SO Resi magazine issue 3 by The Ultimate Guide Company

CONTENTS

welcome

HELLO! Firstly, I do hope that you are all safe and well during these very strange times. During this period, I know many of you have spent time researching everything you need to know about buying your first home. There is so much interest from first time buyers who are looking to get a foot on the property ladder that we are delighted to bring you another very exciting online edition of the SO Resi magazine in partnership with First Time Buyer. Raising awareness and discussing options for first time buyers is important work, and so we are delighted to be collaborating again with a fantastic publication, which really digs down into the realities of buying your first home. Having worked with first time buyers for over 50 years, we discovered what’s important to our customers. They want a home that is comfortable, secure and in an area that they love. At SO Resi we work hard to make this possible for hopeful homebuyers, through shared ownership. This magazine gives you the latest information about a range of our superb SO Resi developments across London, the South East, East Midlands and Hertfordshire, and explains exactly how shared ownership works and what’s involved each step of the way – without all of the jargon! We’ve also shone the spotlight on two first time buyer hotspots – Clapham and Ware – and with many people now working from home we have some inspirational ideas on how to create the perfect home office. Finally, we asked Jon Lord MD, from shared ownership mortgage broker Metro Finance, to give his top tips on how to get the best mortgage deal. On behalf of the whole SO Resi team, I would like to wish you every success and happiness in the search for your dream home. Kush Rawal, Residential Investment Director, SO Resi

CONTENTS 04 | SHARED OWNERSHIP

22 | REAL LIFE

If you are struggling to buy your first home, we give you the low-down on shared ownership, the scheme which only requires a 5% deposit.

Paediatric nurse Kimberley and her partner Johnny visited a relatvies apartment at SO Resi Forster Oaks in Stevange and fell in love with the development. They decided to buy a a two bedroom apaprtment but with the imminent social lockdown it made their moving date look uncertain but SO Resi stepped in to ensure they had a place to call home.

06 | DO YOUR HOMEWORK Inspirational ideas to help you plan the perfect home office.

08 | WHERE WE ARE A quick look at where some of the SO Resi developments are around the country.

14 | HOTSPOT – CLAPHAM Clapham offers just about everything you could wish for and with great transport links and affordable housing it is the perfect place for first time buyers to climb on the property ladder.

18 | HOTSPOT – WARE We discover the historic Hertfordshire town of Ware, as the ideal destination for first time buyers.

20 | FINANCE Metro Finance give their top tips to get the best possible mortgage when buying your first home.

26 | REAL LIFE When newlyweds, Stella and Jakob, were looking to buy their first home they needed enough space so they could both work at home. Buying their two bedroom apartment through shared ownership at SO Resi Brixton ticked all the right boxes.

ON THE MARKET Everything you need to know about these affordable SO Resi homes.

SO Resi is the brand for shared ownership homes by Metropolitan Thames Valley (MTVH), one of the UK’s largest housing associations. SO Resi aims to improve understanding, change perception and increase awareness of shared ownership and break down the barriers to homeownership. Shared ownership with SO Resi enables hopeful homebuyers – who are otherwise priced out of the open market – to get on to the property ladder in excellent locations. MTVH is also the only housing association to offer SO Resi Plus, a unique scheme which enables shared owners to buy an additional 1% of their home each year for 15 years at a fixed price and without the fees of arranging a solicitor each time they want to buy a new share.

Details correct at time of going to press July 2020. A reservation fee of £250 applies and will also be deducted from completion monies. Additional eligibility and affordability conditions apply. SO Resi, Metropolitan Thames Valley, Premier House, 52 London Road, Twickenham TW1 3RP.

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GUIDE TO SHARED OWNERSHIP

simple

SHARED OWNERSHIP

HELPING HOPEFUL HOMEBUYERS ON TO THE PROPERTY LADDER WITH SHARED OWNERSHIP YOU BUY A SHARE OF YOUR HOME, WITH A LOWER DEPOSIT AND A SMALLER MORTGAGE, AND PAY A MONTHLY PAYMENT ON THE REST

SO FLEXIBLE

You start with buying a share of your SO Resi home – between 25% and 75% – that suits your income. That means your monthly mortgage payments and deposit are smaller than if you bought your home outright. You also make a monthly SO Resi payment for the share of your home that you don’t own and a service charge to look after the building. You can buy a bigger share of your home in the future, and even own 100%. The bigger the share you own, the lower your SO Resi payment will be. You can sell your share at any time.

SO INVITING

SO Resi is about opening the door to home ownership for as many people as possible. You need to have a household income of less than £80,000 (£90,000 in London), and be able to pay the deposit and one-off costs, afford the monthly payments and secure a repayment mortgage with a recognised lender. In some cases, people who live or work in a local area may be given priority at certain developments.

