modern Wire modernwire.co.uk
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Homepage GARDENING
How to have green fingers and green thumbs!
First time gardener? Worried about having no experience and no one to ask when it comes to making things grow? Fear not! Victoria Perselli is here to show you how to make use of the latest technology and the internet to create the best garden
Victoria Perselli has an enduring passion for horticulture. She has been researching, growing, photographing, cooking and eating plants since her early childhood in sunny Devon. She is particularly interested in experimenting with new gardening techniques, especially as a positive response to the changing environment and the Royal Horticultural Society’s Greening Grey Britain campaign. Here she provides some easy ways to get started as a first time gardener – even with a small budget to spend.
I love experimenting with my home and garden, especially with plants, but recently I find I am much more disappointed by failure and more self-critical than I used to be; for example, when a plant doesn’t flourish, or it dies, or worse still, simply disappears! It’s a bit like watching The Great British Bake Off and then trying the winning recipe at home – it looked so easy on the TV, so why does the texture of my cake remind my family of a boarding school mattress? Back in the day, when you bought a plant or a packet of seeds, all you had to go by was the instructions on the label. But you knew what to do because... You copied your dad or your gran or whoever was the green-fingered neighbour in your street. If something went wrong there were people on hand who would tut tut, shake their heads and give you more cuttings, so you could have another go. And once you were successful you passed on your tips, tricks, bulbs, corms, splits or seeds to someone else. Gardening was a communal activity. But nowadays? Like me, you may have moved miles away from family members who garden, and to a place where no one knows their neighbours’ names, let alone the contents of that stunning floral display in their windowbox! Instead, we have a super-abundance of information – aka the internet – just waiting to tell us exactly what to do! Except... Who says that time and effort online beats curling up on the sofa watching Gardeners’ World, or listening to Gardeners’ Question Time...? Of course, I want my plants to thrive, because I worry about money and waste
and climate change. Plus, sending photos to my loved ones that share the story of how my plants are beautifying my life, my home and my dining table (or maybe not!) gives me a feeling of real joy and connectivity. Here, then, are some of the online sites I can check out before I rush out and buy my next bit of greenery. They are hardly foolproof or risk-free of course, but they do at least eliminate the non-starters – plants for which I don't have the right growing conditions, the right weather, or those that require a lot of attention when I'm simply not around. (Well OK, there are apps for that too!) For identifying plants and pests, try free apps such as: 99 SmartPlant 99 GardenTags 99 GardenAnswers 99 Pl@ntNet All of these apps are available to download via the Apple App Store or on Google Play for Android. For inspiration and ideas: 99 @Bigcitygardener – follow Timothy on Twitter 99 @suburban.existence – find Suburban Existence on Instagram 99 @AlysFowler – follow Alys on Twitter And for gorgeous photos: 99 #gardeninglife 99 #botanygeek 99 #indianfamilygarden Each of these hashtags offers a wide range of
Haven’t convinced you yet? Still stuck for inspiration? Check out seedball. co.uk which will supply you with charmingly illustrated boxes of pre-fabricated seeds for a specific location, such as dry shade, a sunny boarder, etc. They also do festive collections, including personalised birthday and wedding favours too. You just place the balls on the soil surface or into a pot, as above. Equally easy to get started and maintain are these cool and classic ferns in a stylishly retro pot stand, both of which are available from crocus.co.uk. Alternatively try willowand.co.uk for some foolproof, headturning greenery. Pop the "wand" in the ground or, again, in a pot of compost, as here, and (as with all of the above), water regularly to stimulate and maintain healthy growth.
visual inspirations – just pop on to Instagram and begin your search. Do you have money to spare for guaranteed, professional advice? Time available to visit fabulous gardens? You could use a charity, such as the Royal Horticultural Society, so others benefit too. Alternatively, just Google your plant and click on the RHS or Gardeners’ World websites. Finally, don’t forget that most satisfying of all is using your own five senses to discover what works for you, and then spreading that knowledge around – even if it involves saying "Hi" to your neighbours... And learning their names in the process! Happy gardening! Victoria
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Homepage LIVING
At home with:
Jo Dyson Jo Dyson is an experienced property renovator, interiors specialist and founding partner of home design consultancy Mae House Design. She is also one of the regular presenters at the Homebuilding & Renovating Show. Her love of DIY, and all things practical and creative, started when she was four years old – equipped with her Fisher Price tool kit she would “help” her dad on various projects. She talks to Lynda Clark about her first home, her property experiences and gives some excellent advice for first time buyers FTB: Tell us how your love for property and renovation started JD: I grew up surrounded by DIY – my parents were always renovating and my dad did most of the work himself, being an experienced carpenter, and later re-training to become a Design and Technology teacher. Renovating and practical work is in the genes – my dad had a workshop in the basement and I really ejoyed helping him on different projects. I loved DT at school and enjoyed making things. It’s always excited me to transform something, make something or give something a new lease of life. FTB: Tell us about your first step on the property ladder JD: After school I studied English at Nottingham University and when I left I was keen to buy my first home and get on the property ladder. I didn’t have a deposit and I had the usual student debt so I decided to move back in with my parents for two years and save. A very close friend was also looking to buy and we decided to pool our resources and buy together. We have a great relationship and talked about all the pros and cons of buying together so we knew it would work out. We began by looking in Clapham but that was completely out of our price bracket, and then had a look at Balham, which was more affordable but still way off budget. We both put all our energies into the search and made friends with all the local estate agents – we would drive around the area looking at all the For Sale boards. It was 2006 and at that time we weren’t convinced that everything was online so we did some extra legwork. Then one Saturday morning an estate agent called me to say they thought they had found our dream home. I was very excited but when I found out it was in south London where I had grown up and
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Homepage LIVING my parents still lived, I wasn’t at all keen. The estate agent persuaded me to go and have a look, and it was just what we were looking for, with three double bedrooms and masses of potential. My friend came along and she was completely bowled over too. It needed some serious work doing to it as it was pretty much derelict, which my dad helped with, and we lived very happily there for about five years, with another good friend who rented the spare bedroom, and eventually sold it. FTB: Where do you live now? JD: We sold our place in 2013 and this gave us both a profit to buy our next homes – property prices had increased in the time we’d owned it and we’d also added square footage to the flat and renovated it. With my deposit in the bank from the proceeds from the sale I started offering on the next property project, but prices were rocketing and I kept getting gazumped. I took matters into my own hands and set up an email purely for my search and hand wrote a letter for the personal touch (which I photocopied to save hand-writing multiple copies!) and put through doors in case they were thinking of selling – I even had a few replies!! I knew what I was looking for – with the budget I had it was a top floor flat on the south side of the street – so I was fairly specific on that. I had a design in mind that I wanted to create and eventually found a place which ticked the boxes. I love living there now I’ve totally reconfigured it with a loft extension and remodel. It is still in south London and has a beautiful roof terrace which has decking and lavender plants which the bees love. It’s south facing so gets lots of natural light and is a lovely sunny outside space. FTB: Tell us about your career? JD: I started working in PR and I was very lucky as I really love outdoor, active adventures and The Duke of Edinburgh’s Award was one of my clients and I also worked on a campaign to promote cycling. I did buy and renovate properties on the side though, and together with my parents we bought a studio flat in south London. We pooled our resources and became Tenants in Common but the place was a wreck! In fact it was like a museum as nothing had been done to it for years, but it was five minutes to the station and you could be in central London in no time at all. My dad did all the clearing of the flat and we worked hard to make it what it is today. We still own it and rent it out and it has worked very well. I then started Mae House Design (maehousedesign.com) with a friend which is proving a success. We do single room designs right through to full house renovations and we can do everything from
“CREATE YOUR LISTS OF THE ‘ESSENTIALS’ AND THE ‘NICE TO HAVES’. THERE’LL INEVITABLY BE AN ELEMENT OF COMPROMISE, BUT IT’S IMPORTANT TO BE CLEAR TO YOURSELF ON WHAT YOU DEFINITELY NEED FROM YOUR HOME” First Time Buyer October/November 2019 17
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Homepage LIVING
“VERY IMPORTANTLY THOUGH, BE HONEST WITH YOURSELF AND ALWAYS LOOK AT YOUR BUDGET AND FINANCES AS YOU DO NOT WANT TO OVERSTRETCH YOURSELF AND FIND YOU CAN’T AFFORD TO LIVE THERE” getting planning permission, organising the build to doing the interiors. We particularly enjoy spatial redesigns and helping people make the space work best for them and how they live – we have completed quite a few projects and all of them have been great to work on. I still keep my hand in doing some PR for the National Trust – a great charity looking after special places for everyone to enjoy. I am one of the presenters at the Homebuilding & Renovating show which is at London ExCeL between the 4-6 October. It’s such a great show for anybody who is renovating or doing any homebuilding as it offers so much information and expertise in the talks and the exhibitors. It also gives visitors the chance to book appointments with experts. I am talking about loft and basement design, and kitchens, bedroom and bathrooms, and always use my talks as opportunities to think about sustainability in any property project. FTB: What plans do you have for the future? JD: I would like to continue doing what I am doing at the moment and helping people – the biggest buzz I get at work is turning a space into somewhere you want to be; somewhere you can call home. I also want to help as many people get on the property ladder as possible.
FTB: What advice have you for first time buyers? JD: A good place to start is with your list of requirements – create your lists of the ‘essentials’ and the ‘nice to haves’. There’ll inevitably be an element of compromise, but it’s important to be clear to yourself on what you definitely need from your home. When viewing a property, look beyond the decor as that is relatively easy to change. Look at the location and see what prices are like in the area so you can judge if it is value for money – crunch some numbers and see what the average price per sq m is in the areas you favour. Make friends with local estate agents and get a Mortgage in Principle as then everyone knows you are serious about buying and able to do so. Think creatively – might you be able to pool resources and buy with a friend or two, or with family? Consider the Government schemes that are available. Buying a home is an investment, so you should also consider how to add value to the home for when you come to sell it. It’s worth knowing that small design changes and interior updates can certainly make a big difference. Look up areas that are being invested in, or where new transport connections are planned, as prices will likely go up and it can be good to get in first. Very importantly though, be honest
with yourself and always look at your budget and finances as you do not want to overstretch yourself and find you can’t afford to live there. FTB: Any other tips? JD: I love hunting for bargains in charity shops, reclamation yards and on eBay. There are some amazing bargains to be had and I recently bought a lovely coffee table for £4 and updated it with a coat of paint – now it looks great. My six dining room chairs were from a charity shop and just needed a lick of chalk-based paint (it goes on anything!) and a simple reupholster with a trusty staple gun. When I bought my first flat with my friend, we spent all our money on the purchase and furnished the entire place from eBay, Gumtree and Freecycle finds. Most evenings we’d be off in the car, picking up a table from here, TV from there… So, do think about buying secondhand – it’s sustainable and most first time buyers won’t have masses of money to spend anyway. Your home will look unique and can be really personalised to you. Jo Dyson is the renovations and interiors expert at the London Homebuilding & Renovating Show, held 4-6 October, at ExCeL, London
18 First Time Buyer October/November 2019
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Homepage FIRST RUNG
The
HOUSE HUNTER
What we found… THE COASTAL RETREAT Lister Gardens Crosby, Liverpool
FROM £TBC
THE NATURAL BEAUTY Earlsbrook Delamere, Northwich
FROM £TBC
This month FTB goes on the hunt with Michael and Jessica Penn, who are after a two or three bedroom home in the north of England
PROFILE
Name Michael Penn, 55, and Jessica Penn,56 Occupations Medical writer, personal trainer Maximum budget £200,000 Requirements A family home with two or three bedrooms and some outdoor space, with green surroundings and good transport links to town or city life.
What they wanted… We are looking to relocate from London to the north of England, where we are both from originally. We have been together for five years, and want to buy a house – which is out of our price range in London. We also want to be closer to our ageing parents – and would like a more peaceful place for my daughter, who is 12, to grow up. My family are based mostly in and around Liverpool, while Mike’s are scattered around Yorkshire and Cumbria, and we are quite flexible with location. Mike’s company has agreed that he can work from home, and only needs to visit the office twice a month. I’m freelance and will build up a new client base wherever we live. We love the beauty of the North and are quite outdoorsy, so would like to be close to the countryside. But we also want to be well connected to town and city life. We have a deposit of £20,000, and a budget of around £200,000.
The town of Crosby, famous for its beaches and Anthony Gormley figures, is home to this collection of apartments. Housed in an art deco-style building, there are 17 one and two bedroom homes here, available through shared ownership with Redwing Living. The homes have bright, openplan living spaces with wooden flooring, and private outdoor spaces. Crosby is popular with young professionals and families – rural coastal life lies on the doorstep, along with a recently regenerated town centre and frequent connections to Liverpool.
This collection of family homes is perfectly located for enjoying the best of the surrounding area’s natural beauty as well as the excellent travel connections. The two to five bedroom properties are positioned on the edge of pretty Delamere Village, within minutes of Delamere Forest, for endless exploration and family days out. For city life, Chester can be reached in less than 20 minutes by car or train, while Liverpool is around 30 miles away. The homes feature spacious living areas, en suite bathrooms, private gardens and off-road parking.
listergardens.co.uk
laurushomes.co.uk
What they thought… This is an amazing stretch of coast! I used to visit here a lot as a kid with my family; it’s really beautiful. We do love the seaside, so we would feel quite at home here, with no end of fresh air and long walks. We’ve heard good things about Crosby, too, with some nice cafes in the area and great things to do – along with lots of places to enjoy as a family. The apartments are lovely – we just love the design, and the 1920s styling is seriously on trend. For us, I think one more bedroom would be ideal.”
These houses are very impressive indeed – they look lovely and spacious, and would be the perfect space for the three of us. My daughter would be so pleased to finally have a garden – it really has been a few years since we’ve had one, and I love the idea of hosting family parties and just spending time outdoors. Locationwise, it’s good, too, with plenty of pretty areas to explore and get to know, and some great amenities, such as a community centre and shopping facilities, within easy reach.”
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Homepage FIRST RUNG
THE WELL CONNECTED The Wells, Little Hulton, Manchester
THE ECO SAVVY
FROM £46,550*
Minehead, Withington, Manchester
FROM £66,000*
First choice! THE ALL-ROUNDER
FROM £40,000*
Copper Brook Helsby, Cheshire
With country parks and local amenities close by, these new homes are in a great spot for family life. There is a range of two and three bedroom properties available, all featuring sleek, contemporary interiors, as well as gardens and parking. Little Hulton lies around 10 miles north west of Manchester, and is has great transport connections to the city, as well as to Bolton and Salford. Closer to home, the nearby town of Walkden is home to a great range of facilities. For a taste of the outdoors, Blackleach Country Park is a favourite with locals.
Eco-friendly is the buzz word at this new collection of homes in Withington, south of Manchester. The 31 two bedroom apartments and houses feature bill-reducing details throughout, including energy-efficient boilers and double glazing. The properties, which all come with outdoor space, are arranged around landscaped gardens. The development is just half a mile from the bustling Burton Road area, for a range of shops, restaurants and pubs. The remaining properties at Minehead are available on an over-55s shared ownership scheme.
plumlife.co.uk
geckohomes.co.uk
*Based on a 35% share of the full market value of £133,000
We’re excited that our budget stretches to a three bedroom home with a garden and parking! We really like the look of these houses – they’re just what we’d need from a family home – with well-sized rooms and plenty of natural light. We also love those French doors from the lounge into the garden – they’re a dream come true. The location is good, with schools, doctors and shops within walking distance. It’s well linked to bigger towns and cities, too – you can drive to Salford in 20 minutes.”
*Based on a 40% share of the full market value of £165,000
This is a really nicely designed development – we love that lots of the homes sit around a central garden, which would be great for getting to know the neighbours and creating a sense of community. Inside, they are also really nice – the tiled bathrooms are super stylish, and the fact that there are eco-features built in is a big extra plus for us. Withington is a good location as it’s pretty easy to get from there into Manchester, and the area also has good road links to the city of Liverpool.”
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the full market value of
£160,000
THE NEXT STEP
“My family will be thrilled that we’re looking to buy in Cheshire – it’s not far from Liverpool at all! We will be taking a look around the area and making sure it’s a viable option. We have also registered our interest and got the ball rolling with a Mortgage in Principle, as we know we’d need to move quickly if we wanted to go ahead.”
Wow, we absolutely love this development! To start with, we really like the design of the exteriors – they’re very pretty properties. The interiors are great, too – they’re spacious and modern and there is plenty of scope to really put our own stamp on them. It’s great that we are able to afford a three bedroom place here, too – as it means that as well as a room each, we’ll have an office for Mike. The location is super – it’s quite rural, but isn’t isolated as it’s got really good connections and facilities. There are supermarkets and shops close by and it’s so easy to get into Chester or Liverpool.”
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ADVICE
Sean Ruane is Sales Director at Joseph Homes. He has an extensive background in the new homes industry having worked for some of the UK’s most respected blue-chip developers. He currently leads the sales and marketing operation for Joseph Homes, which is aiming to shake up the industry with its “Live Well” approach to development
Q
I like to think of myself as socially and environmentally conscious. Recently, I have started to see health and wellbeing talked about in the context of new developments and homes. What are the things I should be looking out for when it comes to choosing a new home with these things in mind? The wellbeing industry is indeed booming – recent research has estimated that globally the market is currently worth £3.2bn, showing that people are increasingly conscious about what they consume, how they live and how it impacts their overall health and wellbeing. This goes hand in hand with being socially and environmentally conscious, from buying sustainably sourced coffee to shunning “fast fashion” or cutting down your individual carbon footprint. When it comes to new homes, if we think of “sustainable living” the first things that come to mind are items like solar panels and green roofs, the kind of thing you see on Grand Designs. However, taking a step back, there are a lot of other elements that go into creating a sustainable home that promotes health and wellbeing. It might seem obvious, but adequate natural light is vital to our health and mental wellbeing. There are many studies showing a direct correlation between this. Look for a development that has been cleverly designed to maximise space and light, with good layouts and large windows. Airflow and ventilation are also important. We often talk about outdoor air quality but inside air quality is just as important. Beyond just smelling bad and feeling stuffy, stale air can cause negative health impacts such as respiratory problems. This problem is made worse for young children or those with existing health conditions such as hay fever or asthma. To avoid this, ensure that your new home has MVHR (mechanical ventilation with heat recovery), which supplies fresh, filtered air to all habitable rooms.
A
Meanwhile, when it comes to the internal finish, many traditional paints and materials such as MDF often contain harmful Volatile Organic Compounds, known as VOCs. This means that over time they give off gas, slowly releasing chemical particles into the air. While the long-term impacts of this are still relatively unknown, early research and anecdotal evidence suggests that this can lead to irritation, headaches and fatigue. It might sound extreme, but in some cases, people’s own homes can literally be making them ill.
Sean Ruane, Sales Director, Joseph Homes
The solution here is to choose a home that has been finished using smart new materials and paints that are specially made to be low or free of VOCs. Ultimately, this, combined with good ventilation, will result in cleaner air in the home – and who wouldn’t want that? At Joseph Homes, these are things that we have factored in to our developments. We are committed to exploring new materials and testing new technologies, in the belief that homes should help people lead better, healthier lives.
The Tramyard , Balham
Offering a new way of living with wellbeing at its core, The Tramyard, on Balham High Road, is the latest development from industry disruptor Joseph Homes, comprising 70 apartments and duplexes. The development, which launched in September, has enjoyed significant early demand thanks to Joseph Homes’ attitude towards building “better homes for a better world”. Focused on bringing a new approach to the sector, Joseph Homes applies its “Live Well” principles to all of its developments, intended to deliver homes that mirror the aspirations of increasingly environmentally and socially conscious buyers in the market. Built on a former tramyard site, the new development will deliver a mixture of spacious one, two and three bedroom homes that respond to the character of the local area and tap into advances in sustainability, design and technology. Every home enjoys private outside space, while large floor-to-ceiling windows ensure an abundance of natural light. Internally, each home has non-toxic paint and low VOC (volatile organic compound) materials, pollen filters to alleviate hayfever, as well as MVHR (mechanical ventilation and heat recovery) ensuring regular clean air throughout the property, which means it positively impacts the homeowner’s health and wellbeing. This approach ensures a development with excellent internal air quality, free from harmful chemicals. Prices start at £499,995. Selected properties are available to purchase through the London Help to Buy scheme. For more information, please visit tramyard-balham.co.uk or call on 020 7499 7272
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THE VIEW
"EVENTUALLY I DECIDED TO TAKE THE PLUNGE AND START SEARCHING FOR MY OWN HOME. I HAD NO EXPERIENCE AND NO CLUE ABOUT WHERE TO REALLY START. FINALLY, I FOUND A VICTORIAN CONVERSION WHICH I LOVED AND ALTHOUGH IT NEEDED TO BE RENOVATED I KNEW IT WAS THE PLACE FOR ME" 24 First Time Buyer October/November 2019
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THE VIEW
e m a G e h t f o Top
AJ Odudu is one of TV’s rising stars and has presented numerous television shows, is a qualified personal trainer and sports nutritionist and a well-established event host and DJ. Having recently bought her first home after years of saving, AJ is Ambassador for Shared Ownership week. She talks to Lynda Clark about her fascinating career, her new home and gives some excellent advice to ftbs as they embark on their journey on to the property ladder Photos: wearekemosabe.com AJ is one of the most enthusiastic, bubbly and down-toearth people I have ever interviewed. She embraces life to the full and her exuberant personality certainly shines through. She grew up in Blackburn, Lancashire with her Nigerian parents, five brothers and two sisters who all lived together in a small three bedroom terraced house. It must have been tight on space but as AJ says, “Even with 10 of us living together, home life and growing up couldn’t have been better. Our house was tiny. We had a small front room which was the "tidy room" and was always locked and we could only go in there for special occasions like Christmas, or when we had visitors. We then had a back room which was another living room where we all used to congregate, which led on to a tiny kitchen. You had to go through the kitchen to get to the bathroom. "The back room had a massive table in it and only a very small window, so it was very cramped. The boys had bunk beds and shared and there was also a foldaway bed in there as well. Then me and my sisters slept in another bedroom – I top-andtailed on the top bunk with my youngest sister, and my older sister was on the bottom. There was absolutely no privacy, but it was a very happy home. Nigerian families love having friends and family over and operate on an open house policy, so we constantly had visitors. My mum still lives in Blackburn and my dad lives in London. It was recently his 80th birthday and I put on a big party for him at my new apartment and all the family came along. It was crazy, and even though my place is bigger than my childhood home it was a squash – but we are used to all mucking in. All my family were there, including nieces and nephews and we had a wonderful time.” Even when AJ was at school she always wanted to be a TV presenter. “The TV was a fun and exciting thing at home. We all came home from school and then would play outside until it was getting dark and then come in and watch programmes like Newsround and Neighbours. Television was an event in our house and I used to say to my mum that I wanted to be 'inside the TV'! I wasn’t that great at reading and was a slow developer, but my mum always supported me and told me that if I worked
hard everything would be all right. I went to Keele University and studied English and Politics. I had a tiny room in the hall of residence but I loved it. I really made it my own space and bought a rug from IKEA and some cushions and even pinned some new fabric up over the curtains as the rules said you couldn’t actually replace the curtains. It worked really well and was my little home for three years. “When I left, I went to Nigeria for the first time for a few weeks with my mum and when we got back I decided that it was time to move to London. I came down and stayed with various friends, sleeping on the floor a lot of the time, and worked in a bar. I finally got some work experience at the BBC, which led on to me getting a proper job there, which was amazing. I eventually lived in Brick Lane in east London with five people I didn’t know and it was grim. There was mould everywhere and we didn’t have any heating or hot water for about two months, but I was following my dream of living and working in London so I didn’t care. It’s a really fascinating area and I had great fun. I always paid my rent on time but I had absolutely no money left over for food. We always had bread, but on a Sunday we went to the market and made friends with the stallholders who used to give us sushi and curries which we put in freezer bags and would eat during the week, so we never went hungry!” During this time AJ was a runner at the BBC doing everything from making the tea to sorting out the call sheets. One day, one of the experienced journalists was free and suggested they went along to the Wireless Festival together. “I did lots of random interviews with people like Pixie Lott and Tinie Tempah and when we got back to the office and my boss saw what I had done he was really impressed and suggested I went to audition to be co-presenter on the BBC Two’s flagship Saturday morning music chat show, The 5:19 Show. It was the best job, and I worked on it for two years and interviewed so many different celebrities. Eventually there were lots of cutbacks at the BBC and they closed down the department, but as luck would have it, I interviewed Russell Brand on the very last show. Afterwards he spoke to me and said he had really enjoyed talking to me
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THE VIEW
"SHOP AROUND, ESPECIALLY WHEN IT COMES TO GETTING A MORTGAGE. ALL BANKS WILL HAVE DIFFERENT POLICIES SO IF ONE TURNS YOU DOWN DON’T GIVE UP, AS THERE IS PROBABLY ANOTHER BANK WHICH WILL TAKE A VERY DIFFERENT APPROACH"
Photographed at Fish Island Village, Hackney Wick This new vibrant canal-side community in Hackney Wick offers a selection of shared ownership one, two and three bedroom apartments by Peabody, with a focus on a sustainable and supportive waterside living. Prices start at £136,250 for a 25% share of a two bedroom apartment with a full market value of £545,000. fishislandvillage.co.uk
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THE VIEW
"I THINK SHARED OWNERSHIP IS DEFINITELY THE WAY FOR MANY PEOPLE TO GET ON THE PROPERTY LADDER. IF YOU HAVEN’T GOT A BIG DEPOSIT AND ARE FINDING IT HARD TO SAVE UP, THEN THIS IS THE ANSWER, AS EVEN THOUGH YOU ARE BUYING A SHARE IN THE HOME YOU CAN STAIRCASE AND EVENTUALLY OWN 100%" and asked who was my agent. I said I didn’t have one and he called his own agent and told them about me and I ended up signing with them and I am still with them today. “After that I worked as a freelance for lots of different shows but I found the uncertainty of not knowing when the next job was going to come in very stressful. I decided to take some time out and worked in retail and a call centre and worked sensible hours for a change. I could still fit in the time to go to auditions. I have always been a regular saver, and paid my rent and bills on time, as I always like to have financial stability in my life. “I moved to Brixton and suddenly got a call to do Big Brother’s Bit on the Side with Rylan Clark which was really amazing. After that there was a very quiet spell and I decided to do a personal training course as I felt my life was getting a little out of control and I wanted to get back into being in charge of my own destiny. “I documented my fitness regime which I put on You Tube and wrote a blog, which was just for fun but became really popular and I was asked to do campaigns for Nike and Adidas, which were great and very different from what I was doing before, as I travelled and was living a great lifestyle. I then got into music and I am a DJ and have spun at loads of different festivals – in fact I have just come back from Ibiza.”