SO CLEAR

SO Resi aims to build strong, lasting relationships, so it’s very important that the costs of shared ownership are made completely clear. Every month you will need to pay your mortgage, your SO Resi payment and your service charge, plus all the usual costs of owning a home such as utility bills and repairs. In addition, before you move in, you will need to find a reservation fee (refunded when your purchase is completed), your deposit, solicitor’s fees and disbursements and fees for your independent financial adviser. You may also have to pay Stamp Duty depending on circumstances.

SOResi.co.uk

GUIDE TO SHARED OWNERSHIP

You buy a share of your home, with a lower deposit, smaller mortgage and monthly payment on the rest

making home ownership possible

3. Typical monthly payments

1. Five simple steps to home ownership

ONE Register with us and apply

TWO Choose your So Resi home and reserve it

THREE Mortgage is agreed following a credit check

Example based on a £300,000 home

FOUR Exchange contracts and complete

FIVE Pick up the keys to your new So Resi home

£300k

10%

25% = £75k

£ 25% = £75k

If you were to buy a 25% share of a £300,000 home your share would be worth £75,000 and our share £225,000.

If you paid a 10% deposit of £7,500 your mortgage would be on the remaining £67,500.

Your monthly mortgage payments based on 3% interest rate would be £320 for 25 years

Your monthly service charge payment estimate would be £120

Your monthly So Resi payments based on a 2.75% annual charge would be £516

The total of these three monthly costs would be £956

2. So what are the costs?

ONE OFF COSTS Reservation Fee £250 Deposit FROM 5% Solicitor’s Fees £1000+ IFA Fees £400-600 Stamp Duty TBC THANK YOu FOR SHOPPING WITH

making home ownership possible

Monthly Costs Monthly

Monthly

Your Mortgage

Your So Resi payment

Monthly

Your Service Charge

Usual costs of home ownership

So Resi is about opening the door to home ownership for as many people as possible. If you want to get on the property ladder, it’s a good idea to find out whether it could help you. So Resi by Metropolitan Thames Valley is simplifying shared ownership

Find out more at

About your mortgage: We’ll put you in touch used to measure inflation, so if the RPI is 3% and with an independent financial adviser (IFA) the increase set out in your lease is 0.5%, to help you choose the right mortgage. your SO Resi payment for that year will The monthly cost will depend on how go up by 3.5%. FOR EXAMPLE much you are borrowing and the If you bought a 25% share of a £300,000 home, interest rate. Some mortgages are About your service charge: This your share would be worth £75,000 and SO Resi’s fixed rate, so the amount you covers the costs of looking after share would be £225,000. pay won’t change for a defined communal areas of the building A 10% deposit on your share would be £7,500, so you would period of time, others are you live in, including buildings need a mortgage for £67,500. variable, so you will have to insurance, cleaning, repairs, pay more each month if rates gardening and window • Assuming a mortgage interest rate of 3%, your mortgage go up. It’s very important cleaning. You need to pay payments would be £320 a month to pay your mortgage each the service charge while you • Your monthly SO Resi payments based on a 2.75% annual month as your home can be live there, even if you own it charge would be £516 repossessed if you don’t. You 100%. It is likely to go up over • Your monthly service charge payment estimate pay your mortgage until the time as the costs of insurance, would be £120 amount you have borrowed and work and materials goes up. It • The total of these three costs would be the interest has all been paid, only covers shared areas of the £956 each month usually in 25 years. building you are responsible for • You will also need to budget for council tax and utility bills paying for repairs, maintenance and About your SO Resi payment: This cleaning inside your home. monthly payment is for the share of your home that you don’t own and you must pay About everyday costs: As long as you live it while you live there, or until you own 100% of in your home you will have to pay household it. The bigger the share you own, the lower the SO utility bills such as water, gas and electricity, as well Resi payment is. It doesn’t cover services, repairs or as council tax and contents insurance. You also maintenance to your home; SO Resi uses the funds need to pay for repairing and replacing things inside to build new housing. Payments go up each year your home, from the boiler to the kitchen appliances. based on inflation plus a fixed percentage set out in There may also be ground rent to pay. your lease agreement. The Retail Price Index (RPI) is

SOResi.co.uk

INERIORS

stylish

DO YOUR HOMEWORK

WHEN THE COUNTRY SUDDENLY FOUND ITSELF WORKING FROM HOME, A LOT OF PEOPLE DIDN’T HAVE A DEDICATED WORKSPACE. NOW THE NEW ‘NORM’ HERE ARE SOME IDEAS TO SET UP THE PERFECT HOME OFFICE WHATEVER THE SIZE OR SPACE ALEX desk, £129; SVALNÄS wallmounted shelf combination, £90; BJÖRKSTA picture, £20; NISSAFORS trolley, £25; UTÅKER stackable bed with 2 mattresses, £280; ALEX drawer unit with 9 drawers, £99, IKEA

Novelty wall Clock, £14, Argos Home Scandinavian Oak ladder desk, £85, Wilko

Grey letter rack, £7.99, Homesense

CONTACTS • Amara amara.com • Argos Home argos.co.uk • Cuckooland cuckooland.com • Cult Furniture cultfurniture.com • Homesense homesense.com • IKEA ikea.com • Marks and Spencer marksandspencer.com • Nest nest.co.uk • Wilko wilko.com

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House plant, £19, Marks and Spencer Gold shelves, £60, Amara

INTERIORS

5 TOP T INVEST IN A IPS GOOD DESK You may not have space for a separate office but investing in a good desk allows you to create a separate workspace that isn’t your dining room table. If you have a smaller home, ladder desks are perfect for creating a designated work spot without taking over an entire room.

Wood Connect desk, £217, Cuckooland

GOOD LIGHTING Natural lighting is known to improve productivity and concentration, but if you’re setting up a space to work at home you should include some other lighting options. A good table lamp will stop you from straining your eyes in the dark. Mustard velvet desk chair, £69.99, Homesense

GREENERY Plants make people happier – plus it’s like bringing the outside world inside. You can add some greenery to make your home office feel fresh and alive, not to mention keeping it a space somewhere you are happy to be working and living in.

SEATING If you’re working from home, it is important to make sure that you have the correct seating to support your posture. A good chair keeps you comfortable and increases your productivity.

Navy office frame, £4.99, Homesense

Adam yellow table lamp, £40, Wilko

GET A GOOD CLOCK A clock is a practical necessity. Perfect for keeping track of the day, they are also a great way to add a touch of personality to your office. Plus, if you have it within eye-view, you will be able to see exactly when the working day ends and know it’s time to clock off!

ÖRFJÄLL desk chair, £40; FLOTTEBO sofa bed, £495; TJENA storage box, £3; KONGSTRUP rug, £75; INGABRITTA throw, £19; MARIUS stool, £4, IKEA

Vitra S-Tidy office accessory, £29, Nest

Montrose velvet swivel chair, £149, Cult Furniture

SOResi.co.uk

ON THE MARKET

yours

WHERE WE ARE

SG12

SO RESI FORSTER OAKS

SO RESI WARE

SG1

AL7 SO RESI WOKINGHAM

RG41

SO RESI MILL PARK

SO RESI TIMES SQUARE

RG12

LONDON

SL6 RG40

SO RESI MAIDENHEAD

SO RESI KENTWOOD PLACE

GU16 RG45

SO RESI CROWTHORNE

SOResi.co.uk

SO RESI CAMBERLEY

ON THE MARKET

PE28

SO RESI BRAMPTON PARK

CHELMSFORD

N1 HA0

SO RESI HACKNEY CORNER

SO RESI THE RISE

MAIDSTONE

SW4 RH1

SO RESI CLAPHAM PARK

SO RESI REDHILL

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SHARED OWNERSHIP

yours

ON THE MARKET

SO RESI CAMBERLEY Set in the leafy outskirts of Surrey, SO Resi Camberley is a collection of two bedroom apartments and three bedroom houses in the newly created neighbourhood of Mindenhurst. Nearby are the towns of Camberley, Frimley and Farnborough, all offering stylish shopping, bars and restaurants. There are country parks and peaceful canal-side walks close by plus a number of fun activities such as golf, tennis and go-karting. A number of highly rated primary and secondary schools are in the local area. Access to the M3 provides an easy route into London and other business hubs whilst the train station at neighbouring Brookwood connects to London Waterloo in 35 minutes. All properties come with fully fitted kitchens with built-in appliances, contemporary bathrooms and an allocated parking space. Houses come with front and rear gardens.

From £81,000 for a 30% share with a full market value of £270,000

Camberley, Surrey GU16

soresi.co.uk/find-a-property/camberley

Redhill, Surrey RH1

SO RESI REDHILL Set in the heart of Redhill this stylish collection of one and two bedroom apartments offer the best of both worlds. The light and spacious open-plan apartments come with fully fitted kitchens with integrated appliances, luxurious bathrooms, lots of storage space, and the latest energy-saving features. First floor apartments also come with a private balcony and there is on-site parking too. Outstanding transport links make SO Resi Redhill the perfect base for commuting into London with Redhill railway station just moments away, with fast trains taking around 30 minutes to reach London Bridge station. Redhill has a superb selection of From £110,250 shops, cafes, bars restaurants, open-air market, gyms for a 40% share and schools on the doorstep and there is a handy Tesco downstairs from the development. If you are a lover of the Full market value great outdoors then head to the Surrey Hills which is an Area of £245,000 Outstanding Natural Beauty. Or discover the beautiful gardens at the National Trust’s, Gatton Park and if you fancy some sea air then Brighton is a short train ride away.