AJ had always wanted to buy her own home, and throughout the years she had always saved for a rainy day. “When I was working on Big Brother my boyfriend at the time and I were planning on buying a place together but that didn’t work out. I thought about buying on my own, but realised I couldn’t afford it. So, I asked my dad, who lives in Lewisham, if I could move in with him so I could save and he agreed which was perfect. “I managed to focus on saving hard and I still was able to have a social life so it was ideal. Eventually I decided to take the plunge and start searching for my own home. I had no experience and no clue about where to really start. Finally, I found a Victorian conversion which I loved and although it needed to be renovated, I knew it was the place for me. I wanted a garden and a parking space which it has, and I’ve had a lot of work done and even got the paintbrush out and had a go myself! “I have three bedrooms; one that I have transformed into my dressing room and the other is my guest room/office. I love my kitchen; it’s a huge kitchen/diner and I can’t wait to start entertaining! Also, having lived in a single level flat for more than 10 years in London, I have to say my favourite feature is my three flights of stairs! All restored back to their Victorian beauty. It also has lovely big sash windows
and eventually I might transform the attic and create more space there. I have made friends with all the neighbours and I just love the strong community feel round here. south east London is great and I have found my dream home.” So, what advice does AJ have for first time buyers? “Do lots and lots of research and explore every option. Shop around, especially when it comes to getting a mortgage. All banks will have different policies, so if one turns you down don’t give up, as there is probably another bank that will take a very different approach. “I took out a Help to Buy: ISA which gave me an extra £3,000 that the Government gives you which really helped, so think about where to invest your savings. I think shared ownership is definitely the way for many people to get on the property ladder. If you haven’t got a big deposit and are finding it hard to save up, then this is the answer, as even though you are buying a share in the home you can staircase and eventually own 100% if you want to. You are on the first rung of the ladder, and believe me, putting your key into your own front door is so special – there is quite nothing like it.” AJ Odudu is Ambassador for Shared Ownership Week which runs from 19-25 September
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Get on the ladder with shared ownership
Confused about shared ownership? Think it means sharing with a stranger? Or it’s just for key workers? Then think again! A week-long national campaign is returning for its seventh year, to raise awareness of this affordable gateway to homeownership For many of the UK’s would-be homebuyers, getting a foot on the property ladder feels out of reach. Hopeful bids to squirrel away money in an attempt to grow a savings pot large enough to form a deposit are often inconsequential. Even the savviest savers seem destined to a lifetime of renting and dealing with the pitfalls of sharing a home you do not own. However, a week of the year dedicated to making the dream of owning a home into a reality, Shared Ownership Week, returns on 19-25 September 2019, with the backing of TV presenter AJ Odudu. Having recently been on her own homeownership journey and learning about shared ownership, AJ said, “I think people can sometimes feel completely overwhelmed with even the prospect of buying a home, let alone going through the buying process. Having gone through my own private homeownership experience, I can honestly say it was the most stressful business, with hidden expenditure you don’t think about, such as surveyors and solicitors that cannot be avoided. There is definitely not enough information easily available about how to navigate buying a home by yourself.” AJ is based on London but travels all over the world and had struggled to put down roots. Conscious of how hard it is for Londoners to buy a home in the capital she said, “I decided to support Shared Ownership Week because my homeownership journey was full of ups and downs and I really wish I had known about shared ownership earlier, as it would have helped me to take that first step on to the property ladder a lot earlier. To finally be able to have a home that I can call mine, in my favourite city in the world, there really is nothing like it!” Equipping first time buyers and encouraging second steppers, the event
spreads the word about the fantastic opportunities available and raises awareness about who could be eligible to secure a property using the scheme. The awareness week is backed by many of the major housing associations, including Catalyst Homes, Clarion, Home Group, Hyde New Homes, L&Q, Network Homes, Newlon, NU Living, Notting Hill Genesis, Peabody, SO Resi and Southern. Each will be showcasing its new build shared ownership developments around the country, sharing its expertise with potential buyers, and providing information on how the scheme works and where it is available. AJ added, “Having now learned about shared ownership, I can see that you can access all the information you need at the click of a button and there are no hidden costs! There is also loads of choice, with housing associations all over London and the rest of the UK that take part in this scheme, meaning you can live almost wherever you want, at a far more affordable price. It just makes me think, if I had known about shared ownership and what an amazing opportunity it is, I wouldn’t have had to move back in with my dad three years ago!” Shared ownership has been available
since the 1980s, but used to be restricted, with local councils dictating who should be a priority based on a wide of range of factors, from salary to profession to where the buyer comes from. Following a relaxation to the eligibility criteria in 2016, the scheme is open to people of any occupation, and ensures that second steppers (those who already own a home but may be struggling to move), are given equal priority with first time buyers. Furthermore, there is no longer a cap on the number of bedrooms an applicant can request, providing they earn less than £80,000 a year, or £90,000 in London. The dedicated website sharedownershipweek.co.uk contains
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SHARED OWNERSHIP
a wealth of information for prospective buyers, including case studies, videos and links to shared ownership homes that are currently available.
HOW IT WORKS Shared ownership enables buyers to purchase a share in a brand new home that they can afford – usually a minimum of 25% of its market value – with as little as a 5% deposit. The buyers pay a subsidised rent on the remaining share of the property, usually resulting in lower monthly costs than renting on the open market. They can buy further shares at any time, known as staircasing, right up to 100% and outright ownership of the property.
ELIGIBILITY You can buy a home through shared ownership if: 99 You are a first time buyer (or you used to own a home, but can’t afford to buy now) 99 Your household earns £80,000 a year or less, with the exception of London where the threshold is £90,000 a year 99 You rent a council or housing association property 99 Only military personnel will be given priority over other groups through Government-funded shared ownership schemes. However, councils with their own shared ownership home-building programmes may have some priority groups, based on local housing needs
KEY FACTS 99 You will need to take out a mortgage to pay for your share of the home’s purchase price 99 You will need a smaller deposit, as you only need to find the deposit for the share you buy 99 You will need a smaller mortgage, as you are only buying the percentage of the home that you can afford 99 There will also be a service charge on the property, so it is important to check what it is likely to be 99 Shared ownership homes are always leasehold 99 You can sell your home an any time. The housing provider will have eight weeks to find you a buyer and during this time you cannot sell your home privately
or through an estate agent. If it finds a buyer, it will usually charge you an administration fee, so you should ask whether this is a fixed price. If it cannot find a buyer after eight weeks, you will be able to sell your home privately or through an estate agent 99 Housing associations offer resale properties, which have already been bought through shared ownership in the past, and the owners are looking to sell their share and move on. You buy the share they are selling and pay a subsidised rent on the remainder. It is unlikely that you can buy fewer shares than the current owner has, but it may be possible to buy more. Remember that these homes will obviously be older
APPLYING FOR SHARED OWNERSHIP To buy a home through shared ownership you should contact the Help to Buy agent in the area where you want to live. See page 106 for details.
WHAT TO CONSIDER AND QUESTIONS TO ASK 99 Can you staircase up to 100% if you wish to? 99 Can you start staircasing immediately? 99 What is the maximum number of times you can staircase? 99 What is the minimum share you can buy at any one time? 99 How well does the housing association maintain the property? 99 Ask to see an estimate of the service charge 99 Look at your finances to ensure you will keep on top of your mortgage, rent and service charge 99 Think about what you really want. Is it location or property size that is more important to you? 99 Your rent and service charges are likely to increase with inflation so you should ask yourself if this fits into your budget 99 If you don’t understand anything about the lease then ask
STAIRCASING Buying the rest of your home is fairly straightforward and is known as staircasing. You can buy an additional percentage of your property at any point. Normally the minimum extra percentage you can buy is
10% at a time. Most people try to buy them in larger chunks as there are fees that you have to pay each time, so it can become quite expensive if you just buy 10% at a time. When you have staircased to 100% you will no longer have to pay any rent to the housing association. In order to staircase you will need to get an up-to-date valuation and you will buy the additional percentage at the current value. This may be higher or lower than when you first purchased the property. You will also have to cover all the legal fees as well as any Stamp Duty. It is advisable to talk to your conveyancer who will be able to explain what you need to pay and when.
MOVING ON If you want to move on and sell your home then you have the right to sell the percentage you own. The housing association has the option to sell this to another shared owner but if it doesn’t find a buyer in eight weeks you can then sell it on the open market. When you decide to sell your property, you should contact your housing provider and you will be asked to choose a surveyor to value your home. The housing association should be able to give you a list of surveyors. You will have to pay a fee for the valuation, which will set the price of your home. From this the housing association will then be able to work out the value of your share.
ENERGY PERFORMANCE CERTIFICATE You will need to ask the Energy Performance Certificate provider to produce an EPC, as you will not be able to start selling your home until you have confirmed that an EPC has been applied for. An EPC gives important information to purchasers about the energy efficiency of your home and it will also make recommendations on how the efficiency can be improved. The EPC must be provided within the first 28 days of marketing the property as it is a legal requirement. An EPC is valid for 10 years form the Date of Certificate date, which is shown in the top left hand corner of the EPC. epcregister.com Shared Ownership Week is sponsored by JLL, a commercial real estate services company and is in partnership with Share to Buy
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HOMES YOU CAN BUY THROUGH SHARED OWNERSHIP All information & prices correct at time of printing BARKING
Weavers Quarter
CASE STUDY
FROM £88,500*
This development is part of a regeneration project with the London Borough of Barking and Dagenham. The shared ownership one, two and three bedroom homes offer great connections into central London via train, tube and c2c rail. From Barking station, mainline trains take less than 20 minutes to reach London Fenchurch Street. Barking underground station provides access to both the District and Hammersmith & City Lines. The master plan includes a new community centre, two schools and landscaped gardens. Weavers Quarter is steps away from Vicarage Field shopping centre and a traditional market held four times a week. Apartments include integrated appliances in the kitchen, modern bathrooms and a balcony or terrace. lqpricedin.co.uk/weavers-quarter *Based on a 30% share of a two bedroom apartment with a full market value of £295,000
STRATFORD Stratford Central
FROM £130,000*
Stratford Central offers a collection of two and three bedroom shared ownership apartments located next to Stratford underground station, providing great transport links throughout London. Residents will also benefit from a variety of leisure and amenities at Westfield Stratford City. The development is located within a community bursting with great places such as Hackney Wick with its art galleries and events or Copper Box Arena offering various sporting activities. The world class Queen Elizabeth Olympic Park, which also includes Hackney Marshes and Wetlands Walk, is a mile away. Stratford station is just a two-minute walk away and offers various transport connections such as Overground, underground, DLR and rail. Each apartment boasts a high specification throughout, with a fully integrated kitchen, private balcony and en suites to some master bedrooms. Residents will also benefit from a 24-hour concierge service and a gym. lqpricedin.co.uk/development/ stratford-central
Rana Dincer Slough, 41, and her husband Denis Slough, 53, had long dreamed of buying their first home in 2019. Rana moved to the UK from Turkey in 2011 and was planning on living in London until a friend suggested she try Brighton. Rana explains, “I fell in love with Brighton as soon as I visited. After living in Turkey I really love living close to the sea and decided to stay and rent a property. I studied to become an accountant and met Denis in 2014 and we got married in 2016. Denis had been living in rented accommodation in Hove since 2009 and we were both keen to stay in the area, so we continued to rent in Hove while saving and gave ourselves the goal of buying in 2019. Rana and Denis came across details of Artisan by Southern Home Ownership so decided to look into it further. “We didn’t know anything about shared ownership. We viewed the development on the launch date and really liked what we saw, but we weren’t sure if we had enough to afford it. The sales advisor talked us through how shared ownership would work and showed us a number of apartments. “We were both really tired of living in older properties that needed lots of work doing to them, so when we walked into the brand new apartments it was amazing! You could feel the quality throughout and it was so light and airy. We liked a one bedroom apartment which had a kitchen and large open plan living/ dining room which is perfect for us as we love cooking together. The balcony with a partial view of the sea just topped it off.” Rana and Denis have purchased a one bedroom apartment at Artisan. Rana continues, “We would really recommend shared ownership because it is a really easy way of owning your own property.” shosales.co.uk
*Based on a 25% share of a two bedroom apartment with a full market value of £520,000
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FROM £120,000*
GREENWICH
L&Q at Greenwich Peninsula L&Q at Greenwich Peninsula is a collection of stylish one bedroom homes located in Upper Riverside. Riverside living has never been better placed, with the Peninsula’s location allowing fast and accessible travel by land, river and tube services. The Jubilee Line accessed via North Greenwich station is now a 24-hour service and connects to London Bridge in eight minutes and Bond Street in 18 minutes. Each apartment has been designed with contemporary living in mind offering a high specification with stylish interiors, built-in wardrobes to bedrooms, balcony to all apartments and underfloor heating throughout. Greenwich itself has a charming village atmosphere with a thriving local market and plenty of independent eateries. Historic attractions can also be found including the Royal Observatory, National Maritime Museum, and the oldest enclosed Royal Park, which boasts 13 acres of open space. lqpricedin.co.uk/development/greenwich-peninsula *Based on a 25% share of a one bedroom apartment with a full market value of £480,000
FROM £TBC
HARLESDEN Helix
As part of the RemixHelix development, the new phase, Helix, is set to be launched early in 2020. The development offers 178 stylish new homes set around communal gardens and multifunctional spaces for residents to enjoy, with parks and green space close by. Harlesden station which is served by the Overground and Bakerloo Line plus national rail is nearby, from where it takes 15 minutes to London Paddington. Craven Park Road is just a 10-minute walk away and offers all the regular high street shops, while Wembley Stadium and Boxpark is a 12-minute drive away. remixhelix.co.uk
LEYTON NEST
Roundwood Gate is a collection of one, two and three bedroom apartments and three bedroom houses with their own private gardens and secure allocated parking, all built to a high specification throughout. Kitchens come with integrated appliances and bedrooms are fully carpeted. There is a wide variety of restaurants nearby and Westfield Shepherd’s Bush is only a 15-minute drive away; plus the highly popular Gladstone Park has a variety of activities for everyone to enjoy. Located in an attractive, secluded corner of Willesden, and offering a beautiful, leafy and relaxed lifestyle, BEAT is a real retreat.
NEST is a brand new development of one, two and three bedroom shared ownership apartments. Each apartment has been carefully designed to provide the best possible space, light and storage, with fitted kitchens, modern bathrooms and balconies. NEST is symbolic of Leyton’s transformation into a vibrant area and combines stylish urban living with a neighbourhood vibe around the waterways of Queen Elizabeth Olympic Park and nearby FROM Hackney and Shoreditch. Homes £81,250* are well served for transport, with Leyton underground station within a 10-minute walk, providing easy access to the underground network and national rail terminals. Westfield Stratford City is also close by.
nhgsales.com/sales-developments/roundwood-gate
newlonliving.co.uk/properties/the-nest-e10
FROM £97,500*
WILLESDEN
Roundwood Gate
*Based on a 25% share with a full market value of £390,000
*Based on a 25% share with a full market value of £325,000
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CASE STUDY
With a fast-paced job in a tech start-up in the city, connectivity is crucial for Sandrine Lagrange, both in the workplace and at home. After 12 years of renting in Leytonstone, Sandrine was very familiar with east London and enjoyed a fast commute into work in an area buzzing with character. Keen to lay more permanent roots in east London, she started to investigate how she could get on to the property ladder. Sandrine comments, “I did a lot of research into how I could buy in east London, anxious about the high property prices which force many first time buyers to leave their favourite neighbourhoods. When I came across shared ownership it seemed like the perfect solution for me. Suddenly homeownership was within reach. I had spent a year looking for a property, visiting numerous shared ownership sites to find an affordable, high quality home in a location I liked. When I discovered Weavers Quarter it felt like I had struck gold. It offered everything I had been looking for. I leapt at the opportunity to reserve!” Sandrine bought a 50% share in a two bedroom apartment on the fifth floor at Weavers Quarter, complete with a private balcony and large open-plan living space. “I couldn’t believe I could afford such a large share at Weavers Quarter, and that a second bedroom was within budget. I absolutely love my home. It’s so bright and spacious, with lots of storage space that is really convenient. Plus it is great to have some private outdoor space alongside access to the communal gardens. The balcony is great for unwinding after work in the summer.” Weavers Quarter is an award-winning development in central Barking, built in partnership with the London Borough of Barking & Dagenham. A stone’s throw from the high street, residents at Weavers Quarter are in a fantastic position to enjoy the best of the east London town centre. Sandrine mentions, “Barking ticked all the boxes for me. First and foremost, the affordability of homes in the borough is unlike anywhere else in London – it’s brilliant for first time buyers looking for a well-connected hub. Plus there are so many transport options. I’m only a 10-minute walk from Barking station where I can jump on the District Line straight to work.” Sandrine is keen to share her experience of purchasing through shared ownership and encourages others to explore the scheme further. “I would really recommend shared ownership to first time buyers who don’t have a large pot of money in the bank. It’s a fantastic route to owning a brand new home, and the staircasing process means that one day you can have full ownership. My goal was always to be on the ladder before I reached 40, and through shared ownership that was possible.”
FROM £137,500*
TOWER HAMLETS Pimento
Pimento offers a range of one and two bedroom apartments in an excellent central London location with great amenities and transport links. All apartments are thoughtfully designed, providing spacious living areas with oak laminate flooring, floor-to-ceiling windows and sliding glass doors opening on to balconies. The location is ideal for commuting, with three underground stations just a short walk away, as well as Tower Gateway DLR station and Fenchurch Street station giving access to London and beyond. The apartments are also ideally placed for leisure, being in close proximity to Whitechapel Art Gallery, The Globe Theatre, Spitalfields Market and The Tower of London. The development has many shops and restaurants nearby and a communal garden for residents to enjoy. newlonliving.co.uk/properties/goodmans-fields-e1 *Based on a 25% share with a full market value of £550,000
FROM £106,250*
PECKHAM
Peckham Place Peckham Place offers one, two and three bedroom homes in the up-and-coming area of Peckham in south east London. With plenty of outside space, including a landscaped roof garden, courtyards and playgrounds, the high specification homes include kitchens with fully integrated appliances. Peckham is quickly gaining a reputation as one of London’s favourite "villages", with attractions including the bustling high street with shops, cafes and roof-top bars and Peckham Rye Park and Common. Being in Zone 2, Peckham Place has excellent transport links, with Overground and national rail services at Queen’s Road Peckham and Peckham Rye stations, a short distance away. nhgsales.com/sales-developments/peckham-place
lqgroup.org.uk *Based on a 25% share with a full market value of £425,000
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SHARED OWNERSHIP
FROM £162,000*
EALING
WANDSWORTH
FROM £118,125*
Battersea Reach
Ternary Place Ternary Place is a collection of one and two bedroom apartments in Ealing, surrounded by public parks and excellent transport links. All properties are built and finished to a high standard, with private winter gardens to all apartments and Zanussi integrated kitchen appliances. Located in Zone 3, Ternary Place is situated just a few minutes' walk from North Ealing underground station, served by the Piccadilly Line, and Ealing Common, served by the District Line. Also nearby is Ealing Common itself, a great place to unwind and spend time outdoors. peabodysales.co.uk/developments/ternary-place-sharedownership
Battersea Reach offers thoughtfully designed one and two bedroom apartments with Zanussi integrated appliances in the kitchen and fully carpeted bedrooms. Most homes benefit from a private balcony, an on-site gym plus a concierge service. Nearby are waterside amenities including restaurants, bars and art spaces. Wandsworth town centre provides plenty of shopping opportunities while Imperial Park, Wandsworth Park and Battersea Park give an escape from busy London life. A short distance away are Wandsworth Town and Clapham Junction rail stations giving easy access to central London and beyond. peabodysales.co.uk/developments/battersea-reach-sharedownership
*Based on a 30% share with a full market value of £540,000 *Based on a 25% share with full market value of £472,500
FROM £102,375*
UXBRIDGE
St Andrew’s Triangle St Andrew’s Triangle offers one and two bedroom apartments in leafy Uxbridge, west London, on the site of the former RAF Uxbridge. Each apartment is designed with high ceilings and large windows to allow natural light into the rooms, while the kitchens come with integrated appliances. The development will also include a new primary school, public park, offices, hotel, theatre, museum, shops and a restaurant. Uxbridge station is less than a mile away, with access to the Piccadilly and Metropolitan lines. Uxbridge town centre has a bustling high street with a wealth of dining and entertainment options.
WOKINGHAM
FROM £78,750*
Aborfield Green
With a collection of one and two bedroom apartments, Aborfield Green forms part of a new Garden Village which, when completed, will offer scenic walks and wildlife watching, allowing you to make the most of the great outdoors. The new village will also offer its own schools, shops, doctor’s surgery, library and community centre among carefully planned open spaces. Each apartment is stylishly designed and the contemporary kitchens come with a range of integrated appliances. Close to Arborfield Green is the historic market town of Wokingham which offers an array of high street shops, restaurants, supermarkets and delicious eateries. catalyst.homes
catalyst.homes *Based on a 35% share with a full market value of £225,000 *Based on a 35% share with a full market value of £292,500
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CASE STUDY
WEST SILVERTOWN
FROM £120,750*
The Refinery
The Refinery offers one, two and three bedroom apartments in Silvertown, east London. It's situated in the heart of the rejuvenated Royal Docks and minutes from Silvertown DLR, where it takes just 18 minutes to reach Bank station and 23 minutes to London Liverpool Street. The open-plan apartments include integrated appliances in the kitchen, fitted wardrobes and oak plank wood effect laminate flooring. shosales.co.uk/therefinery *Based on a 35% share with a full market value of £345,000
BRIGHTON & HOVE
FROM £112,000*
Artisan
Artisan will comprise a selection of one, two and three bedroom apartments that are designed to incorporate a good balance of living. Homes have storage space, a kitchen with integrated appliances, modern bathrooms and a private balcony with panoramic views across the coastline. Based in the Seven Dials district of Brighton, there is a variety of wine bars, delis, restaurants, cafes and shops nearby, as well as many open green spaces. A short distance away is the town of Hove and the seafront.
Purchasers wanting to reap the rewards of a healthy, active lifestyle should look to follow in the footsteps of first time buyers Christopher Knowlton, 33, and James Yardley, 28. Using Notting Hill Genesis’ shared ownership scheme, Christopher and James successfully managed to secure a two bedroom apartment at New Garden Quarter, E15, just a mile away from one of the largest and most popular green spaces in the capital. New Garden Quarter is centrally located in Stratford, just a short walk away from over 200 acres of green space at the Queen Elizabeth Olympic Park where Christopher works, so the couple decided it offered the ideal place to embark on their homeownership journey. Having rented a one bedroom apartment in nearby Bethnal Green, the pair seized the opportunity to purchase a new home that delivered greater space and a very generous wraparound terrace. By using the shared ownership scheme, Christopher and James found an affordable way to stay in this fantastic London location. Discussing their day-to-day life, Christopher noted, “We both really enjoy running, and living in Stratford offers us close proximity to the Olympic Park where we can choose from a great variety of pathways. We love the canal which runs to Canary Wharf and from the Hackney Marshes to Victoria Park. The amount of fantastic outdoor space in the area is quite surprising. “James and I had been living together for about a year and a half and we had been saving for what seemed like forever. We were keen to move out from our small, rented flat in Bethnal Green, so we started to have a look around at possible homes across London. We didn’t want to move west, and as we are more familiar with the east London area, we wanted to stay local to where we were already living. When we went to visit New Garden Quarter, the quality and layout of the spacious, light-filled apartments really struck a chord with us and these two factors did seal the deal." The couple purchased a 25% share in their two bedroom apartment and Christopher concludes, “James and I are really looking forward to making this apartment our home, and shared ownership was definitely the only way we could have been able to stay in our preferred London location and get on the property ladder.”
shosales.co.uk/artisan nhgsales.com *Based on a 35% share with a full market value of £320,000
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CASE STUDY
FROM £70,000*
ILFORD
The Paragon The Paragon offers one and two bedroom apartments which are less than five minutes away from Ilford tube station, providing commuters with easy access into the City as you can reach London Liverpool Street station in just 17 minutes. Every apartment comes complete with its own private balcony, underfloor heating throughout, luxury kitchens plus a 12-month free gym membership and £500 cash back on completion. There are plenty of green spaces nearby, a wealth of shopping and dining options as well as a cinema and supermarket. The development is surrounded by a landscaped plaza with seating areas for residents to enjoy. nuliving.co.uk/nu-projects/current-projects/peachey-house-ilford-ig1 *Based on a 25% share with a full market value of £280,000
NEASDEN
FROM £77,500*
The Printworks
The Printworks offers one and two bedroom apartments in Neasden, close to Wembley and Brent Cross. Each open-plan apartment comes with its own allocated car parking space, fully fitted appliances in the kitchen and either a balcony terrace or garden. Neasden Underground station in Zone 3 gives easy access to central London. Nearby are a variety of local stores and Brent Cross shopping centre is just over two miles away plus there are a number of parks and green spaces within walking distance of the development.
Carmela Gurani, 38, set her main goal for 2019 as stepping on to the property ladder for the first time. With the help of leading housing association Peabody, she was able to move into a stunning one bedroom apartment at Battersea Reach, a shared ownership development in the award-winning riverside location of Battersea. Previously renting in Hammersmith with her sister, Carmela was familiar with the Government’s shared ownership scheme but thought she’d never be able to afford a property with a single income in Battersea, the area she had always dreamed of buying in. However, after receiving an email alert for Peabody’s Wandsworth development at Battersea Reach, her dream home was looking more affordable than she thought. Carmela explains, “My new year goal was to move out in 2019. At the beginning of the year I wasn’t actively looking, however I had subscribed to email updates for new developments in London and when I received one from Peabody, I couldn’t believe my luck. The development was available through shared ownership and was in the perfect location that I really wanted to buy into. I thought why not just go for it! I booked in a viewing for the following weekend and as soon as I saw it, it felt right.” Carmela was particularly impressed with the thoughtful layout and the quality of the apartment. She comments, “I’m very happy with the decision I took to purchase a new build. The property is bright, spacious and welcoming. It’s always nice to know that if I had any problems, I’d get the help I need. I also felt instantly at home and comfortable here.” Carmela continues, “Battersea Reach was the perfect location for me as it was on the riverside. I like the idea of living by the river, however the location needed to be convenient. I was always looking for a place near Victoria as I work there, and an airport, as I travel a lot for work. Many of my friends live in west London so I knew I’d always stay close by. Wandsworth is also close to Fulham and Clapham which both have a great social scene and I have found my dream home.”
networkhomessales.co.uk/find-your-new-home/the-printworks-neasden peabodysales.co.uk *Based on a 25% share with a full market value of £310,000
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SHARED OWNERSHIP
FROM £76,500*
HOUNSLOW A+
FROM £101,250*
PENGE
Bramwell Apartments
A+ offers one bedroom apartments set within an elegant new mansion block development in Hounslow, an area currently undergoing an exciting regeneration. Hounslow East underground station in Zone 4 is just eight minutes' walk away, giving access to central London on the Piccadilly Line, while nearby, the local high street has a selection of shops and restaurants. Apartments enjoy spacious open-plan living and plenty of natural light. Glass doors open on to private balconies and the contemporary kitchens include integrated appliances.
Moments away from Crystal Palace’s expansive parkland, Bramwell Apartments offers a range of one and two bedroom apartments surrounded by green spaces, world-class leisure amenities, restaurants and shops, as well as Crystal Palace park which provides a wealth of opportunities for a healthy and active lifestyle. Anerley station is a five-minute walk away, providing an easy commute to the capital, with connections to London Bridge in just 25 minutes. Each apartment is built to a high specification, with integrated appliances in the kitchen and an allocated car parking space.
networkhomessales.co.uk/find-your-new-home/aplus-hounslow sharetobuy.com/developments/1111 *Based on a 25% share with a full market value of £306,000 *Based on a 30% share with a full market value of £337,500
FROM £99,750*
KENLEY
FROM £131,250*
BRIXTON
SO Resi Brixton
Godstone Road Godstone Road offers a collection of one and two bedroom apartments with integrated appliances in the kitchen and an allocated parking space. Whyteleafe station, in Zone 6, is within walking distance, with train journeys to London Bridge taking 35 minutes. Whyteleafe village itself provides an excellent range of amenities including a Post Office, bakery and a doctor’s surgery. Other supermarkets, shops and services are available in the nearby towns of Caterham and Croydon. propertybooking.co.uk/shared-ownership/properties/godstoneroad/5978 *Based on 30% share with a full market value of £332,500
SO Resi Brixton offers one, two and three bedroom apartments in a vibrant part of south London, with excellent travel links into central London. The development is nestled in a quiet, residential corner of Brixton, and is just a five minute walk to the famous O2 Academy, independent stores and vibrant markets. Brixton tube station is less than a 10-minute walk away. Apartments are designed to maximise the use of space and natural light, have built in storage, fully integrated kitchens as well as a private balcony or terrace. soresi.co.uk/find-a-property/brixton *Based on a 25% share with a full market value of £525,000
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COLLIERS WOOD
FROM £127,500*
SO Resi Colliers Wood
SO Resi Colliers Wood offers two and three bedroom apartments built to a high specification throughout. Homes include private outside space, a fully integrated Italian kitchen, en suites to most apartments and underfloor heating. The development is located less than a minute's walk from Colliers Wood station providing 24-hour access to central London via the Northern Line. The development is also on the Cycle Superhighway 7, offering fast access to central London for the fitness minded. soresi.co.uk/find-a-property/colliers-wood *Based on a 25% share with a full market value of £510,000
UXBRIDGE
FROM £82,975*
Union Park
Union Park offers a choice of studio, one, two and three bedroom apartments within a tranquil canalside setting. When Crossrail is up and running it will provide a 23-minute commute into central London. The development has been carefully designed to maximise space and residents will benefit from private balconies or gardens to most apartments, secure parking and a concierge during the day. A complimentary shuttle bus facility to West Drayton station will also be available to all residents. homegroup.org.uk/find-a-home/property-developments/unionpark *Based on a 25% share with a full market value of £331,900
FROM £92,000*
EDENBRIDGE Westerham House
WATFORD
Coming soon, this development offers 36 shared ownership one and two bedroom apartments and two and three bedroom houses. Situated in a quiet cul-de-sac, the high street with shops, cafes, restaurants and a weekly market are all nearby. Edenbridge Leisure Centre is a two-minute drive away, while for outdoor space Eden Park is only a short drive away. All homes come with integrated appliances in the kitchen and an allocated parking space. From Edenbridge train station it only takes 45 minutes to London Bridge.
FROM £81,250*
Nash Trade House Ideally located opposite Watford Junction station and a short walk from Watford’s Intu Centre, Nash Trade House offers one and two bedroom apartments featuring distinctive copper-coloured clad balconies and generous interior designed kitchens. All apartments include either a terrace or balcony and Stamp Duty is exempt for first time buyers. homegroup.org.uk/find-a-home/property-developments/nashtrade-house
residential.jll.co.uk *Based on a 40% share with a full market value of £230,000
*Based on a 25% share with a full market value of £325,000
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SHARED OWNERSHIP
FROM £161,250*
BATTERSEA
Windsor Apartments The one and two bedroom apartments at Windsor Apartments in Battersea are close to the iconic Battersea Power Station and will benefit from a large landscaped public open space including a piazza, cafe and ornamental pond. The site offers pedestrian access to Battersea Park, one of London's finest riverside leisure areas, through its own reclaimed railway arch. The homes are light and spacious and it is just a twominute walk to Battersea Park station where it takes10 minutes to London Victoria. Residents will have advantage of a free 12-month membership of the local Car Club. windsorapartments-sw11.co.uk *Based on a 25% share with a full market value of £645,000
SHOREDITCH
FROM £148,750*
Principal Place
Perfect for first time buyers, these one bedroom apartments in Shoreditch (Zone 1) are just a few minutes’ walk from both London Liverpool Street and Old Street underground station, offering great transport links to central London. All homes come with a balcony and integrated appliances in the kitchen, plus a separate washer-dryer in the utility cupboard. Shoreditch High Street, Box Park, Spitalfields Market and Spitalfields City Farm are all nearby. nhgsales.com *Based on a 25% share with a full market value of £595,000
FROM £97,500*
ADDLESTONE
SO Resi Addlestone
THAMESMEAD
FROM £68,750*
The Reach
Located in the popular commuter town of Addlestone in Surrey, the two bedroom apartments are part of an exciting £90m regeneration project. The apartments have floor-to-ceiling windows in the main living areas flooding light into the space and each home will benefit from a balcony or terrace, allocated parking and access to secure cycle storage. Surrounded by scenic countryside and parks, nearby Addlestone, Weybridge, Chertsey and Guildford offer a great selection of shops, cafes, bars and restaurants.
These one, two and three bedroom apartments are part of Peabody’s regeneration of Thamesmead. Set in communal landscaped gardens, the apartments have open-plan, thoughtfully designed living areas and integrated appliances in the kitchens. All apartments have private outside space with either a balcony or garden, and some homes will benefit from allocated parking. It is just a 14-minute walk to Plumstead station where it takes 28 minutes to London Bridge. When the Elizabeth Line (Crossrail) opens to Abbey Wood it will only take 11 minutes to Canary Wharf and 18 minutes to London Liverpool Street.
soresi.co.uk
peabodysales.co.uk/developments/the-reach-shared-ownership *Based on a 30% share with a full market value of £325,000
*Based on a 25% share with a full market value of £275,000
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INCENTIVES
INVENTIVE INCENTIVES Moving is an expensive business and the costs involved in buying your first home can soon mount up. Even buyers who have budgeted well for their deposit, mortgage, Stamp Duty and legal costs can get a big shock when it comes to the cost of kitting out a brand new property. Developers are well aware of this and offer some great deals to tempt prospective buyers and give them the confidence to take the plunge. Traditionally, these offerings have included covering legal fees or Stamp Duty but, more recently, the incentives to buy are getting a little more inventive, including furniture packages, appliances and even annual travelcards. Debbie Clark looks at what’s on offer
T
he question is, are they worth it? That will depend greatly on the property you are buying and your lifestyle. Stamp Duty, for example, is not paid by first time buyers on the first £300,000 so, depending on the property you are looking at, this deal could in fact be worthless to you. Likewise, an annual travelcard is probably only a good deal for a daily commuter and a furniture package may not be worth the RRP if it’s not to your taste. Here, we explore some of the best incentives available to first time buyers today. As with all offers, the key is not to be sucked in by the initial sales pitch and to do a bit more digging to find out what that deal really looks like for you. Where discounts are involved, it is also always worth comparing prices to nearby resale homes on the market to check if prices have been artificially inflated to allow room for those markdowns.
COLCHESTER Fusiliers Green
FROM £299,995
There are two, three, four and five bedroom homes INCENTIVE available in this Stamp Duty paid and fully development of 49 landscaped gardens on The homes in the vibrant Harvard which starts community of Great from £350,000 Bentley. All offer generous gardens and private parking. The three bedroom Harvard style home is perfectly suited to families, with two generously sized bedrooms in addition to the master bedroom with en suite. Downstairs, the open-plan lounge and dining room is a great space for all the family and gives direct access to the garden for easy entertaining. gohomesfamily.com 01245 230 515
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INCENTIVES
INCENTIVE Rent paid for up to 10 months for first time buyers living in rented accommodation and buying a two bedroom apartment, allowing buyers to live rent free while they wait for their apartment to be completed in 2020
FROM £257,500
MANCHESTER The Hallmark
This impressive 15-storey development, designed by award-winning architects, is located in Manchester’s Green Quarter and comprises 146 luxury apartments. A short walk from the city centre, The Hallmark boasts residents-only access to a ground floor terrace, a spacious lobby with concierge services and a landscaped roof garden with impressive views across the city. Secure underground parking is also provided. forty8developments.co.uk 0808 164 4288
FROM £84,375*
FROM 000 £320,
ST BERNARD’S GATE HARROW Echo One
Aspire INCENTIVE
INCENTIVE Catalyst Homes is offering to pay the 5% deposit on a shared ownership apartment, or up to £1,000 per month for 12 months towards mortgage costs on a open market sale property
A mix of apartments and duplexes, this modern, lowcarbon development by Origin Housing and Hill of 116 homes is situated on Northolt Road. It is conveniently located for South Harrow tube station, offering easy access to the city on the Piccadilly Line. The homes offer open-plan living and private outdoor space in addition to a landscaped courtyard deck at the centre of the development.
Tucked between Southall and Hanwell, this stylish development in the London Borough of Ealing features a collection of one and two bedroom apartments available through shared ownership or private open market sale. This brand new neighbourhood blends contemporary architecture with 18th century buildings, with homes built for the future. The apartments are wired for intelligent homes and have Lutron lighting throughout, allowing buyers to adjust their lighting for different spaces and tasks. There are excellent links to the City and Heathrow which are set to improve further with the arrival of Crossrail.
echo1-harrow.co.uk 020 3959 0900
stbernardsgate.co.uk 020 3369 0599
‘High 5’ scheme available on selected apartments which, in addition to requiring only a 5% deposit (using London Help to Buy), includes having Stamp Duty, moving and legal costs paid and an interior designer furniture package
*Based on a 25% share of the full market value of £337,500
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INCENTIVES
FROM £182,495
FROM £345,000
WALTHAMSTOW Motion
This impressive new development on Lea Bridge INCENTIVE Road is at the heart of the Stamp Duty paid area’s current regeneration project. Located just two minutes from Lea Bridge station, and with good bus and cycle networks, connectivity is key. The development by Hill offers 300 apartments and includes residents-only gardens in addition to integrated retail and lifestyle spaces.
FARRIERS REACH Oakham
The Larkfleet Homes INCENTIVE development at Farriers Free turf, free flooring and Reach offers a range of contributions towards legal contemporary, energycosts. Check the website efficient homes. There for details of current are two, three, and four offers bedroom properties to choose from, all fitted with solar panels to generate electricity from sunlight, cutting carbon emissions and, importantly, also cutting your power bills! Search for Larkfleet Homes Farriers Reach online
FROM £212,995
OAKLEY RISE
motion-e10.co.uk 020 3906 1955
BARKING
Parklands at Barking Riverside
The one, two and three bedroom apartments in this new development by L&Q feature open-plan living areas and outdoor space. Each home boasts at least a private balcony or garden in addition to a communal green space. Transport links are excellent and will continue to improve with the new Barking Riverside Overground station due to open in 2021. There is also a strong emphasis on conservation in the area, with a purpose built Ecology Centre due to open in the autumn. The popular Barking Riverside location offers buyers the benefits of life on the Thames at a more affordable price. barkingriverside.london 020 8617 1747
Corby
In one of the most desirable locations INCENTIVE in Corby, Allison These vary but typical offers Homes is building include free turf, free flooring modern new homes and contributions towards with traditional styling legal costs. Check the and craftsmanship website for details of and up-to-the-minute current offers features and fittings. Oakley Rise offers a range of two, three, four and five bedroom houses. It is part of the growing community of Oakley Vale and is set among green spaces, recreational areas, woodland and cycle tracks.
FROM £60,625*
INCENTIVE L&Q IS offering a furniture pack and 1 year Oyster card (Zones 1-4) for anyone reserving a one bedroom shared ownership apartment
*Based on a 25% share of the full market value of £242,500
FROM £247,500
SLOUGH
Vanburgh Court
Search for Allison Homes Oakley Rise online
This collection of one and two bedroom apartments is in a prime location, just 200 metres from Slough’s impending Crossrail station and a short walk from the high street. These high specification apartments all include internal storage and most also offer outdoor space in the form of a balcony or terrace. There is a lift giving easy access to every floor and a part-time concierge service. Underground parking is also available.
INCENTIVES CORRECT AT TIME OF GOING TO PRESS
vanburghcourt.com 01753 326 143
INCENTIVE Mackenzie Homes is offering to pay the mortgage for six months, in addition to a deposit boost on selected plots, where buyers with a 5% deposit can have this matched by the developer, considerably increasing their deposit
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EXCLUSIVE INTERVIEW WITH SHAUN BAILEY, CONSERVATIVE CANDIDATE FOR THE MAYOR OF LONDON ELECTION IN 2020
HOUSING FOR LONDON
Shaun Bailey recently presented his plan to tackle London’s broken housing market – Housing for London – if he wins the election to become Mayor of London in 2020. He set out his plan to address the housing backlog in London by assuming control of the building process from site identification through to home construction. His aim is to direct the building of homes for high-priority groups like member of the police force and young Londoners. Housing for London will be formed as an advisory and consultative body directly answerable to the Mayor, whose main aim is to identify the best sites for development in London in order to create thriving new communities for Londoners. The plan is to develop the identified sites in partnership with the relevant borough councils and fill them with the housing stock needed for the local area. This programme would satisfy demand, not profit. The aim would be to prioritise building on sites already controlled by public bodies, including brownfield land, Transport for London sites and other Government land. The hope is that the competition will encourage the private sector to stop land banking and deliver more homes. Lynda Clark caught up with Shaun to ask him what his views and ambitions were for first time buyers Tell us about your first property and first time buyer experience? Well, it took an awfully long time for me to even get there, I can tell you! My journey to my first property was exhausting, but one I think is fairly typical for Londoners. I was born into a council house, moved around council housing my entire childhood in west London, and then graduated to sofa surfing for most of my 20s while I was in university and my early days of working. At one point, I told my Auntie Norma I was going to stay for three weeks and ended up staying three years! By then I was doing lots of youth work and, while I loved it, it didn’t exactly pay a lot of money and so I had to chase cheap rents all across London. North, east, west, south – I lived all over. After I met my now-wife, we decided to try shared ownership in Willesden before eventually buying our first property in Romford, east London, a few years ago using Help to Buy. Getting those keys was a big moment for us as a family, but we still worry about the mortgage payments, I can tell you that. What do you think has changed for first time buyers today? Property prices and rents, no question. They
are sky high. When I was a boy the average property in London cost 24 grand. Now it’s just under half a million pounds! And with more of us now paying over half our take home pay in rent it’s becoming harder to save for that first property. Homeownership is becoming a distant dream. The housing system is broken, completely broken. What are the biggest challenges that first time buyers face when it comes to getting on to the property ladder? Making that deposit. A 20% deposit on the average London property is now close to £100,000. That’s out of reach for most Londoners, even with the Bank of Mum and Dad, which I never had access to. That, and there is no supply. We’ve added nearly two million people in London since the turn of the Millennium and we’ve not built to keep pace. Until we build, our challenges won’t be overcome. What can be done to help reverse this trend? More supply. We simply have to build. London’s global popularity is wonderful but it places an enormous pressure on our property prices because there isn’t enough
supply. Foreign ownership, new services like Airbnb, and the sheer number of people coming to take part in London’s success squeezes supply, pushes up prices and makes living here a grind for far too many of us. We need to get building and right now – the private sector just isn’t delivering, whether that’s because of market conditions that favour land banking or an unwillingness to build the units the city actually needs. That’s why, if elected, I will set up Housing for London, a City Hall-backed house builder that will have as its sole focus the delivery of housing units, regardless of market conditions. And Help to Buy? Is this scheme helping the people who need help? I think the Government was right to look at ways to help with affordability but, ultimately, the answer has to be to build. London has lots of brownfield sites with good transport links – like the Meridian Water in Enfield and the Silvertown Partnership near to City airport – and we are not building. We have to bring these properties online so we can push prices down.
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EXCLUSIVE INTERVIEW WITH SHAUN BAILEY, CONSERVATIVE CANDIDATE FOR THE MAYOR OF LONDON ELECTION IN 2020
“THAT’S WHY I’M GOING TO ESTABLISH HOUSING FOR LONDON AND GET THE BIG BANG ON HOUSING THAT WE NEED. HOUSING FOR LONDON IS MY PLAN FOR A CITY HALL-BACKED HOMEBUILDER THAT WILL TAKE CONTROL OF THE ENTIRE PIPELINE OF PROPERTY DEVELOPMENT SO WE CAN BUILD THE PROPERTIES WE NEED” What can be done to better promote the benefits of certain schemes such as Help to Buy and Shared Ownership? I think that building more homes is the perfect promotional tool for any homebuying scheme. Buying a home feels like it has to be possible again. I worry that people don’t even consider buying a property now because house prices have been pushed so far out of their reach. Once people see that homes are being built I think the interest in how to buy them will creep up naturally. How can we ensure that quality remains a top priority when building new homes today? One of the reasons I want to establish Housing for London is to have a tighter grip on quality control. Don’t get me wrong, most private builders do a bang-up job, but having City Hall control the process from start to finish will ensure quality at all levels of affordability. Many first time buyers are stuck in a rental trap whereby their rent is so expensive that they can’t afford to save for a deposit. What suggestions would you make for someone in this situation? The first thing I would say is to have an honest conversation with your elected representatives. The only answer to expensive rent is more homes. End of. Full stop. There is no magic solution to rents. If
we truly want things to get better we have to build and our leaders should be encouraged by their citizens to build. One thing I would absolutely not recommend is rent controls. Yes, they sound good in theory, but they never work in practice. Every single time rent controls have been tried the supply and quality of flats to rent has gone down and property prices have gone up. The ineffectiveness of rent controls is one of the only things leftwing and right-wing economists agree on. I repeat: the only answer is to build more homes. The Bank on Mum and Dad is being heavily relied upon by hard-pressed first time buyers. As time passes and fewer parents are able to help their children with the vast sums of money required to buy their own home, which other ways do you think parents can support their children? I don’t know about you, but I never had any access to The Bank of Mum and Dad. We didn’t have much money growing up and certainly no spare money around to chase a property. That said, I think all parents could help their children better understand the value of money, how to spend and budget responsibly, and how to make smart investments early on in life to help build up your savings. Young people have to spend with a view to their future, especially in a place like London that is very expensive.
Finally, if you became Mayor what are your plans for the future of housing? In a word: build. Building the homes London needs is the issue of our generation. London won’t truly be open until we can accommodate everyone who wants to make their home here. That’s why we need radical change and not another round of empty pledges on house numbers from politicians that will never be delivered. That’s why I’m going to establish Housing for London and get the big bang on housing that we need. Housing for London is my plan for a City Hall-backed homebuilder that will take control of the entire pipeline of property development so we can build the properties we need. Housing for London will use the powers already in the Mayor’s hands to establish an advisory body that will recommend sites and then establish Mayoral Development Corporations to develop each site and ready it for building. Housing for London will bring private sector savvy together with public sector need. In other words, Housing for London will build what we need, where we need it, and when we need it. It will correct the market failure of the past 40 years by focusing exclusively on the delivery of new homes. If we get Housing for London right we will build homes, which will in turn ease rents and home prices. It will be my mission to make this happen.
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REAL LIFE
HAPPY EVER AFTER!
FA C T F I L E
Property: Two bedroom apartment Full Market Value: £472,500 Percentage Purchased: 25% Rent: £541.41 Service Charge: £120.86 Monthly Cost: £662.27
David wanted a fresh start but finding a home was a challenge until he discovered shared ownership Just a few months ago, David hadn’t considered shared ownership a viable option for his situation. Having lived in a studio flat in Pimlico for 30 years, the passing of his parents, aunt and uncle led him to search for somewhere new and a fresh start. Working on a fairly low income, finding a larger property in London was always going to be a challenge. However, David found the perfect solution in shared ownership, moving to a roomier fourthfloor flat in the excellent Zest Development, established by Gateway Housing to exclusively support over 55s. Now after two months in his new home, David has no regrets and would recommend shared ownership to anyone without any hesitation.
ABOUT THE DEVELOPMENT When the property’s discount for over 55s caused David to sit up and take notice, he reached out to Red Loft to arrange a viewing. Red Loft’s agent that he worked with, Nick, suggested a contemporary two bedroom apartment at the Zest development in Bow. It was love at first sight for David, as the greater space, stunning views and nearby transport links for work made it a perfect fit for his situation. David was so thrilled he immediately recommended shared ownership to a friend – who then put down
“I’D NEVER THOUGHT OF SHARED OWNERSHIP AS A VIABLE OPTION PRIOR TO THIS, BUT ITS AVAILABILITY TO OVER 55s MADE ME SIT UP AND LOOK. I WOULD RECOMMEND IT WITHOUT A SECOND’S HESITATION” a deposit on another apartment in the same building! This helped make for a friendly experience from the start for David, who’s hosted several parties since moving in, with all his friends gobsmacked about how great his new home is. David found shared ownership a revelation and has no regrets over making the move. Nick was incredibly helpful and patient throughout the sales process as it took a while for David’s previous property to be sold, and Red Loft was very efficient
“I’VE GOT NO REGRETS WHATSOEVER, IT’S JUST BRILLIANT. THE VIEWS ARE STUNNING, THE BUILDING IS VERY SMART – I’VE HAD SEVERAL FRIENDS OVER FOR PARTIES AND THEY’RE ALL GOBSMACKED ABOUT HOW FANTASTIC IT IS”
in handling any concerns he’s had to make the switch as straightforward and stressfree as possible. redloft.co.uk 020 7539 3745 D AV I D ’ S J O U R N E Y
Every journey with Red Loft is unique and the company strives to find the property that’s right for you. Here’s a breakdown of how David found his dream home 99 David reached out to Red Loft after seeing the over 55s discount on a property he found while browsing Rightmove and similar websites. 99 Red Loft arranged and took David to visit the property he’d sounded out. 99 Within one or two days of viewing the property, David had put down the deposit and was well on the way to switching homes.
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AFFORDABLE HOMES
A HOME OF YOUR OWN, WITH LESS HELP FROM THE BANK OF MUM AND DAD! HELP TO BUY AT ORBIT’S CHAPEL VIEW DEVELOPMENT IN SHIPSTON ON STOUR Getting a foothold on the property ladder can seem like an impossible dream, particularly in sought-after areas, which helps to explain why so many over 25s are still living in the parental home. However, thanks to the Government’s Help to Buy Scheme, flying the nest may be easier than you thought!
Chapel View is a prestigious enclave of high-specification new homes, offered by affordable housing expert Orbit, and set in the picturesque Warwickshire market town of Shipston-on-Stour, which was voted regional winner of The Sunday Times Best Places to Live in both 2017 and 2018. As a Sunday Times spokesman said, Shipston on Stour: “…has the charm of the Cotswolds without the tourists, and is welcoming and friendly, not modish or trendy. It has a strong community spirit and a thriving centre, with fishmongers and family-owned businesses alongside luxury shops and stylish restaurants.” Properties at Chapel View range from two bedroom bungalows to five bedroom houses, and the good news for first time buyers is that Help to Buy: Equity Loans are available on many of the homes. This means you only need to raise a 5% deposit for your new build home, and the Government will provide a loan of up to 20% of the property value, providing that you qualify for a standard mortgage for the remaining 75%. Shipston on Stour’s outstanding hospitality, coupled with excellent
facilities and great travel links, makes it the perfect location for young professionals, and it is increasingly popular with both house hunters and visitors, thanks to a wide range of local services, leisure facilities and a calendar of social events that make it a lively and welcoming place to live. Despite being smaller and more intimate than nearby Stratford-uponAvon, Shipston still stages a two-week Proms festival every summer, with jazz, folk, blues, rock, classical concerts and open-mic nights, culminating in an openair party in the town square. It’s also a foodie’s delight, with a wealth of choice, from a high end wine cellar and bistro, to cosy tearooms offering homemade cakes served on pretty china. Shipston’s location on the edge of the Cotswolds is a great base from which to explore world-renowned countryside and chocolate-box villages, while a convenient link to the M40 places it within easy commuting distance of conurbations including Stratford, Warwick, Cheltenham, Banbury and Oxford. As well as offering a wealth of
cuisines and watering holes, Shipstonon-Stour’s picture-perfect town centre is also renowned for the wide selection of major and independent retailers that line its historic streets. These include high street staples such as Boots and Co-Op, complemented by a traditional butcher, hardware store, watchmaker, antique shops, florists, chic hairdressers and stylish clothing boutiques. Chapel View is less than five miles from Moreton-in-Marsh railway station, which offers direct services to Worcester (taking as little as 30 minutes), Oxford (from 35 minutes) and Hereford (from one hour and 35 minutes). It’s also perfectly possible to commute into the capital, with services to London Paddington taking just over an hour and a half. For those heading north, it is also just over 17 miles to Warwick Parkway Station, for trains that reach Birmingham Moor Street in just 33 minutes. For prices, further information on properties available at Chapel View, and details of the Help to Buy scheme call 02476 437 040 or visit orbithomes.org.uk
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AFFORDABLE HOMES
THE GALLERY – A MASTERPIECE IN THE HEART OF CAMBERWELL Welcome to Camberwell – a place that has more to it than meets the eye
From the outside, it’s your average south east London neighbourhood but to many it’s so much more than that; it’s a diverse community that thrives on its natural vibrant flair for the creative and connection to the arts. So, it’s no wonder that it’s been the birthplace to countless artistic talents and boasts a selection of art galleries such as GX Gallery and the South London Gallery – and, since its launch in spring 2019, a new collection of stylish homes called The Gallery. Drawing clear inspiration from the area, The Gallery has offered new homebuyers a chance to take that daring step on to the property ladder with a collection of one, two and three bedroom apartments – the majority of which are exclusively available through London Help to Buy. The homes are just as charming as the area, with builtin appliances, light open-plan spaces and modern specifications throughout. Only moments from the renowned Camberwell
Green and within a short distance of the newly regenerated Burgess Park, The Gallery is ideally placed for buyers who enjoy the outdoors as well as the modern comforts of London living. For all the foodies, Camberwell doesn’t disappoint. Instagram-ready meals can be captured and enjoyed at a series of local mouth-watering bakeries and restaurants with menus from around the world such as the French-Caribbean cafe Maloko, Theo’s Pizzeria or Lumberjack Café. The Gallery is also within reach of central commuter locations and soughtafter leisure destinations such Canary Wharf, London Bridge and Brixton. So, you can enjoy exploring the wider canvas of south London, knowing that after the end of a hard day at work (or on the town) you can come back and unwind in a place that you can call home. Stephanie, a buyer at The Gallery, said,
“The Gallery is so central, from the moment I arrived I was able to gauge the vibrancy of Camberwell. One of the main boxes that I wanted to tick was a great location, which I’ve definitely found. I’m also not a huge fan of the tube, which influenced my decision to purchase here as Camberwell has numerous cycling lanes and bus routes. My commute to work is also a lot easier – I now cycle to work using the Cycle Superhighway which is great. “Camberwell has such a community feel in comparison to where I used to live. The convenience is great and there’s so much to do, I’m looking forward to exploring everything Camberwell has to offer once I’m settled in. I also love how close Peckham and Brixton are too.” Discover more than just an apartment at The Gallery – visit TheGallerySE5.co.uk or call 020 3369 0297
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LOCATION
HOTspot
w o r r a H to o ll e H y Sa
FAC T F I L E
Average property price (June 2019) – £451,447 Property breakdown* (London Borough of Harrow) Detached – £1,042,163 Semi-detached – £565,565 Terrace – £451,905 Flat – £317,423 *According to the Land Registry House Price Index June 2019
FA M O U S R E S I D E N T S • Fashion Designer Dame Vivienne Westwood • Newsreader and Journalist George Alagiah • Poet Lord Byron • Politician Diane Abbott • Singer Tom Fletcher
This north west London town is the largest in the London Borough of Harrow. Famous for the prestigious Harrow School, it is steeped in history yet brimming with exciting developments. This popular town has a great deal to offer first time buyers from all walks of life Harrow has a long history as an important meeting place and a place of business. From humble farming roots, development began in earnest when the Metropolitan Railway arrived in 1880. Historically in Middlesex, Harrow has been a part of Greater London since 1965 and has been transformed into a commercial hub with a lively and extremely wellconnected town centre. To the south of the town lies Harrow on the Hill, home to Harrow School, which really put the area on the map. Founded in 1572, the esteemed school is one of only four all-boys full-boarding schools left in Britain and boasts seven former British Prime Ministers amongst its alumni. More recently, you may have seen it included as a set in Harry Potter. The Victorian Gothic buildings are certainly impressive and give this part of town a truly unique feel. The town is currently in the middle of an ambitious and exciting regeneration project, "Building a Better Harrow", with Harrow Council promising to deliver thousands of new homes in addition to improving schools, public spaces, leisure facilities and transport services and creating 3,000 new jobs in the area. The blueprint for the town includes 5,500 new and affordable homes which is excellent
news for first time buyers. With almost 20 developments at the planning or completion stage, there is a wide choice of properties, each with their own appeal.
HOMES AND RESIDENTS Harrow is home to a diverse population and has growing appeal across the board. It is becoming particularly popular with young families, with plenty to please residents of all ages. New build developments in Harrow offer an extensive range of properties to first time buyers, from one bedroom flats to family homes and everything in between. With so much up and coming there is also plenty of scope to buy off-plan and have some say in the finishes of your new home. On the resale market, Harrow has a
Harrow Road
range of period properties including many roads of Thirties houses and Victorian and Edwardian properties. Buyers might wish to consider what the future may have in store for them as properties in some school catchment areas come at a premium.
OUT AND ABOUT With its enviable location, any of the capital’s offerings are within easy reach of Harrow, but there is also plenty to explore right on the doorstep. The town has a wide range of restaurants to suit all tastes and budgets. Harrow on the Hill is definitely the place to go for something a little special. There are some exceptional gastro pubs and tearooms with the added attraction of incredible views of London. The Castle is one such pub. In a listed building, once owned by the school, it counts Sir Winston Churchill as a former patron and is well loved for its generous portions of fresh seasonal food. While in the area, it is well worth visiting Churchfields, an open space that's a hidden gem brought alive with wild flowers and frequented by barn owls. Keen walkers may even like to join the Capital Ring walking route for a circuit of the city.
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LOCATION
5 REASONS WE LOVE… …HARROW
1 Quirky shops and cafes 2 Huge variety of new developments to choose from 3 Loads of green open spaces 4 Consistently good schools 5 Stunning Harrow School buildings
Green spaces are plentiful and include a number of recreation grounds. Lowlands Recreation Ground recently saw £1.2m invested by the Mayor of London. It has been completely re-landscaped to include a performance space which has rejuvenated the park and brought the town centre alive with art and culture. The town is also rich in sporting facilities. Aside from the standard gym and park offerings, you will find the PlayGolf London driving range, Harrow Skate Park and Harrowall, the UK’s largest bouldering centre, all perfect for those looking for something a little different. And, of course, for those big sporting events Wembley is just around the corner!
SHOPPING As a shopping destination, Harrow caters to all tastes, with everything you would expect from a large town in addition to some wonderfully quirky independent traders like Calamity Comics on Greenhill Way. South Harrow Indoor Market is also popular locally and can be found on Northolt Road. The town is home to two shopping centres, St George’s and St Anns, which have recently received a £10m upgrade. In addition, shoppers will find parades of shops along Station Road and College Road and a fully pedestrianised area stretching more than 300m along St Anns Road. If you really can’t find what you need in Harrow, it is just a short journey to Brent Cross, Ealing Broadway or Westfield Shepherd's Bush.
TRANSPORT There are some good local bus services in Harrow, notably the 182 and 186 which take shoppers to Brent Cross. Commuters, however, are best served by the underground and are spoilt for choice with local stations. Harrow-on-the-Hill, North Harrow, West Harrow and Rayners Lane are all on the Metropolitan Line in Zone 5. Kenton and South Kenton are in Zone 4 on the Bakerloo Line, and South Harrow (Zone 5) and Sudbury Hill (Zone 4) are on the Piccadilly Line. National Rail services are also available from Harrow & Wealdstone and Harrow-on-the-Hill.
HOMES on offer in the area… HARROW
HARROW
Eastman Village
No 19
FROM £335,000 HARROW’S 55-acre Kodak site is being reborn as Eastman Village. The initial phase by Barratt London will provide 460 one, two and three bedroom apartments and three and four bedroom houses. It's part of a new neighbourhood with plans for 1,800 homes, a school, shops, medical centre, leisure facilities, foot and cycle paths and play and exercise areas. Harrow & Wealdstone station, on the Bakerloo Line, is a 10-minute walk away, reaching Paddington in less than half an hour, while the Overground to Euston takes 32 minutes. Help to Buy is available. barrattlondon.com
FROM £78,000* Origin Housing has just launched No 19, a stylish new development of six new shared ownership homes in the heart of Harrow. Located moments from Harrow & Wealdstone Station, which offers fast rail and underground connections to central London, homes at No 19 are fitted with designer kitchens, complete with a plethora of Bosch appliances. Bathrooms come with Porcelanosa tiles and high-quality Villeroy & Boch and Hansgrohe fittings. originsales.co.uk/high-street-wealdstone *Based on a 25% share with a full market value of £312,000
HARROW
RAYNERS LANE
Echo One
The Encore
£312,500
(PRIVATE SALE)
FROM £300,000
£81,250* (SHARED OWNERSHIP)
Echo One is a stylish new development by Origin and Hill, offering 69 private sale and 29 shared ownership one and two bedroom apartments. The homes feature open-plan kitchens with sleek appliances, plus either a balcony or terrace. Located just a two-minute walk from South Harrow train station and near to a fantastic selection of restaurants and bars, there's also an indoor market a short walk away. In less than 25 minutes you can access London’s Zone 1 on the Piccadilly Line, while the London Overground and two further tube lines are within close proximity.
The is the last chance to buy at The Encore, the final phase of the flagship development from Home Group, which offers one and two bedroom apartments available with London Help to Buy. There are green spaces and parks on the doorstep and shops, bars and restaurants nearby. Rayners Lane station is less than a mile away, where the Metropolitan Line will take you to Kings Cross and Liverpool Street and the Piccadilly Line connects to Hammersmith and Leicester Square. Apartments have a high specification and kitchens feature integrated appliances.
originsales.co.uk
homegroup.org.uk
*Based on a 25% share with a full market value of £325,000
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OPEN MARKET
THE TWO BEDROOM FIRST TIME BUYER MYTH
Ask most people to describe a “typical” new build property for first time buyers and they will probably tell you that it is a two bedroom, semi-detached or terraced house. A few years ago they may have been right – but the world (and first time buyers) have moved on Of course, there is still a thriving market for two bedroom homes for first time buyers. If your objective is to get on to the property ladder as soon as possible, buying a two bedroom home is usually the cheapest (and therefore fastest) way of doing just that. Increasingly, however, research carried out by Larkfleet Homes shows that first time buyers are prepared to wait another year or two, if that is what it takes, to make their first home the one they really want. Stamp Duty is one good reason. First time buyers do not pay Stamp Duty. There is an argument in favour of maximising this “gift” from the Government by making your first home purchase a more expensive one. You will only be a first time buyer once! Then there is the cost (and the hassle) of moving home again in a couple of years if you want to step up the property ladder. MyBigMove. co.uk calculates that the average cost of selling one house and buying another is £10,210. This includes conveyancing and other legal fees, estate agents’ fees, and Stamp Duty, as well as the actual cost of moving your furniture from one home to another. This pressure from first time buyers to “get it right” with their first purchase means that even in a generally flat housing market it has been three bedroom detached homes that have seen the steepest price increases. OnTheMarket.com has calculated that the average additional cost of buying a three bedroom home rather than a two bedroom home is £68,376 across Great Britain. Not surprisingly, the cost of the additional bedroom is highest in inner London (about £71,000) but in other areas the additional cost is much less – costing around £48,000 in the East Midlands, for example. But that’s an average and it is possible to get a real bargain. Here are a couple of examples of very reasonably priced three bedroom homes from Larkfleet Homes and Allison Homes.
G R E T T O N VA L L E Y, C O R B Y
The contemporary styled three bedroom Haydock house from Larkfleet Homes on the Gretton Valley development is priced at £182,995. The bedrooms and a good-sized bathroom are on the ground floor, with kitchen, lounge and dining area on the first floor, opening on to a terrace above the car port. Set in 1,200 acres of Northamptonshire parkland, Gretton Valley is part of Corby’s Priors Hall Park housing development. It offers a wide choice of properties ranging from starter homes to large family houses set among acres of green open spaces. Larkfleet Homes is building one, two, three, four and five bedroom homes, all fitted with solar panels which generate free electricity, and all come with a 10-year insurance-backed guarantee. Many are available to purchase with financial assistance from the Help to Buy scheme. For details search for Larkfleet Homes Gretton Valley online
P I N C H B E C K F I E L D S , S PA L D I N G
The three bedroom Newton house type on the Allison Homes development at Pinchbeck Fields on the outskirts of Spalding is available from £192,995. Pinchbeck Fields offers two, three, four and five bedroom homes close to some of the best schools in Lincolnshire. There are rural trails, traditional pubs and restaurants and tranquil waterways right on the doorstep. It combines the charm of rural living with the amenities of the bustling market town of Spalding. Pinchbeck Fields is ideal whether you want a starter home or a family house. Centred around an attractive open space, with a pond and outside leisure and recreational areas, it offers 19 different property types. The housing mix includes a number of shared ownership properties aimed at first time buyers where you can buy part of the house and rent the rest until you can afford to buy it. For details search online for Allison Homes Pinchbeck Fields
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OFF-PLAN
BE PART OF A NEW COMMUNITY AT CITY NORTH Newlon Living is pleased to offer a selection of 19 high-specification shared ownership homes at one of Islington’s newest developments – City North. With one, two and three bedroom properties available, it provides an excellent opportunity to take the first step to owning your home whether you are single, a couple or a family Designed by award winning architects Benson + Forsyth and executive architect Rolfe Judd, this visionary development is a joint venture between The Business Design Centre and developer Telford Homes. Built around the principles of modernism, a white linear building is bordered by two striking towers – an impressive addition to the North London skyline. With tree-lined walkways with green rooftop areas, it is both relaxing and stylish. The light, contemporary and high specification apartments come with fully fitted kitchens by Moores, featuring Zanussi integrated appliances including a dishwasher, fridge-freezer and stainless-steel oven. The bathrooms have fully tiled walls and floors, a Roca bath suite and heated chrome towel rails. In addition, the wood laminate flooring in the hallway, living room and kitchen give a modern feel, contrasting nicely with the high quality carpeted bedrooms. However, City North is not just about new homes. The development will create a brand-new community, with 109,000 square feet of
commercial space which will include a new cinema for residents to enjoy. Shops and eateries are just moments from your front door, while the surrounding areas provide a wide range of restaurants, cafes and pubs to suit every taste. At the heart of the scheme is a brand new entrance to Finsbury Park underground station, giving you direct access to the Piccadilly and Victoria lines. A 10-minute
ride takes you Oxford Circus, putting you in one of London’s most well-known shopping and entertainment districts. In addition, within just five minutes you can be at St Pancras International, where you can pick up the Eurostar to the Continent. Within easy walking distance of your front door is the Grade II listed Finsbury Park, which celebrates its 150th anniversary in 2019. Boosted by a £5m Heritage Lottery Fund grant and subsequently awarded Green Flag status it offers the perfect sanctuary from the urban buzz around. If offers a myriad of ways to keep healthy and enjoy your weekend, including cycling paths, tennis courts and an outdoor gym. Alternatively, just wind down on the boating lake or relax at the cafe. The park also hosts a wide variety of events all year round, from festivals to family days, putting
high quality entertainment right on your doorstep. The development is also perfectly situated in a prime location to take advantage of cultural highlights, such as the highly rated Park Theatre, which shows a wide variety of critically acclaimed productions. Living at City North also places you within easy travelling distance to some of London’s other famous green spaces. At Hampstead Heath you can wander through 700 acres of grasslands, woods, meadows and bathing ponds, while a walk up to Parliament Hill provides some of the finest views of London. Available to reserve off-plan now, to find out more and register your interest in an apartment at City North visit citynorth.london. For more information about the range of homes and services available from Newlon Living go to newlonliving.org.uk
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AFFORDABLE HOMES
THE QUALITY, LOCATION AND HELP TO BUY MADE DALMENY AVENUE THE PERFECT CHOICE
There are many factors that people look for when buying a new home and for one couple, originally from Cairo, Egypt, Dalmeny Avenue in Islington has ticked all the boxes Zeyad Salloum, 28, and his wife Ghada, 28, moved to London in June 2017, after living and working in Germany for two years. They had always been renting and decided that it really was the right time to look to buy a property. Zeyad comments, “We started looking in the summer of 2018 and viewed a number of different developments but realised they were too expensive. Location was important as we both didn’t want to commute too far, with my job as a Software Engineer for Facebook in Tottenham Court Road and Ghada as a Brand Manager for Newell Brands in Hammersmith. “We then came across Dalmeny Avenue in Islington by Southern Space which was accessible to both our jobs and also had Help to Buy available, so we were keen to find out more. “The prices at Dalmeny Avenue were really competitive compared to the other properties we had viewed and we soon realised we could afford a two bedroom apartment with Help to Buy which was just what we had dreamed of. “We visited the show apartment on the launch weekend and were both really impressed with the quality, design and overall layout of the whole development. There is a lovely calm feel about it but you are still so close to central London.The location is also great, with the Northern Line close by and also easy flights from Heathrow on Emirates. It is also close to Camden, where we both love going out, so this was also a real draw for us.” Zeyad and Ghada have purchased a two bedroom apartment at Dalmeny Avenue with Help to Buy. Zeyad adds, “We had carried out a bit of research prior to our visit on Help to Buy and realised this was our only real option to buy our own home. “We only needed a 5% deposit, which we had, and as we are not from the UK we are unfamiliar with the housing market, so the fact that it is Government-backed gave us
that additional security that it was a good scheme. It was so easy and straightforward to use and has allowed us to buy our first home together. I would definitely recommend it.” Dalmeny Avenue features 39, spacious one, two and three bedroom contemporary apartments, located in one of the most sought-after locations in London. The bold, confident architecture of the development fits in with the older buildings around it with perfect harmony. Each apartment has been meticulously laid out, with bathroom suites by Lecico and kitchens with Smeg appliances. The rooms are light and bright, with oversized windows maximising the use of natural light. There are also storage areas to maximise space, clever concealed lighting, ample power
points and underfloor heating. The London Help to Buy scheme is a popular Government-backed initiative helping first time buyers, as well as existing homeowners, move up the property ladder. It is available on new build properties up to £600,000 and includes a 40% equity loan from the Government which is interest free for the first five years. The purchaser just needs a 55% mortgage and 5% deposit. London is famous for its green spaces and Dalmeny Avenue is situated near some of the best of them, including Parliament Hill Fields, which offers you one of the finest views of London. The homes at Dalmeny Avenue have now sold out but for more information on other Southern Space developments, visit southernspace.co.uk
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AFFORDABLE HOMES
HOME SWEET HOME
EDITO
R’S
TOP CHOIC E ★★★
Having grown up in and around Clapham, Editor Lynda Clark revisits her childhood haunts at SO Resi Clapham Park and is delighted to see that the regeneration of the area, which will eventually include a range of new shops, a school, nursery and lots of green space, is creating the perfect community to buy your first home Clapham Park holds many great memories for me as I went to primary school and had some wonderful times there. I haven’t actually been back for some while, so when I was invited to go to see this amazing new development I was very keen to see what it was all about. The masterplan is to build 2,500 new homes with over 50% being affordable, which is perfect for first time buyers, but also to create a new and vibrant community with lots of open space for residents to enjoy and socialise. The one and two bedroom apartments make the most of the natural light and space and they truly feel extremely luxurious with natural oak flooring, high-spec kitchens with Smeg integrated appliances, bespoke fitted wardrobes, en suite to the master bedroom plus audio/ video entry system and cycle storage space. The balconies are very spacious, with plenty of room for a table and chairs to enjoy the view, and the elegant shared courtyard is perfect for meeting the neighbours. What makes SO Resi Clapham Park even more appealing is the outstanding transport links making it a great base for London life. With Clapham South tube station about a 15-minute walk away, you can hop on the Northern Line and be in Oxford Circus in just 17 minutes and King’s Cross/St Pancras or Canary Wharf in 28 minutes. For trips further afield, mainline railways connections are close at hand. There is an array of entertainment
hotspots on the doorstep too. A quick hop on a bus and you can be in Brixton with its trendy vibe and great selection of shops, restaurants, bars, cinemas and music venues. Nearby Northcote Road has some great independent boutiques, shops, bars and restaurants, and for those who like to rummage around a market then it’s the ideal place to find that special something! Abbeville Road and Clapham High Street also offer cuisines from around the world and there are weekly farmers’ markets at nearby Bonneville Gardens. Meanwhile, Brixton Market has some of the best street food and fresh produce. With SO Resi you buy your home in your own way and start with a share that works for you. You can buy extra shares over time so it suits your circumstances and income. You start by buying between 25% and 75% of your SO Resi home. That means your monthly mortgage repayments and deposits are smaller than they would be if
you bought a home outright. You then make a SO Resi payment for the share you do not own and the other payment is the service charge, which pays to look after the building you live in. You can choose to buy a bigger share in the future and the larger share you own the lower the SO Resi payment will be. Of course, you can sell your share and move on at any time. Prices start at £110,500 for a 25% share of a one bedroom apartment with a full market value of £442,000. This means the deposit is £5,525, the monthly SO Resi payment is £759,69 and the estimated monthly service charge is £96. Visiting SO Resi Clapham Park was a blast from the past in one way, but this exciting development is certainly creating a new and vibrant community. Soon, first time buyers moving into the area will be reliving my childhood dreams – I hope so! soresi.co.uk
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OVER 57
LOOKING TO THE FUTURE
Retirement is an exciting time; independent adults can have endless possibilities for travel, entertainment and new friendships. But when it comes time to decide where to live during those later years, it’s important to take all options into consideration For many people, 57 is a key age when their lives have changed. Children have left the nest and suddenly the three bedrooms are no longer needed. Figures recently published by the Office for National Statistics (ONS) reveal that people aged 45 to 74 have experienced the largest increases in living alone in recent years. Family lawyers put this down to the rising number of couples deciding to divorce in older age, a demographic which is known as the “silver splitters”. There are now a significant number of first time buyers in their 50s and for some, after circumstances have changed, they are effectively becoming first time buyers for the second time! There are several new build properties aimed at the over 57 category and Christopher Boone’s in Blackheath is a brilliant example. Back in 1683, the philanthropist Christopher Boone, a member of the Merchant Taylors’ Company, established a charity for the benefit of the residents of Lewisham. Today his legacy lives on with this exciting new development, offering contemporary new one and two bedroom apartments, exclusively for the over 57s. Now, reimagined by One Housing Group,
the Christopher Boone’s development allows local retirees to downsize while enjoying a sense of community and independence. All homes come fitted with sleek contemporary kitchens and large living spaces with high specification throughout. There are landscaped communal gardens and access to a beautiful summer house and residents lounge exclusively for over 57s apartment owners. The development is ideally located only a short distance from the greenery and relaxing calm of Greenwich Park and 15 minutes from the shops and traditional outdoor weekend
market of Lewisham shopping centre. Also close by is Blackheath Common, a charming village within the heart of London with a regular farmers’ market, village shops, restaurants, wine bars and a microbrewery. Nearby Blackheath Halls, one of the oldest concert halls in the UK, adds character to the area. Prices start from £350,000 for a one bedroom apartment and £450,000 for the two bedroom apartments. For more information go to christopherboones.co.uk or contact SiteSales on 0344 809 2026
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AFFORDABLE HOMES
ROYAL ALBERT WHARF DELIVERS THE DREAM OF WATERSIDE LIVING For first time buyers searching for a new home with a view, Notting Hill Genesis has launched the latest collection of stylish shared ownership homes at Riverside in the beautiful waterside district of Royal Albert Wharf
Enjoying a superb setting on the northern bank of the River Thames, the second phase at Royal Albert Wharf offers an outstanding selection of one, two and three bedroom homes surrounded with opportunities to relax and unwind amid a picturesque urban waterside backdrop all year round. Every home at Royal Albert Wharf has been thoughtfully planned to make the most of the relaxed waterside scene. Cleverly designed windows fill apartments with plenty of natural light, and open-plan interiors offer dual-aspect river views in selected homes. Each apartment is equipped with a sleek white kitchen with a full range of integrated appliances, wood-effect flooring and carpet throughout, handy storage spaces and a smart video entry system for extra security. Residents also benefit from a private balcony or terrace, bringing the outside in and providing the perfect place to relax and take in the east London skyline or look out over the Thames after a stressful day. Royal Albert Wharf is a section of the Royal Docks which featured the largest enclosed docks in the world during the Victorian era and served as a vital hub for trade. Today the area is home to London City airport, ExCeL London exhibition, events and convention centre and the University of East London. The
area’s regeneration has created one of London’s most vibrant waterside districts with countless opportunities for leisure. Residents can learn to row at the London Regatta Centre or try dragon boat racing or sailing at Royal Docks Adventure. The number of waterfront walkways is growing, offering the ideal place for runners and walkers alike. Additionally, the dockside is lined with plenty of cafes and restaurants. Commuters have access to excellent transport links. Located in Zone 3, Royal Albert Wharf is a few minutes’ walk from Gallions Reach DLR station, from where buyers can connect to Canning Town in just 11 minutes, Canary Wharf in 19 minutes,
and London Bridge and Waterloo in under 30 minutes via the Jubilee Line. Opening later this year, residents will be able to enjoy a commute across the river from the new Royal Wharf Pier, offering north to south travel and routes into central London. Along with the forthcoming launch of Crossrail from nearby Custom House, these two new ventures will transform connections into Royal Docks. Prices for the latest collection of homes at Royal Albert Wharf start from £77,500 for a 25% share of a full market value of £310,000. By choosing Notting Hill Genesis’ shared ownership scheme, buyers have the opportunity to buy a share of a home, usually between 25% and 75%, while paying subsidised rent on the remaining unpurchased share. Provided they can afford to, buyers can opt to purchase additional shares in the property, right up to 100% outright ownership. For more information or to book your viewing, contact Notting Hill Genesis on 020 3815 1234, or visit royalalbertwharf.com
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MORTGAGES
SHARED OWNERSHIP MORTGAGES – ALL YOU NEED TO KNOW Rupi Hunjan, CEO of Censeo Financial, explains how the shared ownership mortgage process works with this simple step-by-step guide Buying your first home can be a massive step, and all too often involves stress and uncertainty. However, with proper planning and the right advice, it should be reasonably pain-free. One major aspect which is often overlooked though, is getting the correct finances in place to make this important and life-changing purchase. Choosing a broker, getting the right mortgage for your particular circumstances, negotiating your way through the financial and legal jargon and understanding the ins and outs of shared ownership can be fairly daunting. So, we thought we would guide you through the process with this step-bystep guide.
STEP ONE SORT YOUR FINANCES Before you even start looking, it makes sense to work out exactly what you can afford and what your likely outgoings will be. We’ve developed a simple online financial assessment which will give you a result in less than 24 hours – take a look at portal.censeo-financial.com. Armed with this information, you’ll be able to start looking for a suitable home to buy, safe in the knowledge that you CAN get
on to the property ladder. It will also save you time down the line because if you pass, you will receive an assessment certificate which can be shared with the organisation looking to sell you a home. Censeo Financial also has a quick and easy financial calculator app for shared ownership available on Android or Apple which can give you an outline of what you can or cannot afford to buy – given your current financial circumstances.
STEP TWO FIND A SUITABLE HOME There are now thousands of shared ownership homes available to purchase – flats, houses and even modular properties. Once you’ve chosen the one you wish to buy, the next step is to find out whether you meet the eligibility criteria for this scheme (this should be clearly set out on the development’s website), then register with the appropriate housing association or developer and arrange a viewing.
STEP THREE PUT DOWN A DEPOSIT AND RESERVE Buying a home at most residential schemes will require you paying something to reserve your property (between £200 and £500). Having done this, you will need to inform the sales team about how
you are arranging your mortgage. We would always recommend that you seek help from a professional mortgage adviser. If you use a firm such as Censeo Financial, with specialist knowledge in shared ownership, this could save you time and money in the long run. They will be able to liaise with the sales team and will also often have excellent working relationships with law firms which also understand shared ownership. This will make it far easier to find the best solicitor to handle the conveyancing on your behalf.
STEP FOUR OFFER AND FINANCIAL INTERVIEW After carrying out an identity check (this has to be done in line with UK money laundering regulations and is standard practice in all financial services) the sales team will now be in a position to make you an offer to purchase your first home. You will then need to make an appointment with either your bank, one of the many lenders in the shared ownership market or, as we stated earlier, with a professional mortgage broker. Censeo Financial has a team of fulltime, paid, professional advisors with an in-depth knowledge of shared ownership. We also have strong relationships with almost all the lenders operating in this sector, to the extent where we have our own exclusive deals. Plus, we have a long track record of working with all the leading housing associations and developers in the affordable housing sector. During the face-to-face interview, one of our mortgage advisers will run through your application
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MORTGAGES and financial assessment to make sure that all your answers are correct. They will also agree the percentage share you will purchase, based on income, savings and any outstanding credit commitments that you may have. Your adviser will also provide you with information about choosing the right mortgage to suit your particular needs.
STEP FIVE APPOINTING A SOLICITOR AND ARRANGING A SURVEY As we have a panel of law firms that we work with, our advisers can also assist you in considering who you should choose as a solicitor. You are under no obligation to select one of these conveyancing lawyers but they do all have significant experience in shared ownership which should speed up the sales process. So, what will your solicitor actually do? They play a significant role in the whole process of buying a property. From making sure you have everything necessary to help you buy your home quickly to checking the lease and speaking to both your mortgage broker and the solicitors acting for the Housing Association or developer. In addition, they will also carry out what are known as searches – making sure there are no planned developments that could affect your home and ensuring that the developer has all the correct legal documentation for the scheme it is selling. Ultimately, your solicitor will need to check, check and check again that all the paperwork and your mortgage are in place to allow you to go ahead and purchase your new home. A lot of time will be spent liaising with all the different parties – hence why it is so important that you choose a good, efficient lawyer with knowledge of shared ownership.
STEP SIX MEMORANDUM OF SALE AND EXCHANGE OF CONTRACTS You’re now getting close to buying your first home. Following the financial interview with your mortgage adviser and appointing a solicitor to handle the conveyancing, the housing association or developer will then issue what is called a Memorandum of
Sale to both sets of solicitors. This is created once a sale has been agreed on a property. It’s not a legally binding document but it does set out the agreed price and declares the intention of both the buyer and seller to complete the transaction. It will also show: 99 The name and address of both the buyer and the seller 99 Details of the solicitors that will be handling the transaction 99 Important details about the property the offer has been agreed on 99 Which mortgage lender will be financing the purchase It is therefore, a record of the sale and purchase that is about to happen (assuming the transaction will complete). While there are no legal implications to the document, it does seek to clarify and confirm all the details of the agreed transaction. Once the Memorandum of Sales has been issued, you will usually be able to exchange contracts within around four weeks.
STEP SEVEN EXCHANGE AND COMPLETION We’re now into the final lap. From reserving your property to completing usually takes around six weeks but can take anything up to 12, depending on how quickly the property is made available for sale. You will by now have received a mortgage offer from your lender and will be ready to exchange once you have paid the deposit on the property. Following exchange, the Housing Association or developer will be able to give you a completion date. In advance of this date, your solicitor will request the mortgage funds from your lender and will also conduct a final search at the Land Registry. You will also need to pay rent and service charges in advance to your housing association or developer, which will include rent for the remainder of the month in which you complete plus one month’s rent in advance.
After that, you will need to arrange a direct debit payment to go out on the same date each month. On the completion day itself, the remainder of the money will be exchanged via the solicitors and you’ll be the proud owner of your first home. All you need to do then is to pick up the keys, arrange for a removal van and move in!
NEXT STEPS! This isn’t the end of the process though, as at the end of two years (or five years, depending on the terms of the mortgage you took out) you will have the option of remortgaging or staircasing. First off let’s look at remortgaging. Most people now take out fixed rate mortgages for either a two or five-year term. Once it finishes, unless you take action, you will revert to the lender’s Standard Variable Rate, which could mean you paying a lot more every month. Instead, you could stay with your original lender on a new fixed rate or look for another lender. With staircasing, you can decide to buy a larger share in your home. People buying through shared ownership start with the biggest share they can afford. The minimum is a 25% share which is very affordable but ultimately you only own a quarter of the property you live in. By buying larger shares over time, you can move to a stage where you own all of your own home. With both of these scenarios, again it is a good idea to seek advice from a qualified mortgage adviser. They may not only be able to save you money when remortgaging but they may even enable you to staircase up to a larger share and still save money on your monthly payments.
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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, whether you’re looking for your first home for a growing family, or somewhere to put down roots on a budget, we hope you enjoy our selection
ISLINGTON, NORTH LONDON
HOIC FIRST C
E
LIVELY
DON LON ★★★ Affordable homes p78-79 SANDBACH, CHESHIRE
HOIC FIRST C
REAL LIFE
E
SERENE
S SURR★O★U★ND
Family homes p80-81
Help to Buy: Walthamstow p82
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REAL LIFE
Help to Buy: Kew Bridge, West London The style and cut is key to fitting the perfect suit. But for one first time buyer finding the wardrobe space to fit a large collection of suits took more than two years. Before the clean lines of Apt Living’s Kew Bridge development featured on Instagram, Hadden White, 28, had visited many developments with the hope to buy his first property using the Government’s Help to Buy initiative, but says the build design of what he was looking at had not been “up to scratch”
FA C T F I L E
Purchase price (for a similar one bed apartment): £325,000 5% deposit: £16,250 40% London Help to Buy loan: £130,000 Estimated mortgage: £722pcm Service charge: £158pcm
H
adden, who works in bespoke tailoring and currently rents a house in Tooting with three other housemates, says he is happy to be finally on the property ladder after viewing and reserving his Apt Living home in one weekend. The development, a transformation of offices into residential homes, offers 213 studio, one and two bedroom apartments with views across Gunnersbury Park. Hadden was able to purchase a one bedroom apartment on the second floor for £325,000 using Help to Buy – which reduces the cost of homeownership by providing a loan of up to 40% of the purchase price so that buyers only need a 5% deposit. Hadden said, “Before moving south I lived in west London and loved the area. I had my heart set on the location but really could not find anything to buy in the area to fit my budget. Everything was rather small, and the quality of builds on my budget did not seem up to scratch. The majority of apartments I saw did not even have space for a wardrobe. Having worked in the tailoring industry for six years, you build up quite a selection of suits – so storage space was really important to me.”
Hadden kept up his search across London until he stumbled across Apt Living while scrolling through Instagram. He added, “I immediately loved the simplistic design of the apartments; they seemed really well laid out, so I booked my viewing the following weekend and was impressed by the space and use of storage.” Apt Living’s stylish apartments are designed to maximise the space available by adding more storage and reducing hallways. They feature large floor-toceiling windows making the most of the views across Gunnersbury Park, a fully integrated kitchen, concierge, bike storage, an Apt Living residents’ app, cinema, games room, plus a fob for direct access into Gunnersbury Park. His mortgage will give him a small saving per month over his previous rent costs and access to the on-site gym will save money on separate gym membership fees.
“THE MAJORITY OF APARTMENTS I SAW DID NOT EVEN HAVE SPACE FOR A WARDROBE. HAVING WORKED IN THE TAILORING INDUSTRY FOR SIX YEARS, YOU BUILD UP QUITE A SELECTION OF SUITS – SO STORAGE SPACE WAS REALLY IMPORTANT TO ME”
He is also looking forward to the community aspect moving into Apt Living will bring. “I am excited to move in soon and make use of the communal spaces and meeting the neighbours. There is bound to be a community spirit here with all the amenity space on offer. I am actually looking forward to owning my own space and of course furnishing it. I have been shopping already for ideas, picking up vintage items mixed with Liberty and John Lewis furnishings. After a busy day working in central London, I will be looking forward to getting home without a long commute, in my preferred location away from the bustle.” The development is situated adjacent to Gunnersbury Park, soon to be home to a £13.8m sports hub that will become one of the largest sports facilities in the capital. The centre will include a fitness hub and tennis courts, as well as cricket and football pitches. Restaurants, bars and cafes are all within a five-minute walk away along Chiswick High Road, while a new arts centre and cinema are planned as part of the area’s wider regeneration. Apt Living Kew Bridge is easily accessible by both car and public transport. The development is less than a 10-minute walk from Kew Bridge station and just 15 minutes from Gunnersbury and Acton Town stations. Phase 2 of the development is set to launch soon. Prices start from £295,000 and the Government’s Help to Buy scheme is available on selected apartments. apt-living.co.uk
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FOR SALE
AFFORDABLE HOMES ISLINGTON, NORTH LONDON
HOIC FIRST C
FROM £122,500*
E
LIVELY LON★D★ON ★
Market Gardens The sought-after north London borough of Islington is home to this new collection of just 20 one and two bedroom apartments. Located on Caledonian Road, the homes are superbly placed for enjoying the very best of life in the capital – helped by the excellent travel Zone 2 transport links. When you’re not out enjoying the local area, or exploring Camden, Angel and the nearby parks – residents can relax in the peaceful communal gardens. Each home also features a private balcony as well as beautifully finished interiors. Peabody 020 7021 4842 peabodysales.co.uk
*Based on a 25% share of the full market value of £490,000
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FOR SALE STEVENAGE, HERTFORDSHIRE
FROM £63,700* WA L K D E N , M A N C H E S T E R
FROM £60,200*
SO Resi Forster Oaks These new homes in Stevenage, Hertfordshire, combine the best elements of town and country. The one and two bedroom apartments are perfect for modern life – with open-plan living/dining areas, wooden floors, built-in storage, and en suite from the master bedroom. As well the excellent local
facilities and lovely green spaces right on the doorstep, the area is also undergoing regeneration, with exciting developments planned. Ideal for commuters, trains from Stevenage reach King’s Cross in just 23 minutes. SO Resi 020 8607 0550 soresi.co.uk
*Based on a 35% share of the full market value of £182,000
POPLAR, EAST LONDON
FROM £124,375*
Reynolds Place Near to beautiful countryside, good local facilities and schools in abundance, these new two and three bedroom homes make an ideal base for busy family life. Inside, the homes feature lightfilled living/dining areas that open to private gardens, and fitted kitchens with integrated appliances. Residents also benefit
from allocated parking. The wellsized properties lie just a short walk from the town of Walkden, while for shopping and days out, Salford and Manchester can both be reached in less than 30 minutes by public transport. Plumlife 0161 447 5050 plumlife.co.uk
*Based on a 35% share of the full market value of £172,000
FROM £81,250*
CHELMSFORD, ESSEX
Lansbury Square Vibrant Poplar in east London is home to this collection of one and two bedroom apartments and three bedroom townhouses, available through shared ownership. The properties are sleek and contemporary, and finished to a high standard. The area provides plenty of opportunity for exploring, with
Langdon Park, the canal and River Lea reached with a short walk, and the Thames just over a mile away. Langdon Park DLR is just a two-minute walk away with journeys to Canary Wharf taking around five minutes. L&Q 0300 456 9997 lqpricedin.co.uk
*Based on a 25% share of the full market value of £497,500
City Park West This major new development in Chelmsford will eventually be home to 700 properties. The contemporary apartments available with the latest release feature smart, open-plan living areas, with engineered wooden flooring and stylish kitchens with integrated appliances. The town centre is a short walk away for
a wide range of shops, bars and restaurants. Rail services from Chelmsford station reach Liverpool Street in under 30 minutes, while you can reach the stunning Essex coastline by rail in a similar time. Notting Hill Genesis 01245 806 484 cityparkwest.co.uk
*Based on a 25% share of the full market value of £325,000
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FOR SALE
COMMUTER HOMES SANDBACH, CHESHIRE
HOIC FIRST C
FROM £225,995
E
SERENE S URROUND
S
★★★
J One Seven With the historic town of Sandbach, along with good schools and green spaces, all within walking distance, growing families will love this new collection of homes. The detached and semi-detached properties are well-sized, with separate lounge and kitchen, downstairs WC and en suite to the master bedroom. Pretty country pubs and good shops can be found in the town centre, as well as a monthly farmers’ market in the cobbled town square. Supermarkets, leisure centre and health facilities lie within easy reach, while the M6 provides good links to Stoke-on-Trent, Liverpool and Manchester. Barratt Homes 0330 057 2944 barratthomes.co.uk
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FOR SALE HOLMFIRTH, WEST YORKSHIRE
FROM £262,995
FROM £290,950
MAIDENHEAD, KENT
Heather View Occupying a prime location within the Holme Valley, there’s no shortage of natural beauty at these brand new family homes with garages. The three to five bedroom detached and semidetached houses have been designed with modern living in mind. Downstairs, the open-plan kitchen/dining area leads to a
garden room and back garden. Upstairs, the bedrooms are well sized, with an en suite from the master. There’s countryside on the doorstep, while the nearby town of Holmfirth has shops and entertainment. Jones Homes 01484 685 469 jones-homes.co.uk
TUNBRIDGE WELLS, KENT
FROM £335,000
The Loftings This state-of-the-art development is a short walk from the thriving town of Maidenhead. The one to four bedroom properties all feature large windows for plenty of natural light, open-plan living areas, private balconies, and a separate laundry room. The larger homes also have an en suite from the main bedroom. The
rail station is around a 10-minute walk, for speedy services into London. Crossrail will improve its commuter credentials further, connecting the town to Tottenham Court Road and Farringdon in around 40 minutes. Redrow 01628 703 592 redrow.co.uk
S T O N E B R I D G E , N W L O N D O N
FROM £525,000
Royal Wells Park Residents at these new homes, in the heart of the Kent town of Royal Tunbridge Wells, will enjoy the best of town and country living. There are 243 properties, from one bedroom apartments to four bedroom townhouses, all with bright, contemporary interiors. There’s plenty to enjoy in the beautiful surroundings
of the lovely Kent countryside, and many options for shopping and eating in the town itself. Commuting to London is quick and simple – from the nearby station, trains reach London Bridge in just 42 minutes. Berkeley 01892 886 395 royalwellspark.co.uk
Grand Union This exciting new development lies along the Grand Union canal and will eventually be home to 3,000 waterside properties. Each of the one, two and three bedroom homes will include private outdoor space as well as well-appointed interiors. Residents have access to the central gardens, children’s play
area, on-site nursery, bar and restaurant, health centre, shop and community centre. The canal route provides a direct cycle route into London Paddington, while Stonebridge Park station has excellent links to central London. St George 020 8003 0852 berkeleygroup.co.uk
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REAL LIFE
Help to Buy: Walthamstow A young professional and his pet pooch are right at home after moving into Taylor Wimpey’s Eclipse development in Walthamstow. Joseph Williams, 29, bought his two bedroom apartment and made the move to east London with his Pomeranian, Morsen, using the Government-backed Help to Buy scheme and couldn’t be happier
FA C T F I L E
Purchase price – two bedroom apartment £440,000 Help to Buy: Equity Loan – 40% Deposit: 10%
F
ormerly renting in central London, Joseph was seeking an affordable, low-maintenance property with a short commute to his workplace in Liverpool Street. The 5% deposit that Help to Buy allows, coupled with Eclipse’s Zone 3 location, meant that the new build apartment was a great fit. Joseph said, “I’ve been really impressed with Taylor Wimpey from the beginning. My first experience of registering my interest in an apartment at Eclipse was great, with attentive sales executives willing to help at every step of the buying journey. Because I commute to work, it’s so handy being right by both Tottenham Hale underground and Blackhorse Road station, which is only about 500 feet from the development and within 30 minutes I’m into Liverpool Street. “Eclipse really does feel like a community; I get on with my neighbours and we have a lot in common, plus my dog Morsen is really at home here, which is fantastic. Walthamstow is up-andcoming, so to be part of a growing community that’s quieter than central London is a huge plus. As well as this, I wanted a place which I could customise to my liking with minimal work on the infrastructure of the place itself, and my apartment really fits the bill in that respect.” The apartments at Eclipse feature an openplan kitchen/living/dining area and the kitchen has integrated appliances. The master bedroom has its own en suite along with a family bathroom and a private balcony – ideal for relaxing in the evenings or socialising with friends or family. “Walthamstow High Street is just over a mile away and provides a wide range of shops and restaurants, and it’s in the heart of Waltham Forest which is the London Borough of Culture for 2019, so there are lots of exciting events going on, which is great. It also has the longest market in Europe which is very impressive.” For outdoor enthusiasts, Eclipse is near to Lea Valley and Walthamstow wetlands, offering green space, long-distance walking trails and a recently opened bird reserve. Only a handful of two bedroom apartments are remaining in the current phase. Phase 3, Bremmer Court, has recently launched with a selection of one, two and three bedroom homes available to reserve with Help to Buy. taylorwimpey.co.uk/find-your-home/england/london/ walthamstow/eclipse 020 3435 9269
“ECLIPSE REALLY DOES FEEL LIKE A COMMUNITY; I GET ON WITH MY NEIGHBOURS AND WE HAVE A LOT IN COMMON, PLUS MY DOG MORSEN IS REALLY AT HOME HERE, WHICH IS FANTASTIC. WALTHAMSTOW IS UPAND-COMING, SO TO BE PART OF A GROWING COMMUNITY THAT’S QUIETER THAN CENTRAL LONDON IS A HUGE PLUS”
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LEGAL
Changes to the law surrounding leasehold houses. What does it all mean for me?
Should you require any further information regarding this article or the services provided by Lawcomm Solicitors, please do not hesitate to contact Lesley Price (E: lesley.price@ Lawcomm.co.uk)
Lesley Price FCILEx, Head of New Homes & Shared Ownership at Lawcomm Solicitors, discusses the impact of the recent changes in the law surrounding leasehold houses and what you should do if you think you are affected WHAT IS LEASEHOLD? With leasehold, you only have the right to occupy the property for a fixed period of time, and do not own the building outright. The arrangement is based around a legal agreement with the landlord or freeholder, known as a ‘lease’. You will pay ground rent to the freeholder at a set rate that will increase over time and you also pay service or maintenance charges towards the repair and maintenance of the building as a whole if you live in a flat or towards communal facilities such as access, open spaces, parking areas and street lighting if you live in a leasehold house.
HOW DO I FIND OUT WHO MY FREEHOLDER IS? The language surrounding the leasehold system can be confusing. In some cases,
your landlord and your freeholder may be different and you will sometimes find that the terms are used interchangeably in your legal paperwork. The first place to check would be your rent demand. If you pay ground rent and you have a recent bill then this legally has to state your freeholder’s details – even if it comes from an agent who sends the bills on their behalf. You can also carry out a search at the Land Registry based on the address of the property. Help from a solicitor will enable you to do this or the Land Registry has a website which does also have public access facilities
I AM IN THE PROCESS OF BUYING A HOUSE THAT IS BEING SOLD ON A LEASEHOLD BASIS; WHAT SHOULD I DO? Due to the Government’s withdrawal of the Help to Buy scheme for leasehold houses then it is unlikely leasehold estates will continue to be built, and those currently under construction will have their title documents changed. At the end of the day, even though it is being phased out, the Help to Buy scheme represents a big financial incentive to many developers and they won’t want to build homes that follow a publicly unpopular model or that do not qualify for the Help to Buy scheme. If your home is already constructed on a leasehold basis then you should take advice from your solicitor as to whether or not you should proceed. You would want to ensure that the ground rent you are
paying has a nil value. The legal term for this is a “peppercorn rent” and this is fixed for the length of your lease.
THE NEW REGULATIONS DON’T AFFECT HOMES BEING SOLD ON A SHARED OWNERSHIP BASIS IN THE SAME WAY – HERE IS WHY The shared ownership scheme functions through a lease being granted on your home, and therefore under the scheme both houses and flats are sold under long leases. This is unlikely to change. However, if you have bought or are buying a shared ownership house you will want to make sure that where possible you obtain title to the freehold when you buy your final share and that if you don’t, that any ground rent you are paying when your specified rent ends will be fixed at nil or minimal rent.
IS IT RIGHT THAT I WILL BE GIVEN MY FREEHOLD FOR FREE? For those buyers who do have unfavourable terms it is likely that the housing sector will begin to voluntarily vary the property titles prior to any legislation being decided. For those estates already sold to investment and pension companies there is likely to be a longer wait because the loss of those rents will represent a loss in income to those companies and to their investors, including ordinary pension account holders. How this will play out and who bears the financial impact is yet to be determined. The Government has announced its intention to create legislation to enable the owners of leasehold houses to obtain
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LEGAL
their freehold for free, but at the moment there is little guidance on how this will actually work. Costs for doing this are split into the premium, which is the value of the freehold itself, and legal costs to actually do the legal work. There is no guidance at the moment as to what will be covered. As with the £130m assistance scheme set up by Taylor Wimpey, it is likely that the Government will look to developers to fund these costs rather than the establishment of Government funding on a wide scale.
I AM TRYING TO SELL A LEASEHOLD HOUSE; WHAT DO I DO? The best thing to do as a start is to go back to the solicitors which acted when you purchased and ask them to confirm the following key facts: 99 Who is my freeholder? 99 Who is my landlord if different from my freeholder?
Lawcomm Solicitors offers an award-winning conveyancing service to first time buyers seeking to buy their first property and work as recommended solicitors to several housing associations and private developers on a nationwide basis. Contact us for a no obligation discussion and estimate of costs.
99 What should my ground rent be now according to the lease? 99 How does the ground increase and what is the maximum it could be in the future? 99 Request a full copy of the final dated Lease that was sent to Land Registry Once you have these key facts and a copy of your lease then if you consider you may have an issue then the next step is to take appropriate legal advice. Our specialist team are happy to carry out an initial review of your documents to see if we can assist.
THE DANGER OF RENT ARREARS Almost all ground rents escalate over time in some fashion. This is quite fair and sensible when you think of the length of time over which most leases are granted. The property value will increase over time and the rent will increase in some way along with it. However, on some leasehold developments the rent doubled too quickly. Typically, a developer may have finished a site and sold the site to an investment company or land manager which quickly attempted to maximise the rent to the dismay of many leaseholders.
I HAVE READ THAT MY LEASE IS IN FACT A TENANCY; WHAT DOES THIS MEAN? This is one of those cases where a piece of legislation intended for one purpose in the
Housing Act of 1988 has had unintended consequences for the holders of long leases. It states that if the rent of a lease is over a certain amount (£250 or £1,000), then if you don’t pay your rent the landlord can claim your lease is an assured tenancy agreement (essentially on the same terms as a 12-month rental) and avoid some of the protections that the Leasehold Reform Act of 2002 gave leaseholders against losing their properties for rent arrears through a process called forfeiture.
DON’T PANIC Both forfeiture and the unintended consequences of the 1988 Act have been there all the time, but the fact that they have been highlighted by the rent issue has now again led to a change in policy from mortgage lenders that can make it difficult to get a mortgage on a property with a higher base rent. There are many leaseholders that are facing issues on selling their leasehold homes, but there are many more who are unaffected by the issues or whose titles can be amended to avoid any issues in the future. Get the facts regarding your property title and rent from a solicitor and they will be able to discuss with you the best way forward. Unless you urgently have to move make sure you explore all the options and that you continue to pay your rent due on demand until any changes to your title are made.
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COMPETITION
WIN!HT STAY
IG TWO-N PA, WIN A TEL & S O H B U L C THE E T A H R AT T DINNE H IT ,W RRED JERSEY LIN-STA MICHE RANT RESTAU IA M E 3 BOH H £55 WORT
HOW TO ENTER Answer the following question:
Where is The Club Hotel & Spa situated?
! e p a c s e t c e f r e p e h T
Spending a couple of days relaxing in a luxurious hotel, being totally pampered and enjoying the finest food and wine – all on the idyllic island of Jersey – sounds like a dream come true...
Located in the heart of Jersey’s idyllic seaside capital, St Helier, The Club Hotel & Spa boasts an island experience like no other. Just a stone’s throw from some of Jersey’s top attractions, The Club Hotel & Spa features a rooftop terrace, heated indoor and outdoor pool, and Michelin-starred Bohemia Restaurant; making it the ultimate destination for a relaxing getaway, and all just a short flight from London. The Club Hotel & Spa’s elegant suites have all the luxuries you would expect from an AA Red Star Hotel; extravagant feather beds, gleaming granite en suites, and lavish floor-to-ceiling windows. An inroom minibar; high-speed Wi-Fi; flat-screen TV; soft bathrobes and slippers are staple additions to each room. With both an outdoor and indoor salt water pool, as well as a thermal suite – including a salt cabin, herbal steam room and experience shower – The Club Spa is the perfect place to unwind on your island escape, and the perfect destination after a day exploring all that Jersey has to offer. Led by Head Chef Steve Smith, expect only the finest quality, fresh, local and seasonal ingredients at The Club Hotel & Spa’s Michelin-starred restaurant Bohemia. Stand-out dishes include local handpicked crab tart and custard with mango and coriander; panfried Brittany sea bass with heritage carrots; and veal textures with French white asparagus, morels and thyme.
Send your answer with your full name, address and telephone number to: lynda@firsttimebuyermag co.uk Closing date: 20 November 2019
THE PRIZE… ONE LUCKY READER WILL ENJOY A LUXURIOUS TWO-NIGHT STAY FOR TWO GUESTS IN ONE OF THE CLUB HOTEL & SPA’S DELUXE SUITES. BEGINNING EACH DAY WITH AN EXTRAVAGANT COMPLIMENTARY BREAKFAST, THE WINNER AND GUEST WILL ALSO ENJOY A THREE-COURSE DINNER ON ONE NIGHT AT THE MICHELIN-STARRED BOHEMIA RESTAURANT, INCLUDING A BOTTLE OF WINE CHOSEN BY THE RESTAURANT. THE WINNER AND THEIR GUEST WILL ALSO BE TREATED TO A FULL BODY MASSAGE EACH AT THE CLUB SPA. THE PRIZE IS WORTH £553. FLIGHTS ARE NOT INCLUDED T&Cs • Two night stay for two guests in a deluxe suite • Breakfast included each morning • Three course dinner from the à la carte menu with a bottle of wine chosen by the restaurant (on one night) • One full body massage per person to be booked prior to arrival • Booking subject to availability and excluding Bank Holidays • Prize to be redeemed on or before 31st March 2020 • The prize is non-transferable and no cash alternatives will be given. Competition is open to UK residents only.
theclubjersey.com
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FIRST MEAL
FIRST HOME, FIRST MEAL Perfect for a delicious light, healthy meal to enjoy with friends and family, this Cajun sea trout, avocado and cucumber salad with yoghurt dressing has been created by Jamie Polito, Executive Chef for Hippo Inns – enjoy!
INGREDIENTS (Serves 2)
CAJUN SEA TROUT, AVOCADO AND CUCUMBER SALAD WITH YOGHURT DRESSING
99 ½ cucumber, cut into slices 99 ½ Granny Smith apple,
cut into matchsticks 99 ½ avocado, sliced 99 ½ red onion, thinly sliced 99 30ml rape seed oil 99 15ml cider vinegar 99 4g caster sugar 99 2g table salt 99 30g Cajun spice mix 99 15ml olive oil 99 2 x 160g sea trout,
skinned 99 50g natural Greek yoghurt 99 10g fresh dill 99 2 lemon wedges
METHOD 1 Mix the first three ingredients together and set them aside. 2 Put the salt, sugar and vinegar in a bowl, mix well, add the rape seed oil and the onions to make the dressing. 3 Mix the Cajun spices and olive oil together and spread over both sides of the fish. 4 Cook the trout fillets for 3 minutes each side over a gentle heat in olive oil. 5 Mix the salad ingredients with the onions and dressing on the plate. 6 Add the cooked trout, drizzle with yogurt, serve with fresh dill and a wedge of lemon.
Jamie Polito is Executive Chef for Hippo Inns, a collection of 12 London pubs founded by Rupert Clevely. Jamie spent two years as Head Chef alongside the legendary Rowley Leigh of Café Anglais in Bayswater. He became incredibly passionate about using the best ingredients available to him and creating seasonal dishes to an excellent standard. In 2012, he started a new role as Development Chef at Geronimo Inns, where he oversaw a large collection of pubs with a great reputation for food and drink. He was responsible for developing all menus across the estate and working closely with local producers and suppliers. From there, after six rewarding years, Jamie wanted a new challenge, joining Rupert’s expanding group of exceptional neighbourhood pubs in 2018 – Hippo Inns. As Executive Chef, Jamie currently oversees an incredibly talented team of Head Chefs allowing them to flourish and be creative under his watchful eye, ensuring quality and seasonality are celebrated at all times.
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FIRST MEAL
FTB’S FAST FOOD What better to follow a lovely meal than with an even better dessert? For all of you with a sweet tooth, FTB has been testing out the best sweet treats the UK’s top supermarkets have to offer to see which ones you should be "pudding" up with! DELICIOUS DESSERTS
TEST WINNER
TESCO
MARKS & SPENCER
WAITROSE
CO-OP
finest* white chocolate and berry cheesecake, £3; apple and salted caramel tart, £2; toffee & pecan roulade, £4; Wicked Kitchen red velvet brownie, £4.50.
Tiramisu, £2.80; shortcrust cherry pie, £3; Our Best Ever trifle, £5; Plant Kitchen chocolate mousse pot, £1.75. Marks & Spencer’s dessert range
Bramley apple pie, £3.25; sticky toffee pudding, £3; mixed berry trifle, £3.25; New York vanilla cheesecake, £4.25.
Irresistible toffee apple crumble, £4.25; Irresistible sticky toffee sponge pudding, £3.60; fresh custard, £1.30; classic strawberry trifle, £2.50.
was of good standard in both
The Waitrose desserts were all good
The Co-Op range did not quite
Tesco has an excellent range of
quality and taste. The tiramisu had
and we particularly enjoyed the
have the flavour or the class in
desserts with a lovely taste and
a strong coffee flavour that worked
apple pie; the shortcrust pastry was
comparison with some of the other
texture. The chocolate and berry
well with the creamy mousse
slightly dry, but it was packed full of
desserts that we tried. The toffee
cheesecake was very smooth and
topping. The trifle did tend to live
chunky apple filling and it was not
apple crumble will take you back
had an excellent balance of sweet
up to its name of being "our best
too sweet, making it a good choice
to your childhood, but apart from
and tangy, plus the base had a
ever" by featuring an excellent
to serve at a family dinner. The
that it was overly sweet. The sticky
good crunch. The tart had a nice
ratio of custard, cream, sponge
sponge for the sticky toffee pudding
toffee sponge was the top pick from
combination of flavours, with the
and fruit. We felt that the cherry
was moist, but we found the toffee
the Co-Op as it was moist with
sweet caramel creating a good
pie, however, had a little too much
sauce a little too sweet. There was a
a good sweet sauce covering it.
balance against the apple. The
pastry compared to the amount of
good selection of berries in the trifle,
The strawberry trifle had too much
roulade was a real treat, with the
filling. The light and airy chocolate
but we didn't like the consistency of
custard and sponge compared to
Dulce de Leche toffee sauce really
mousse pot is another vegan dessert
the cream, which was very bland.
fruit, so it was rather heavy. The
standing out and the nuts giving
and was arguably the best of the
The cheesecake had an excellent
fresh custard will make a good
extra texture to every lovely mouthful.
vegan desserts tested, with a strong
crunchy biscuit base and a pleasant
accompaniment with many desserts
The red velvet brownie, perfect for
chocolate flavour. A lovely dessert
and not too overwhelming taste of
and has a strong vanilla flavour that
vegans, had a fresh-tasting raspberry
range from Marks & Spencer.
vanilla to the topping.
comes through nicely.
ganache and was an indulgent
★★★★
★★★
★★
chocolaty treat. Overall, an excellent dessert range.
★★★★★
STASH IT AWAY Stasher is the endlessly reusable 100% plastic-free silicone bag that’s perfect for every occasion and is the first of its type in the world. As well as being brilliant for food (the bags are freezer-, microwave- and dishwasher-safe), their patented airtight Pinch-Loc™ seal means they’re great for everyday use too. So whenever you’d usually reach out for a plastic bag, grab a Stasher instead. Perfect for anything from first aid and storing your mobile and keys in the gym to fiddly bits of Lego or jewellery. stasherbag.com
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FINANCE
Mortgage Clinic By Rupi Hunjan, CEO of Censeo Financial Rupi Hunjan is the founder and CEO of Censeo Financial, an awardwinning retail financial services company. It currently provides advice on mortgages and related products for prospective and current clients for a number of leading housing associations and developers. To date it has helped around 6,000 people actually buy their first home and helped more than 25,000 people with affordability assessments, guiding them on to the property ladder
How much Stamp Duty will I have to pay and can I include this in my mortgage? As a first time buyer, you would need to pay the following amount of Stamp Duty: • 0% on properties valued up to £300,000 • 5% on the portion from £300,000 to £500,000 With shared ownership properties, provided the full market value is £500,000 or less, a buyer will now be able to claim first time buyers’ relief on both the price paid for the share and the rent (ie 0% payable on the price paid for the share from £0-£300,000 and 5% on any part of the price paid for the share above £300,000 and below £500,000). If your property is above £500,000 you do not get any first time buyers’ relief on Stamp Duty so you would need to pay the normal rates which are: • 0% on the first £125,000 • 2% on the portion between £125,000 to £250,000 • 5% on the portion between £250,000 to £925.000 • 10% on the portion between £925,000 up to £1.5m • 12% on anything over £1.5m In terms of including the Stamp Duty in your mortgage, the answer is you can. However, there are two key issues worth pointing out. Firstly, the extra money you will borrow will obviously cost you in the long run. Secondly, borrowing more money may affect your loan to value ratio and could mean you end up on a worse rate than you would have been if you didn’t factor in the stamp duty. Ultimately, this would mean paying a higher amount each month on your mortgage As in all cases, it makes sense to consult with a specialist mortgage broker who will be able to advise you on which course of action is the most sensible. NOTE: These figures are correct at the time of writing. Please check with your housing association or Mortgage Broker before making any financial decisions. Can I get a mortgage to self-build as a first time buyer? The short answer is you can happily get a self-build mortgage as a first time buyer but you would need to go to a specialist broker as most of the large brokerages don’t advise on this kind of property. The best contact for
this would be Buildstore (www.buildstore. co.uk/finance) With a self-build property, the money is provided in stages once each phase of the build is completed. Key phases include purchase of the land, preparation and laying of foundations, erection of the frame, making the build wind and watertight, first fix plus plastering and finally second fix and completion. There are two types of self-build mortgage available. The first is called an Arrears Mortgage where the finance is released once each of the stages is competed. This is ideally suited to those who have sufficient savings to fund the purchase of the plot and get work started on the foundations. The second type is known as an Advance Mortgage. Here, money is advanced at the beginning of each phase. Up to 95% of the cost of the land and up to 95% of the cost of the build can be lent. This type of mortgage may suit first time buyers who don’t necessarily have the necessary savings to proceed with the build. I’ve been looking at a really small apartment but I’m worried that I won’t be able to get a mortgage. Is there a limit to how small I can buy? Firstly, you need to look at the size of the property you want to buy. According to
the Greater London Authority’s planning guidance, the minimum recommended size for a studio flat should be 37 square metres. However, there are a number of developers looking to market so-called “micro-flats” with floor space as small as 19 square metres in an effort to get more first time buyers on to the property ladder. These employ all the latest space-saving innovations to deliver homes which are smart, practical and certainly liveable. Developers such as Pocket Living have been at the vanguard of successfully selling these types of properties. Clearly though you would need to balance the need to buy your own property with your desire for a decent living space. Also, studies have shown that microproperties experience slower price growth than ones with a floor space of more than 50 square metres. When it comes to getting a mortgage, virtually all lenders will lend on properties over 30 square metres in floor space. Once you go below that, while it does not make things impossible, it will narrow down options significantly as several key mortgage providers are unwilling to lend on properties this size. For further help and advice from Censeo Financial, call 020 7090 7290 or visit censeo-financial.com
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FINANCE
Credit where it’s due... EXPERT COMMENT Mortgage lenders will take a look at a person’s financial situation when assessing an application, and this includes looking at information on their credit report. Past financial activity could provide a “red flag” to a mortgage lender on how reliable a person might be with repaying their mortgage. Equifax research
Your credit score is vital to obtaining a good mortgage deal. Kay Hill takes a look at how to understand and improve your score
showed that over half (52%) of people in the UK who don’t pay off their credit card in full each month said it’s because they can’t afford it. Also, 15% of UK adults have missed at least one credit card or short-term loan repayment. Nearly a third (31%) have an authorised overdraft facility they use, while 13% with an overdraft or credit card admit that they have gone over an agreed overdraft limit. This is the type of credit information that could impact a mortgage application. Exceeding an overdraft limit or struggling to clear debts could indicate that a person can’t take on any more debt. Your credit history might also affect mortgage offers that could only be available to people
A popular word of advice for young people leaving home used to be the anonymous quote, “The future lies before you like a field of driven snow, be careful how you tread on it, for every step will show.” Unfortunately, bad financial decisions, like embarrassing social media photos, tend not to stay hidden forever and their footprints can show up years later when you try to obtain a mortgage Whether you’ve been financially squeaky clean all your life, or have made a few mistakes along the way, understanding how your credit score works and how to deal with any unwanted footprints will make the process of obtaining a mortgage far less stressful.
whose credit history meets certain criteria. Because of this, it’s important that anyone planning on buying a home gets their finances ready before applying for a mortgage. Lisa Hardstaff Credit Information Expert, Equifax
WHAT IS A CREDIT CHECK? When you want to borrow money or use services that you pay for later (such as a mobile phone contract), the person offering the credit will want to know you will repay it. They will perform a credit check (also called a credit search), which means checking with one or more of the credit reference agencies
in the UK (the main ones are Equifax, Experian and TransUnion) to find out about your financial history in order to assess the risk of giving your credit. There are two forms of check, a “hard search” which will leave a footprint on your file that will be visible to other companies and a “soft search” which will be recorded but cannot be seen by others. If you are shopping around, or unsure if you will be accepted for a product, try to only allow soft searches, as multiple hard searches in a short time suggest that you are desperate.
WHAT IS A CREDIT REPORT? During the credit check, the company will access your credit report, which will include your current and previous addresses, electoral roll information, credit agreements you already have such as overdrafts, loans or credit cards, and any missed or late payments on those, and details of county court judgments (CCJs), bankruptcies or Individual Voluntary Arrangements (IVAs). The report will also show financial associates, which means anyone you have taken out a joint
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FINANCE financial product with, such as a bank account or loan. You might be relieved to know that your employment history, however chequered, does not appear, nor does any criminal record or medical issue.
WHAT IS A CREDIT SCORE? Each credit reference agency uses its own algorithm to convert the facts on the report into a single number, with higher numbers being considered safer when it comes to credit. For example, Experian gives people a score from 0-999, which puts them into five bands of credit worthiness, ranging from 0-560 (Poor) up to 961-999 (Excellent), although companies checking you only see your file, not the actual score. Your score can change quickly, so you should check it regularly to monitor your financial health.
WHAT AFFECTS A CREDIT SCORE? Anything that suggests you are not financially prudent will work against you – so debts and missed payments, especially if they lead to a court judgment, are devastating, and using pay day loans or cash advances on credit cards count against you. Having a large amount of credit already (eg multiple credit cards, loans, overdrafts) can look bad, even if you aren’t using it all. Applying for a lot of credit in a short time can be a red flag – this is why the worst thing you can do if you’ve been turned down for a mortgage is to frantically apply at lots of other places, you are only digging yourself deeper into a hole, however unfair that seems. Conversely, being “invisible” can also make you a poor risk. Research from Experian identified 5.8 million people in the UK who don’t have the financial track record to be properly scored – particularly young people who have never accessed credit, those who mainly use cash, and those from other countries or Brits returning from overseas.
HOW LONG DO PROBLEMS SHOW? Major problems like bankruptcy, IVAs and CCJs, or defaults (where an account has been closed because of non-payment) stay on your credit file for at least six years. Missed payments on debts will be visible for at least three years and credit applications (successful or not) will stay on there for a year.
HOW TO IMPROVE A POOR CREDIT SCORE It’s a good idea to check your credit score well before you want to apply for a
mortgage as it gives some opportunity to improve matters. Firstly check for mistakes – for example, your identity could have been stolen and someone has used your details to apply for credit and then default. If information is wrong, or is correct, but there are mitigating circumstances, you can add a “statement of dispute” or “statement of excuse” to the credit report via each credit reference agency. If your score is being lowered because of the actions of a financial associate you are no longer involved with (an ex-partner for example) you can fill in a “disassociation form” to make it clear that the relationship is over. If your credit score is simply mediocre, then a few things can make a difference fairly quickly: 99 Register for the Electoral Roll via your local council. This is the quickest way to improve your score. 99 Look at existing credit. Ideally you should not be using more than 25% of what is available – so if you have a £1,000 overdraft, try to never go below £250 in the red going forward. If you have cards you never use, consider closing them. 99 Don’t keep changing current accounts. In general it’s good to shop around, but older, well-managed bank accounts give you higher scores, and new applications can lower your score. If you have to apply for something, use an eligibility calculator or soft check first to make sure you will get it. 99 Set up direct debits for all your bills and credit card repayments (pay in full each month if you possibly can) to avoid late or missed payments. 99 If your problem is lack of credit history, consider a credit card that is designed for those with poor or no credit (eg Amazon Classic, Tesco Foundation or Barclaycard Forward). Borrow a smallish amount each month and pay in full and you will begin to improve your score. 99 Finally, remember that if your path of snow is distinctly muddy, there are still lenders who will consider you. It may cost more in the short term, but using a broker and talking to specialist lenders means that these days there’s a mortgage out there for almost everyone!
EXPERT COMMENT If you haven’t checked your score recently, don’t worry – you’re not alone. We found that 46% either hadn’t checked it in over a year or didn’t know when they last checked. Of course there are times when people are much more likely to look; typically when applying for a mortgage, loan, or credit card, but you should be treating it like you would your bank account and checking in regularly, ideally weekly or fortnightly. Our survey showed that 53% check their credit report when applying for a mortgage, but in reality, that might be too late! If there is anything on the report that might cause concern, you want to know about it before you apply. You can then either take action if you think there’s an error, or ensure that you’re applying for the products you’re most likely to be accepted for. Remember, this is your data so there’s no reason to be in the dark about it; take control and access it. Your credit report can help you monitor for ID fraud, as if someone tries to use your identity in a scam, this might be one of the first places you spot it. Kelli Fielding Managing Director, TransUnion credit reference agency
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MARKET
Can changes to planning permission rules help first time buyers? Changes to planning permission can seem irrelevant if you haven’t yet bought your dream home. But recent changes to the rules aren’t just good news for improvers, they could help those struggling to get on the property ladder too. Ginetta Vedrickas investigates CHANGING PLANNING PERMISSION RULES First time buyers struggling to find a suitable property know the challenges involved in being able to afford a home that suits their needs. Buying a wreck that you can slowly renovate has always been one route to getting your dream home and property experts believe that recent changes to planning permission rules should make this easier. Under the old rules, the General Permitted Development Order (GPO), householders were allowed to extend their homes to the rear, by up to eight metres long in the case of detached houses and up to six metres for other properties as long as they aren’t in a conservation or other designated area. When these rules first came into force, extensions had to be completed by 30th May 2019. But, earlier this year, the end date was lifted, making the changes to the rules permanent. Experts believe that the new rules give buyers more of a guarantee of what they could potentially do to properties if they bought them. The Homebuilding & Renovating Show’s property expert Jason Orme says that, from a first time buyer perspective, there’s another interesting element as the rules have now made permanent what proved to be a controversial idea, the idea that you can take on an old office building and turn it into a house without needing to apply for formal planning consent. He adds, “The changes give
first time buyers certainty over the ability to improve their home going forward. First time buyers can now afford to buy a smaller house safe in the knowledge that they will be able to extend it later. To an extent, it gives FTBs certainty over the ability to let their home grow with them as their families expand and change.”
RESEARCH INTO HOME IMPROVEMENTS Earlier this year, Barbour ABI, a provider of construction project data and market intelligence for the built environment, produced a report “Home Improvers of Great Britain 2019” looking into whether more households are moving or carrying
out improvements. The study looked at trends in planning activity for households across the country and found that home improvements are inevitably linked to the economy and, as the economy struggles, the rate of improvements typically falls. But the report contained interesting stats showing different spends across regions; for example in 2017 and 2018, London households spent on average around £2,100 per year altering and improving their homes, amounting to a £6.7 billion annual spend across the region.
SKIPS ARE GOOD NEWS Estate agents agree that streets where houses are undergoing major renovation is a good sign for house hunters. As well as improving the area’s overall housing stock, agents believe that this shows that local planners are amenable to giving planning permission consents, if work is too major to fall under the GPO rules. In these roads, getting planning permission is more likely, as you may be able to point to similar projects carried out nearby to show that a precedent has been set.
LOFT CONVERSIONS WITHIN GPO RULES Experts also agree that, often the best way of improving a property is to use the existing space. Jason Orme explains that converting your loft now falls under GPO rules and is also the most cost-effective way to add rooms and value. “A lot of people use loft conversions to add
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EXPERT COMMENT Do your research or speak to an expert and find out whether you will actually add value or just make your money back. If you’re improving rather than moving, this shouldn’t matter as you should take a long-term approach and enjoy the extra space you’ve created.
Paul Tait Estate agent, Portico
a master bedroom suite with a bathroom, as adding bedrooms increases its value. Loft conversions are exceptionally cheap compared to extensions because the roofs are already built and the floor structures are mostly already there,” says Orme, adding that typical costs for an urban loft conversion are around £30,000-£50,000. And, of special relevance to first time buyers, buying a top-storey flat and converting the loft could be a cheaper way of getting the space you need although buyers would need to check with the freehold owner. If you do decide to go ahead, Orme advises that, rather than using a loft conversion company, you could manage your own project and employ carpenters, electricians and plumbers which he estimates could save between 10-30% on the overall cost.
CUTTING THE COSTS OF AN EXTENSION Buying a smaller property and extending it could result in your dream home, although building costs have undoubtedly risen, mainly thanks to material costs. One way of cutting costs is to approach an extension in phases says Orme, “You could look to just get the space right and finish off the work later, when you have more money. This way you reduce the upfront costs.” Another way of reducing costs again is to manage the project – or part of it – yourself. You could employ a main contractor to build the extension’s shell, and then manage your own trades people and materials once the windows, doors and roof are complete, reducing the project’s management costs. Around 50% of the cost of an extension is for materials, so being wise about material choices contributes significantly towards savings. Taking control of big-ticket material purchases such as sliding doors, kitchen units, or flooring for example, means that
you may search harder for a deal than a contractor. “If you’re in charge of the budget, you’re absolutely motivated to spend time to identify the best possible price. Make sure you’re taking control of the major purchases as these might exceed the trade discounts that the builders could get on your behalf. Take control of the project to save money,” advises Orme.
EXPERT COMMENT A good way to improve a house without building is to take walls out and remodel the internal layout. Most people ignore this and go straight to the building needs. It’s surprisingly
KEEP IT SIMPLE
cheap to take out walls even if they’re
In design terms, the simpler the structure, the cheaper it will be to build, so keeping the design simple is an obvious decision. However, if you can afford to stretch yourself financially, consider extending to a twostorey extension rather than a single storey, meaning that the cost per square metre will be lower overall. You spend more but get more space.
beams. For much less of the cost of
structural and replace them with steel an equivalent extension you could find you have the space you want by creating a better layout. Jason Orme The Homebuilding & Renovating Show’s property expert
ADDING VALUE WITH SMALLER IMPROVEMENTS Making changes to your home can make all the difference between a cramped space and one that meets your needs, but it also adds value and improves saleability, allowing you to move up the property ladder. Carrying out major improvements such as a loft conversion or extension isn’t always necessary; smaller and cheaper improvements can also boost your home’s value says Christopher May, Co-Founder and Director of Residential People. “Figures show that a renovated kitchen is often one of the most tried and tested methods of adding value,” he says. “Even if you were to forgo a major overhaul, simply replacing damaged cupboards and installing new lighting can make a significant difference. Redesigning a bathroom also adds value but it need not be expensive. A simple re-grouting and new coat of paint can make a bathroom stand out.”
EXPERT COMMENT One preferred method to boost the value of your home is through creating space inside. A large percentage of young homebuyers prefer larger, open-plan spaces which are great for improving social interaction and work a treat when hosting friends. In addition to enhancing the social value of the property, an open-plan kitchen and sitting room can also allow for more natural light.
Christopher May Co-Founder of Residential People
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EXPERTS
Agony agent Readers put their property questions to our guest panel of experts: solicitors, mortgage advisers, property gurus and Help to Buy providers
THIS MONTH’S PA N E L O F E X P E R T S Samantha Grimwood Partner, Clarke Willmott LLP’s Private Property and Agriculture team
Simon Scott Assistant Director of Commercial and Property Marketing, Origin Housing
Jeremy Marcus Sales and Marketing Director, Higgins Homes
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
Where to start?
Q
I’m looking to buy my first property in London but don’t really know where to start my search. I need to live within easy reach of public transport that offers good connections, but I don’t want this to be at the expense of the lifestyle that I want. Is it possible to feel like I’m living close to all the excitement that the capital has to offer on a first time buyer’s budget? Lauren Jessop, Luton
A
London’s East End has many of the things that are important to first time buyers but with the crucial factor that it is still affordable. With its vibrant creative scene, east London has a reputation for being the most fashionable side of the capital. With an excellent network of tube lines, there’s no problem commuting into central London either. Whitechapel has lots to offer and is on the cusp of a new regeneration plan thanks to The Whitechapel Vision, which aims to bring new jobs and prosperity to the area. The arrival of the Elizabeth Line (Crossrail) will transform Whitechapel station into a transport hub with a service offering journey times of just two minutes to Liverpool Street, 16 minutes to King’s Cross and three minutes to Canary Wharf. Designed to meet the needs of the modern buyer, White + Green, the Higgins Homes development of 144 one, two and three bedroom apartments as well as a range of citipads (studio apartments), is
situated between Whitechapel and Bethnal Green underground stations. Chic design creates a hotel-style feel to the apartments and proves that first time buyers don’t have to compromise on luxury. Higgins Homes has applied its high standards of design and specification throughout, with the inclusion of respected brand names such as Smeg, Commodore and Hansgrohe. The legacy of the 2012 Olympics has made Stratford into one of the most vibrant places to live in London. Offering a good balance of city life with a more relaxed atmosphere, New Stratford Works by Higgins Homes is just moments from Stratford International Station and the buzz of Westfield Stratford City and the Queen Elizabeth Park. The development features a collection of 154 homes including one, two and three bedroom apartments and three bedroom Garden Villas. The homes have all been designed to maximise space, with openplan layouts, large windows and outside space in the form of terraces and balconies. Furthermore, Higgins Homes has created an urban sanctuary including the Linear Park, which allows all residents to have open space on their doorstep. White + Green: Prices start from £399,500 and Help to Buy is available. Call 020 8023 9883, or visit higginshomes.co.uk/ developments/white-plus-green New Stratford Works: Prices start at £425,000. Call 020 8023 5823, or visit higginshomes.co.uk/developments/newstratford-works Jeremy Marcus
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EXPERTS
Is shared ownership the way to go?
Q
I am a single young professional and I have been renting in flat shares in London for over 10 years. I currently live in north London, and am keen to stay in the area – but am desperate to get on to the housing ladder. However, I am really struggling to save up the deposit needed on the open market. I’ve heard about shared ownership, but I assume if I am buying an affordable home, I will have to sacrifice quality and location? What’s the catch? Phoebe Smith, Harrow
A
Shared ownership is designed to help people like you on to the housing ladder. How it works is that you as the buyer purchase a share in the property, of at least 25% renting the share that you do not own at a subsidised amount. Buying through shared ownership often allows first time buyers to get on to the ladder with a smaller deposit than would be required if they were buying on the open market – from as little as 5% of the share being purchased. Minimum deposits for our development Echo One in Harrow, for example, start from £4,188 for a 25% share of a one bedroom apartment, with a minimum household income of £42,200. There is no need to sacrifice on quality or location – most shared ownership homes are in brand new developments, offering a similar specification to properties built by private developers. In terms of location, there are plenty of developments across London and beyond. In north London, Origin’s schemes include Northern Heights which is just a three-minute walk from Finchley Central. Another positive aspect of shared ownership is the flexibility it offers. As your personal circumstances change you can buy more shares in the home, and ultimately own the property outright, through a process called staircasing. As you buy more of your shares, the amount of rent you pay will go down, and the amount you pay in mortgage will increase, until eventually you own the home outright, and will just pay your mortgage. The staircasing process is pretty straightforward, and hundreds of people do it every year. At Origin, over 60% of our shared ownership homeowners have staircased to own more of their property. For further information, visit originsales.co.uk Simon Scott
Spending our savings
Q
My partner and I are desperate to buy our first home as we have been living with my parents since we got married last year. We’ve found a house we like but it will mean emptying our savings and my husband feels uncomfortable about doing that. We’re not sure what to do. Can you help? Aimee Bond, Leicester
A
Your husband is right to be concerned, however, now could be a good time to buy – with lending interest rates currently low, if you delay buying a property the rates available may be higher. Also, interest accrued on savings could be less than the increase in the value of a property. So, speak to your financial adviser for their opinion. You could also consider borrowing more to leave some money in your savings
for a rainy day: the interest payable on a mortgage could be less than what you could accrue by investing your savings wisely. Alternatively, your parents may consider gifting some money to you as part of tax planning measures. Choose your property wisely. Is this a stepping stone, or a home for life? Remember, once you have purchased a property, you
will not benefit from first time relief for Stamp Duty Land Tax. Are you willing to refurbish or do you just want to move in straight away? Maybe consider new builds, as many developers will give a variety of incentives. Leasehold properties tend to be cheaper to buy, but you have to be able to pay the yearly ground rent and service charge. Make the most of the Help to Buy: ISA and Lifetime ISA schemes. These pay bonuses which can be used towards the purchase of a property. If you do decide to take the plunge, calculate your budget taking into account all associated costs of conveyancing – legal, Land Registry and mortgage administration fees, survey and valuation, searches, and moving expenses. Ensure any quote you get from a solicitor includes all the possible costs. If you can afford the worst-case scenario, you will be fine. However, whatever decision you reach, it will have to be a joint decision – and remember properties can go up in value but also down. Samantha Grimwood
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Buyers’ guide FTB EXPLAINS ALL THE OPTIONS TO HELP FIRST TIME BUYERS
Your options What are your funding options if you want to get on the housing ladder?
FIRST STEPS
ARE YOU ELIGIBLE FOR A GOVERNMENTBACKED SCHEME? The government runs several Help to Buy schemes to help people get on to the property ladder. To be eligible for Help to Buy your household income needs to be less than £60,000 a year. For more details, contact a Help to Buy Agent. Help to Buy Agents are housing associations that handle the application process for Help to Buy products. Details of Help to Buy Agents start on page 106.
BUYING ON THE OPEN MARKET
FUNDING OPTIONS
JARGON EXPLAINED
G O V E R N M E N TBACKED SCHEMES
EQUITY LOAN
HELP TO BUY The government will provide you with a 20% equity loan that is interest free for the first five years with interest charged at 1.75% in the sixth year and at annual RPI (retail price index) inflation plus 1% after that. The loan must be repaid when the property is sold or within 25 years. Buyers need to raise a deposit of 5% and a 75% loanto-value (LTV) mortgage. Only new build homes valued up to £600,000 can be bought. The scheme is available for ftbs and movers.
This is a loan for a certain percentage of a property’s value. If you remain in the property, you repay the equity loan within 25 years. If you sell the property, you repay the percentage of the property price the loan was for. For example, if the equity loan was originally £30,000 on a £100,000 property (30%) and you sell the property for £200,000, you’ll have to repay £60,000 (30% of £200,000).
HOMES ENGLAND
STARTER HOMES Starter Homes is a government initiative that aims to provide up to 200,000 affordable new build homes to first time buyers in England by 2020. The properties will be built on brownfield land and sold at a 20% discount compared to the market price in the area. You must be between 23 and 40 years old and never have owned a home before. The price of the new properties will be capped to £450,000 in London, and £250,000 outside the capital.
NEW BUILD HOMEBUY, ALSO KNOWN AS SHARED OWNERSHIP OR PARTBUY, PART-RENT
Most people buy property on the open market. Homes are either offered for sale by estate agents or sold privately. These include flats, houses and former local authority properties.
This scheme gives buyers the chance to purchase as little as a 25% share in a property and pay the rest in the form of subsidised rent. In the majority of cases, there is the opportunity to own the rest of the property outright by a method known as ‘staircasing’.
PRIVATE INITIATIVES
RENT TO HOMEBUY
Some house builders offer first time buyer incentives on new build homes. These include cash back, a loan to help you with costs or paying your mortgage for a set period of time. To find out more, contact developers directly.
With this scheme you rent a newly built property for up to five years and pay a reduced rent. This gives you the chance to save for a cash deposit so you can apply to buy a share of the home later.
This is a government organisation that funds affordable homes including those under Help to Buy.
STAIRCASING This applies to New Build HomeBuy schemes and occurs when the resident tops up the number of shares they own in their part-owned, part-rented home until they own the maximum share or own the property outright. The shares can be bought in 10% increments.
FUNDING OPTIONS BUYING ON THE OPEN MARKET & P R I VA T E I N I T I A T I V E S
To buy on the open market or from a house builder you’ll need to get a mortgage from a bank or other mortgage lender. To do so you’ll need to save a deposit and meet the lender’s lending criteria.
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BUYERS’ GUIDE
The ftb process
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
TIPS
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 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
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.
SET A BUDGET
FINANCE
Work out how much money you have for fees, deposit and the monthly mortgage you can afford.
CREDIT SCORE
Make sure your credit rating is sound, and pay off any debts you can.
moneysupermarket.com or moneynet.co.uk, then apply directly to your chosen lender.
FIXED-RATES Some mortgages are fixed-rates. This means you’ll pay the same rate of interest for a certain period of time, and your repayments won’t change. If interest rates go up, you’ll be protected from the increase, but you won’t benefit from any fall in interest rates. Normally at the end of the fixed period your mortgage rate will revert to the lender’s standard variable rate (SVR) for the rest of the term. You can either pay this rate or remortgage to another lender. Remortgaging to another lender will usually mean you have to pay a fee or early redemption charge (ERC).
VARIABLE-RATE MORTGAGES Variable-rate mortgages are either linked to the lender’s SVR or the Bank of England base rate, and the rate you pay can change. Lenders can change their SVR whenever they want, but they normally only change it when the Bank of England base rate changes. ‘Tracker’ mortgages have repayment rates directly linked to the base rate and are liable to fluctuate, so you need to be sure you could afford higher repayments if rates rise.
REPAYMENT OR INTEREST-ONLY You can either pay your mortgage on a repayment or interest-only basis. If you choose a repayment mortgage, your monthly payments will pay off some interest and some capital. At the end of the term, you’ll own your home outright. With an interest-only mortgage you’ll have smaller monthly payments, but these only pay the interest on the loan. At the end of the term you’ll still owe the original mortgage sum. If you take out an interestonly mortgage, you’ll need to have a plan in place (such as an investment) as to how you’ll pay off the capital.
SHOP AROUND
Speak to a mortgage broker, but also look at lenders’ direct products and search the internet for the best deal.
RESEARCH
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BUYERS’ GUIDE
TIPS
RESEARCH AN AREA
T
a floor plan. Sign up with as many estate agents as you can (and your local HomeBuy Agent housing associations if you’re looking at shared ownership properties). They should send you new properties that match your description, but it’s worth phoning agents regularly.
Buying a home is a big investment. You need to buy a home you can afford and one
horough research
you’ll be happy living in.
LOCATION IS KEY The first step is to shortlist the locations you feel you’d like to live in, then check if you can afford the house prices in those areas. It’s also worthwhile visiting places you like: it may be that there’s an up-and-coming hot spot just down the road you didn’t know about that’s much more affordable. Ideally, you will have rented in the area before buying, but if this isn’t the case, at least spend some time there, check out the commuting time to work, and visit local pubs, shops and leisure facilities. Visit the area at night, too.
PROPERTY SEARCH Once you have found the right location, go online and check out what’s on offer. Most properties are listed on property portals such as findaproperty.com or propertyfinder.com or estate agents’ own websites. Most of the properties featured have pictures and descriptions and some have DECIDE ON A LOCATION
Be practical. Think about the commuting time and if you can afford to buy in the area.
RESEARCH THE AREA
Check out crime rates, future regeneration or new transport links.
Check online for prices of sold properties in the area, and make sure properties you like fit your budget. You can search for recent sold prices of property in any area at nethouseprices.com, although be aware that prices have dropped significantly in the past year. If you like a property, aerial shots of the area can be viewed at earth.google.com
VIEWING Once you see a property you like, arrange a viewing. Most people see at least 10 properties before putting in an offer. It’s worth bringing a friend or relative and also arranging a second viewing to check out any bits you may have missed. Don’t get taken in by the furnishings and décor too much. Remember that a property that is slightly run down can still be a great investment and may only need a touch of paint and a change of furniture.
Before you put in an offer, visit the street at different times to make sure it’s safe. Ask neighbours and local shop owners about the area.
BEFORE YOU BUY When looking at buying apartments, check exactly what is included in the service charge and how much it is. Also, ask about the terms of the lease and its length. If the lease has less than 80 years left, use this as a negotiating tool and make an offer below the asking price.
ESTATE AGENTS It’s a buyers’ market, so make use of agents’ legwork in finding properties that fit your requirements. Be aware that estate agents are paid commission by the seller on the sale, so try to inspect the property yourself rather than just the parts the agent shows you. Don’t get sucked in by the hard sell. SEARCH
Register with local estate agents, and use the internet to search for properties.
VIEWINGS
Look at several properties, and visit ones you like more than once and with someone else.
OFFER
When making an offer, don’t be afraid to ask for less than the asking price. If the property needs work done on it, use this as a negotiating tool.
SURVEY
BUYING
Make sure you get a survey done – it could save you money in the long run.
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BUYERS’ GUIDE
B
uying process
BUYERS’ COSTS SURVEYS AND VALUATIONS
Once your offer is accepted, tell your mortgage lender. They will do a valuation to ensure the property is worth the money being advanced. At the same time, instruct a surveyor to carry out a survey. If this shows problems, find out how much they would cost to rectify and use this information to renegotiate the sale price. Or, tell the seller certain repairs need to be carried out before contracts are exchanged.
SOLICITOR’S/CONVEYANCINGCOSTS £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.
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.
SERVICECHARGESANDGROUNDRENT ON LEASEHOLD FLATS £100-£4,000
COMPLETION
Your solicitor or estate agent will call you to tell you the property is yours. The solicitor will have some final paperwork to do, and you will then have to pay the solicitor’s bill and your stamp duty payment (if applicable).
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Home buying glossary Confused by financial acronyms and industry terminology? Buying your first house is daunting enough without having to decode property lingo. FTB’s home buying glossary is here to make the process a whole lot easier to understand AGREEMENT IN PRINCIPLE
DISBURSEMENTS
The initial document your lender will give you outlining the amount you are likely to be lent. An agreement in principle is not a guarantee of getting a mortgage.
These are additional charges incurred during the home buying process such as stamp duty and Land Registry charges. You must give the money to your conveyancer or solicitor who will then pay the charges on your behalf.
APR APR stands for annual percentage rate. It is the interest rate you’d pay over a year. It takes into account not just the interest on your loan but also any other additional charges.
EARLY REPAYMENT CHARGE
ARREARS
EQUITY
This is a term used to describe payments that haven’t been made on time.
The difference between the value of the property and the value of the mortgage you have secured.
BASE RATE The interest rate set by the Bank of England. Lenders use the Bank of England base rate to set their own charges.
BROKER
This is an amount of money you have to pay a lender if you decide to move mortgage providers or if you pay off your mortgage quicker than expected.
EXCHANGE OF CONTRACTS This is when you exchange contracts with the seller. When this has happened, both sides are legally bound to complete the transaction.
A broker is someone who gives you advice on your mortgage. Some are independent, while others work for lenders.
FREEHOLD
BUILDING SURVEY
When a seller accepts an offer and then later on rejects it in favour of a higher offer from another bidder.
A survey carried out by a qualified surveyor to spot any structural problems or faults in the home you are buying.
COLLATERAL Something of value that is offered as a guarantee against a loan. With mortgages, your home is collateral.
COMPLETION The finalisation of the sale. Completion day is when all money is transferred and you become the legal owner of your new home.
CONVEYANCING The legal process of transferring ownership of a property.
A freehold is when you fully own a property and the land it stands on.
GAZUMPING
GUARANTOR A person, usually a parent, who guarantees that you can pay your mortgage repayments. You often need a guarantor if you are struggling to get a mortgage based on your own income. If for some reason you cannot pay your mortgage, your guarantor has to pay it for you.
HIGHER LENDING CHARGE If you take out a large mortgage on a property, some lenders charge you an extra fee. This is because the more money you borrow the more of a risk the lender is taking.
LAND REGISTRY FEES This is a fee you have to pay in order to register your ownership of the property with the Land Registry.
LEASE A type of contract where you buy the right to occupy the property for a fixed period of time. You usually have to pay annual ground rent each year.
LTV This stands for loan to value – the ratio between the amount of money you have taken out as a loan and the valuation price of the property.
LUMP-SUM REDUCTION In order to reduce your mortgage, you can make a lump-sum reduction. This is where you pay more than you owe each month in mortgage repayments.
REDEMPTION Paying off your mortgage in full is known as redemption.
REPAYMENTS The amount you have to pay back each month to your mortgage provider
STAMP DUTY Stamp duty is a shortened name for stamp duty land tax. This is an amount of money that the government tax you when you purchase a new property. Your solicitor or conveyancer will organise the payment for you.
TITLE DEEDS The legal documents that outline your rights and liabilities in relation to your new property. The title deeds also act as proof of ownership.
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LEGAL
Stamp Duty on shared ownership property explained Unfortunately, SDLT is horribly over complicated for shared ownership properties. In this article Adam Crawford, Partner at Prince Evans Solicitors LLP, attempts to explain and clarify the current rules and what this means to a first time buyer when they purchase a shared ownership new build property or a shared ownership re-sale property. The SDLT requirements which apply when you subsequently sell the property or buy additional shares (known as staircasing) are also explained SDLT OVERVIEW: Stamp Duty Land Tax (SDLT) is a tax paid to HM Revenue and Customs when you purchase a property. Current SDLT rates as at August 2019 are as follows: If you are a first time buyer (ie none of the buyers has ever owned a property anywhere in the world) and the full market value (FMV) of the property is £500,000 or less then you should be able to claim first time buyers’ relief on the following basis: 0% on the first £300,000 5% on the remainder up to £500,000 This is compared to current SDLT rates as follows (ie without any first time buyers’ relief): PROPERTY OR LEASE PREMIUM OR TRANSFER VALUE
SDLT RATE
Up to £125,000
Zero
The next £125,000 (the portion from £125,001 to £250,000)
2%
The next £675,000 (the portion from £250,001 to £925,000)
5%
The next £575,000 (the portion from £925,001 to £1.5 million)
10%
The remaining amount (the portion above £1.5 million)
12%
SDLT FOR A SHARED OWNERSHIP NEW BUILD PROPERTY When you purchase a new build shared ownership property you are presented with two options for paying SDLT. You can either pay on the price you are paying for your share and the rent or pay on the FMV. You may also be able to benefit from First Time Buyer’s Relief provided you are a first
time buyer and the FMV of the property is £500,000 or less.
conveyancers from requiring a tax degree in addition to our legal qualifications!).
Paying on the share and the rent (also known as paying in stages): If you opt to pay on the share and the rent you will pay SDLT on the actual price you are paying to purchase your share in the property and may well have to pay SDLT on the Specified Rent ie the rent you are paying to the landlord for the part of the property you do not own (particularly for a shared ownership property in London with a high value and low share purchase). The payment on the rent is calculated based on the Net Present Value (NPV) of the lease; the simple explanation of NPV is the value of the rent over the life of the lease but it is more complicated than this (and too complex to explain in this article). HMRC does provide a calculator to enable this figure to be calculated (and to save us
If the FMV is £500,000 or less and you are a first time buyer you will be able to claim first time buyers’ relief. This means that if the share you are buying is less than £300,000 then you will not have to pay any SDLT whatsoever for your purchase. If it is between £300,000 - £500,000 you will have to pay SDLT either on the FMV or on the share and rent dependent on your circumstances. If the FMV is more than £500,000, which is often the case in London particularly, then you cannot claim first time buyers’ relief even where the share you are buying is less than £500,000. The downside to paying SDLT on the price and the rent is that you will be liable for
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LEGAL
further SDLT payments if and when you staircase above 80% ownership (which is explained in further detail later).
PAYING ON THE FULL MARKET VALUE (ALSO KNOWN AS A MARKET VALUE ELECTION) If you pay on the FMV of the property then you are making a market value election. This means that you will pay SDLT on the rates shown in the table above on the full value of the property; eg if you are buying a 25% share for £87,500 in a property valued at £350,000 then by making a market value election you will pay SDLT on the FMV of £350,000 (which would be £2,500 as a first time buyer or £7,500 if you are not a first time buyer).
SDLT FOR A SHARED OWNERSHIP RESALE PROPERTY When you purchase a shared ownership resale property ie an existing non-new build) SDLT is simply paid on the usual rates as shown in the table above for the price you are paying for the property. The rent payable for the property is not relevant for SDLT purposes and neither is the FMV. The only other consideration is to establish whether the first buyer of the property paid on the share and the rent or made a full market value election as with the former this means you will still have to pay SDLT once you staircase over 80% ownership whereas with the latter you will not have to pay any SDLT for any subsequent staircasing transaction.
When you make a market value election the positive outcome is that you will pay no further SDLT when you buy additional shares in the property.
SDLT WHEN YOU SELL YOUR SHARED OWNERSHIP PROPERTY
So how do you decide what option to take? Well this depends on your own circumstances of course and you should ensure you speak to your specialist shared ownership conveyancer for advice on the different options – although they cannot make the decision for you, they can inform you what the different options mean to you both now and in the future. For example all first time buyers who are purchasing a property with a FMV of less than £300,000 would be advised to claim the first time buyers’ relief as this means no Stamp Duty Land Tax is payable now or when you staircase in the future.
When you sell your property you may be selling on the open market to someone who is buying your share in the property and staircasing to 100% ownership simultaneously. Often the landlord or the lease will require that you as the seller simultaneously staircase to 100% at the same time you sell your share. The author of this article has heard of many horror stories of sellers having to pay thousands of pounds in SDLT essentially to sell their property. However, if you are staircasing to 100% and simultaneously selling your property you should not have to pay SDLT as you can claim SDLT sub-sale relief. An SDLT return will still need to be filed with HMRC but no SDLT is payable.
When you consider your options you need to think about what may happen in the future. For example, if you have purchased a 25% share, are you likely to staircase to 100% ownership or are you likely to re-sell before you are in a position to do this? If the latter, then you may be better off paying a lower SDLT payment now on the share and the rent as you will not have any benefit from paying on the FMV.
SDLT WHEN YOU BUY ADDITIONAL SHARES (STAIRCASING) Staircasing is where a shared ownership leaseholder purchases additional shares in the property. SDLT is not payable for any staircasing
Prince Evans specialise in all aspects of conveyancing. Please contact Prince Evans for all your conveyancing needs and for a friendly no obligation quote on 020 8567 3477 or nbh@prince-evans.co.uk
transaction up to 80% ownership and SDLT is also not payable where a market value election was made at the time of the original purchase. If no market value election was made by the original buyer who paid on the share and the rent then SDLT is payable once staircasing takes the leaseholder’s ownership over 80% and this is where it gets horribly complicated, but is briefly explained in the bullet points below: 99 SDLT is payable only when the staircasing exceeds an 80% share 99 The amount of SDLT payable is based at the current SDLT rates (possibly with the exception of any payment due for the first grant of the lease – see below) 99 SDLT is payable for any previous staircasing transactions (possibly including the first grant of the lease – see below) 99 If SDLT was paid on previous transactions (for example if staircasing to 85% occurred) then additional SDLT could now be payable based on the current value – this is because all previous transactions are counted as linked transactions 99 SDLT is payable based on the totals paid, but apportioned based on the premium for each share/total premium paid 99 SDLT (or additional SDLT) is payable for the initial grant of the lease on staircasing over 80% ownership only when the initial lease was granted before 12 March 2008. If it was granted after this date then it is not considered a linked transaction 99 If SDLT is payable on the initial grant of the lease then this is paid on the SDLT rate at the time of the grant of the initial lease 99 Once staircasing to 100% is achieved, then all Stamp Duty Land Tax shared ownership complications cease to exist for future transactions.
SUMMARY Unfortunately, there are not enough column inches to fully explain SDLT on shared ownership (which could be a text book in its own right!) or to provide worked examples. Hopefully the above provides a brief explanation of the complications of SDLT in relation to shared ownership property and highlights the importance of ensuring you use a conveyancer with plenty of experience and expertise in this area (such as Prince Evans Solicitors LLP).
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Directory
ZONES, HELP TO BUY AGENTS, HELP TO BUY PROVIDERS AND MORE... HELP TO BUY NORTH EAST, YORKSHIRE & THE HUMBER Tel: 0113 825 243 6888 6893 helptobuyneyh.co.uk
HELP TO BUY NORTH WEST Tel: 0300 790 0570 helptobuynw.org.uk 1) 2) 3) 4) 5)
Cumbria Lancashire Merseyside Greater Manchester Cheshire
1) 2) 3) 4) 5) 6) 7)
1 2
Northumberland Tyne & Wear Durham North Yorkshire West Yorkshire South Yorkshire East Riding of Yorkshire
3
1
HELP TO BUY EAST AND SOUTH EAST
HELP TO BUY MIDLANDS Tel: 0345 850 2050 helptobuymidlands.co.uk
Tel: 03333 214044 helptobuyese.org.uk
4
1) Shropshire 2) Staffordshire 3) Derbyshire 4) Nottinghamshire 5) Lincolnshire 6) Herefordshire 7) Worcestershire 8) West Midlands 9) Warwickshire 10) Leicestershire 11) Rutland 12) Northamptonshire
1) Norfolk 2) Cambridgeshire 3) Suffolk 4) Bedfordshire 5) Buckinghamshire 6) Hertfordshire 7) Essex 8) Surrey 9) Kent 10) West Sussex 11) East Sussex
7
2
5 4
3
6
5
3
5
4
2 HELP TO BUY SOUTH
8
Tel: 0800 456 1188 helptobuysouth.co.uk 1) 2) 3) 4)
Gloucestershire Oxfordshire Bristol Bath & NE Somerset, Mendip and North Somerset 5) Wiltshire 6) Berkshire 7) Hampshire 8) Isle of Wight
7
6
1
5
5 7
8 1 HELP TO BUY SOUTH WEST Tel: 0300 100 0021 helptobuysw.org.uk Cornwall Devon South Somerset Dorset
7
1 9
8
4
1) 2) 3) 4)
6
6 4
3
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
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USEFUL CONTACTS
ZONES, HELP TO BUY AGENTS & HELP TO BUY PROVIDERS – RECEIVE ADVICE ON PROPERTY FUNDING OPTIONS
LONDON
SOUTH
Help to Buy London
Tel: 0800 456 1188
0300 500 0996
helptobuysouth.co.uk
helptobuylondon.co.uk Gloucestershire Share to Buy
Oxfordshire
sharetobuy.com/firststeps
Bristol Bath & NE Somerset,
Please note:
Mendip
Help to Buy agents
and North Somerset
administer the Help to
Wiltshire
Buy: equity loan scheme
Berkshire
but not the mortgage
Hampshire
guarantee scheme. They
Isle of Wight
have the authority to give the go-ahead for you to
MIDLANDS
purchase a home with help from the equity loan
Tel: 0345 850 2050
scheme. The agents make
helptobuymidlands.co.uk
other key decisions during the purchase process. For
Shropshire
the Help to Buy: mortgage
Staffordshire
guarantee, please contact
Derbyshire
the participating lenders
Nottinghamshire
directly.
Lincolnshire Herefordshire
EAST & SOUTH EAST
Worcestershire West Midlands Warwickshire
Tel: 03333 214 044
Leicestershire
helptobuyese.org.uk
Rutland Northamptonshire
Norfolk Cambridgeshire
NORTH WEST
Suffolk Bedfordshire
Tel: 0300 790 0570
Buckinghamshire
helptobuynw.org.uk
Hertfordshire Essex
Cumbria
Surrey
Lancashire
Kent
Merseyside
West Sussex
Greater Manchester
East Sussex
Cheshire
SOUTH WEST Tel: 0300 100 0021
NORTH EAST, YORKSHIRE & THE HUMBER
helptobuysw.org.uk Tel: 0113 825 6888 Cornwall
helptobuyneyh.co.uk
Devon South Somerset
Northumberland
Dorset
Tyne & Wear Durham North Yorkshire West Yorkshire South Yorkshire
ADVERTISE HERE Speak to our advertising team to find out the best ways to give your organisation maximum exposure.
East Riding of Yorkshire Call 020 7258 0036 or email lynda@firsttimebuyermag.co.uk
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USEFUL CONTACTS HELP TO BUY PROVIDERS – OFFERING NEW BUILD SCHEMES, INCLUDING HELP TO BUY (SHARED OWNERSHIP) AND RENT TO BUY PROPERTIES
LONDON Catalyst Housing
Octavia Housing
BMA Property Group
Hastoe Housing
Optivo
Soha Housing
octaviahousing.org.uk
bmapg.com
Association
optivo.org.uk
Soha.co.uk
020 8354 5500
020 8942 4062
hastoe.com
0800 012 1442
01235 515 900
homesbycatalyst.co.uk 0300 456 2099 Clarion Housing
0300 123 2250 Optivo
Chelmer Housing Partnership
Origin Housing
Southern Home Ownership
optivo.org.uk
chp.org.uk
Home Group
originhousing.org.uk
shosales.co.uk
0800 012 1442
0300 555 0500
homegroup.org.uk
0300 323 0325
0300 555 2171
myclarionhousing.com/
0345 141 4663
sharedownership
Origin Housing
CHS Group
Orwell Housing
Sovereign Housing
020 7378 5638
originhousing.org.uk
chsgroup.org.uk
Housing Solutions Group
Association
sovereignliving.org.uk
0300 323 0325
0300 111 3555
housingsolutions.co.uk
orwell-housing.co.uk
0300 500 0926
0800 876 6060
0345 601 0030
Estuary Housing Association estuary.co.uk
Paradigm Housing
Clarion Housing
0300 304 5000
paradigmhousing.co.uk
myclarionhousing.com/
Hyde New Homes
PA Housing
stonewater.org
0845 337 4877
sharedownership
hydenewhomes.co.uk
pahousing.co.uk
01202 319 119
Fabrica
Peabody
020 7378 5638
0345 606 1221
0300 123 2221
fabrica.co.uk
peabodysales.co.uk
0800 783 2159
020 7021 4842
Crown Simmons
L&Q
Paradigm Housing
swan.org.uk
crownsimmons.org.uk
lqgroup.org.uk
paradigmhousing.co.uk
0300 303 2500
01372 461 440
0300 456 9998
0300 303 1010
Estuary Housing
Metropolitan
Peabody
Association
Association
metropolitansales.org.uk
peabodysales.co.uk
tvha.co.uk
Sanctuary London
estuary.co.uk
020 3535 2555
020 7021 4842
020 8607 0550
Guinness Partnership
sanctuary-homes.co.uk
0300 304 5000
guinnesspartnership.com
0800 916 1444
Gateway Housing
Places for People
Association
placesforpeople.co.uk
gatewayhousing.org.uk
01772 667 049
020 8709 4300
Stonewater
Swan Housing Association
Thames Valley Housing
Moat
Places for People
Town and Country Housing
Fabrica
moat.co.uk
placesforpeople.co.uk
tchg.org.uk
Site Sales
fabrica.co.uk
0300 323 0011
01772 667 049
01892 501 480
Hexagon
site-sales.co.uk
0800 783 2159
hexagon.org.uk
020 8502 5758
0303 123 1890
Notting Hill Genesis
Rosebery Housing
Worthing Homes
Flagship Homes
nhgsales.com
Association
worthing-homes.org.uk
Shepherd’s Bush Housing
flagship-homes.co.uk
0333 000 4000
rosebery.org.uk
01903 703 108
Home Group
sbhg.co.uk
0808 168 4555
homegroup.org.uk
020 8996 4200
020 8778 6699
0345 141 4663
01372 814 000
SOUTH WEST
Nu Living Guinness Partnership
nuliving.co.uk
Sanctuary South East
0800 819 9390
sanctuary-housing.co.uk
Aster Group
0800 131 3348
buyanasterhome.co.uk
Southern Home
(South)
Hyde New Homes
Ownership
guinnesspartnership.com
hydenewhomes.co.uk
shosales.co.uk
0303 123 1890
0345 606 1221
0300 555 2171
Islington and Shoreditch
Swan Housing Association
Housing Association
swan.org.uk
isha.co.uk
0300 303 2500
One Housing Group
01380 735 480
onehousing.co.uk 0300 123 9966
0300 131 7300 Thames Valley Housing L&Q
Association
lqgroup.org.uk
tvha.co.uk
0300 456 9998
020 8607 0550
Metropolitan
Wandle Housing
metropolitansales.org.uk
Association
020 3535 2555
wandle.com 0300 200 0120
Newlon Living newlonliving.co.uk
SOUTH EAST
0800 058 2544 Accent Group Notting Hill Genesis
accentgroup.org
nhgsales.com
0345 678 0555
0333 000 4000 Aster Group Nu Living
buyanasterhome.co.uk
nuliving.co.uk
01380 735 480
0800 819 9390
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USEFUL CONTACTS HELP TO BUY PROVIDERS Cornerstone Housing
Places for People
cornerstonehousing.net
placesforpeople.co.uk
01392 273 462
01772 667 049
CURO
Rooftop Housing Group
curo-group.co.uk
rooftopgroup.org
01225 366 000
0800 042 1800
Elim Housing
Sanctuary Southwest
elimhousing.co.uk
sanctuary-housing.co.uk
01454 411 172
0800 131 3348
Green Square
Severn Vale Housing
greensquaregroup.com
svhs.org.uk
01249 465 465
01684 272 727
Guinness Partnership
Sovereign Housing
(Hermitage)
sovereign.org.uk
guinnesspartnership.com
0300 500 0926
MIDLANDS
01332 346 477
0345 602 0540
0800 042 1800
Accent Group
East Midlands Housing
Muir Group
Sanctuary Midlands
accentgroup.org
Association
muir.org.uk
sanctuary-housing.co.uk
0345 678 0555
emhhomes.org.uk
0300 123 1222
0800 131 3348
0300 123 6000 Nottingham Community
South Staffordshire
accordgroup.org.uk
Friendship Care & Housing
Housing Association
Housing Association
0300 111 7000
fch.org.uk
ncha.org.uk
ssha.co.uk
0300 123 1745
0800 013 8555
01785 312 000
acisgroup.co.uk
Home Group
Orbit
Waterloo Housing
0800 027 2057
homegroup.org.uk
orbit.org.uk
Association
0345 141 4663
0800 678 1221
waterloo.org.uk
bromford.co.uk
Guinness Partnership
PA Housing
0330 123 4034
(Northern Counties)
pahousing.org.uk
WM Housing Group
guinnesspartnership.com
0116 257 6716
wmhousing.co.uk
Accord
Acis Group
0800 435 016
Bromford Group
Caldmore Accord caldmoreaccord.org.uk
0303 123 1890 Stonewater Hastoe Housing
stonewater.org
Association
01202 319 119
0300 111 7000 Clarion Housing
Places for People L & H Homes
placesforpeople.co.uk
landh.org.uk
01772 667 002 Riverside Housing
accentgroup.org 0345 678 0555
0300 123 2250
Westward Housing
sharedownership
Metropolitan
Association
Liverty
westwardhousing.org.uk
020 7378 5638
metropolitansales.org.uk
riverside.org.uk
dchliverty.com
0300 100 1010
020 3535 2555
0345 155 9029
Association
Midland Heart
Rooftop Group
derwentliving.com
midlandheart.org.uk
rooftopgroup.org
0300 123 8080
NORTH WEST Accent Group
0345 309 0700
myclarionhousing.com/
hastoe.com
0300 790 6531
0303 123 1890
Adactus Housing Group adactushousing.co.uk
Derwent Living Housing
0300 111 1133
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USEFUL CONTACTS HELP TO BUY PROVIDERS Arcon Housing
Knowsley Housing Trust
Association
k-h-t.org
arcon.org.uk
0151 290 7000
0161 214 4120
YORKS/ HUMBER
L&H Homes
0845 618 5008
0345 309 0700
Sanctuary North sanctuary-housing.co.uk
landh.org.uk
NORTH EAST
0800 131 3348
Accent Group Liverpool Housing Trust
accentgroup.org
Manningham Housing
Accent Group
Thirteen
CDS Co-operatives
lht.co.uk
0345 678 0555
Association
accentgroup.org
thirteengroup.co.uk
cds.coop
0117 407 2415
manninghamhousing.co.uk
0345 678 0555
0300 111 1000
0333 321 3030
Acis Group Muir Group
acisgroup.co.uk
Eden Housing Association
muir.org.uk
0800 027 2057
edenha.org.uk
0300 123 1222
01768 861 400
Broadacres Places for People
broadacres.org.uk
Equity Housing
placesforpeople.co.uk
01609 767 900
equityhousing.co.uk
01772 667 002
0300 123 4460
Crucible Homes Progress Housing Group
cruciblesalesandlettings.co.uk
Guinness Partnership
progressgroup.org.uk
0114 241 3430
(Northern Counties)
0333 320 4555
guinnesspartnership.com 0303 123 1890 Home Group
Equity Housing Regenda Homes
equityhousing.co.uk
regenda.org.uk
0300 123 4460
0344 736 0066
homegroup.org.uk 0345 141 4663
Guinness Partnership Riverside Housing
(Northern Counties)
01274 771 144 Bernicia Muir Group
bernicia.com
muir.org.uk
0344 800 3800
0300 123 1222 Castles and Coasts Places for People
castlesandcoasts.co.uk
placesforpeople.co.uk
0800 085 1171
01772 667 002 Erimus Housing Ltd Together Housing
erimushousing.co.uk
togetherhousing.co.uk
0300 111 1000
0845 077 0027 Guinness Partnership Sanctuary North
(Northern Counties)
sanctuary-housing.co.uk
guinnesspartnership.com
0800 131 3348
0303 123 1890
Association
guinnesspartnership.com
Stonewater
Home Group
Impact Housing
riverside.org.uk
0303 123 1890
stonewater.org
homegroup.org.uk
impacthousing.org.uk
0345 155 9029
01202 319 119
0345 141 1663
0344 873 6290
Home Group Sanctuary North
homegroup.org.uk
Wakefield and District
Karbon Homes
Irwell Valley Housing
sanctuary-housing.co.uk
0345 141 1663
Housing
karbonhomes.co.uk
Association
0800 131 3348
wdh.co.uk
0808 164 0111
irwellvalleyha.co.uk 0161 610 1000
Leeds Federated Housing
0345 850 7507 Places for People
Your Housing Group
Association
yhghomes.co.uk
lfha.co.uk
Your Housing Group
placesforpeople.co.uk
0845 618 5008
0113 386 1000
yhghomes.co.uk
01772 667 002
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20 QUESTIONS Jim Munson has worked in housing since the year 2000 in a range of sales and marketing roles at two of the country’s largest housing providers. Currently the Head of Marketing at Notting Hill Genesis, he is also Chair of the London Home Ownership Group Marketing Forum and sits on the steering group for the National Housing Federation’s shared ownership campaign
20 QUESTIONS With
Jim Munson
What is your favourite room at home? Our kitchen. At one end, there are French doors on to our back garden so it’s light and airy, at the other end is a breakfast bar, used for homework, work, painting, drawing and sewing as well as eating and catching up with family. There’s also space for me to keep my bike and turbo-trainer set up – so it doubles as a gym too! What’s your favourite gadget or technology you use at home? Probably my little Sonos One Wi-Fi speaker that fills the kitchen with music. I spent the early part of my career working in music and playing in bands and my daughters love dancing, so there’s always a good soundtrack to life at home. What colour do you think everyone should have in their home? I love deep reds on cushions and curtains – they create a luxurious, theatrical feel, are warming in winter and complement a good claret. Which three people would you invite over for a housewarming party if you could have any guests? Paul McCartney, Laura Kenny and Stephen Fry for their combination of musical genius, sporting excellence, warm wit and knowledge. What’s your favourite memory from your childhood home? My 11th birthday. My mum put on a fantastic party for me in the garden of our council house in Suffolk and all my friends came around. It was the first time I’d had a birthday party of my own and I felt like a superstar! I also received an England World Cup shirt. What interior trend do you hate? Hate’s a bit strong! I don’t think I hate any really, but what I don’t like to see is a design style that’s out of character with a building. Would you rather have a garden or a balcony? As a younger person I’d have said balcony every time – low maintenance and brings the outside into your living space. Now I have a family of my own I’d say garden. Ours was originally a concreted rock garden, which I drilled out and laid to lawn to give my children a space outside to run around in. Do you prefer modern homes or period properties? I think beautifully built modern homes look wonderful and offer so much in terms of specification that they’re hard to resist. If I was
buying a new home I would go for modern or new build if I could afford to, but location and price would be my first considerations. Would you rather have a library or a media room at home? Given that most media can fit on to your phone, I’d say library – my other half is a publisher and we’d love a room for all the books! Would you prefer a luxurious bathtub or a sumptuous shower? Shower. I rarely get time for a bath. My daughters, who love all things Lush would, of course, have my sumptuous shower replaced with a bath almost instantly! Would you rather live in the bustling city or in the country? I live in between the two so I can enjoy the city or jump on my bike and be in the country in five minutes. If I have to choose, I’d say city – I love the randomness and range of experiences in the city. If you were buying a property overseas, what country would you buy a home? For years I’d have said Spain, but I recently drove down the west coast of France en route to Madrid and was reminded what a spectacularly beautiful country France is. Would you rather have a bigger property or a better location? Location every time – what use is a big house if you’re not happy? What is one thing you couldn’t live without at home? Love! Otherwise it’s just four walls and a bunch of stuff you’ve accumulated. If we’re talking material objects then it’s a guitar. What’s your favourite way to unwind at home after work? At the moment, it’s a little sofa time while catching up on Tour de France highlights; usually I don’t get to unwind until it’s bedtime. What’s your favourite thing about your house? It’s open plan downstairs, so as a family we spend more time in each other’s company rather than in separate rooms. Where did you buy your first home? A flat in Enfield Lock. We loved the flat but we had to live in a tent in its back garden for the first six weeks of owning it while we had work done to make it habitable! We got burgled and had a car stolen there which prompted a move a few miles out of London. What advice would you give a first time buyer? Maximise what you get for your money; it might mean things are a stretch but if you get the home you want, rather than one you’ll want to move on from quickly, you reduce the costs of moving again. What are your views on shared ownership? I think it’s a fantastic way to enter into and stay in homeownership and helps make a huge difference in terms of affordability. Shared ownership is going to become increasingly mainstream in the coming years and Notting Hill Genesis, as a pioneer of shared ownership 40 years ago, is proud to be part of the team that’s working with the National Housing Federation to develop a nationwide campaign to raise awareness of shared ownership. What are views on the property market? It’s been dysfunctional for a long time, but a combination of policy measures and a consensus and determination in our sector and with Government and local government partners to deliver more homes is seeing things change for the better. I hope that this progress isn’t halted by any economic shocks. What will be interesting will be how the market responds to changing demographic needs as our population ages. On the upside, people will always need somewhere to live which makes property a solid long-term investment as well as a place to call home. nhgsales.com
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