soresi.co.uk/find-a-property/so-resi-redhill

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SHARED OWNERSHIP

From £55,000 for a 25% share full market value £220,000

SO RESI WARE SO Resi Ware is a brand-new stylish development of one, two and three bedroom apartments situated in a prime location between Ware’s historic town and the head of the beautiful Lea Valley. Set alongside waterside walks and around a relaxed open-air courtyard with great restaurants and shops, all apartments come with a modern, fully integrated kitchen and bathroom whilst selected properties have a balcony or terrace. There is plenty to do in the local area with miles of walks in waterside terrain and plenty of options to eat, drink and shop in Ware’s town centre only five minutes away. Ware mainline station has trains into London Liverpool street taking only 45 minutes and the M25 is also close by giving further access to the surrounding area and beyond by road. The area has lots of great schools, colleges and nurseries so is an ideal place for famly living.

Ware, Hertfordshire SG12

soresi.co.uk/find-a-property/ware

Maidenhead, Berkshire SL6

SO RESI MAIDENHEAD

£TBC

Set in the heart of the riverside town of Maidenhead, SO Resi Maidenhead is a new collection of one and two bedroom apartments offering a perfect balance between convenience and comfort, positioned perfectly to enjoy everything this vibrant market town has to offer. Enjoy plenty of shops, restaurants, cafes and entertainment options all within walking distance or spend an afternoon strolling beside the Thames. Commuter links are excellent with trains into central London taking just 35 minutes and Reading in as little as 12 minutes. The M4 is just a short distance away giving further travel links by road. There are several excellent schools and colleges in the local area. All apartments offer plenty of space with an open-plan design, a private balcony or terrace plus a fully integrated kitchen and modern sleek bathroom.

soresi.co.uk/find-a-property/so-resimaidenhead

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SHARED OWNERSHIP

yours

ON THE MARKET

SO RESI KENTWOOD PLACE SO Resi Kentwood Place is a new collection of two and three bedroom homes located near the bustling market town of Wokingham offering relaxed, family-friendly living and a great mix between town and country life. Wokingham is in a prime location for a good work-life balance with great connections to business hubs such as London, Reading and Guildford as well as having a great variety of shopping, dining and entertainment options at your doorstep. Heathrow airport is just a 30-minute drive away. There are numerous excellent schools, colleges and nurseries in the local area meaning that many people are choosing to put down roots in the area. SO Resi Kentwood Place is a villagestyle development offering plenty of green space. Houses all come with their own private rear garden, an allocated parking space or car port, a fully fitted integrated kitchen and a contemporary bathroom.

From £133,000 for a 35% share with a full market value £380,000

Wokingham, Berkshire RG40

soresi.co.uk/find-a-property/kentwood

Wokingham, Berkshire RG41

SO RESI WOKINGHAM

GUIDE PRICE

From £134,750 for a 35% share with a full market value £385,000

Set in the warm and welcoming neighbourhood of Wokingham, SO Resi Wokingham offers two and three bedroom houses in an area with plenty to see and do whatever the weather. Many families are choosing Wokingham to settle down as it provides a multitude of options for dining, shopping and entertainment to choose from as well as many top-quality schools, colleges and nurseries for children. SO Resi Wokingham is part of the much bigger Matthews Green Farm development which will eventually offer its own onsite shops and primary school as well as many open green spaces to enjoy. Commuting is easy as business hubs such as London, Reading and Guildford are within easy reach by train and Heathrow airport is just over a 30-minute drive away. Each property benefits from its own private garden, perfect for entertaining, an allocated parking space or garage on selected plots, a modern fully integrated kitchen and a contemporary bathroom.

soresi.co.uk/find-a-property/wokingham

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SHARED OWNERSHIP

SO RESI BRAMPTON PARK

From £96,250 for a 35% share with full market value of £275,000

Brampton Park, Huntingdon PE28

For a relaxing rural lifestyle that’s still within reach of London, Brampton Park, just two miles away from the historical market town of Huntingdon, is the perfect solution. The spacious two, three and four bedroom homes offer generous lounges opening out on to rear gardens and convenient, private off-street parking. All the homes feature a fitted kitchen with integrated washer-dryer, fridge-freezer and dishwasher, plus Zanussi stainless steel oven, matching cooker hood and gas hob. The homes are extremely well finished throughout, including fitted wardrobes in the master bedroom. Brampton Park offers first-rate modern transport connections, including easy access to trains taking just over an hour to reach London King’s Cross. At the weekend you can take a walk in the 900-year-old Brampton Woodland, Cambridgeshire’s second largest wooded area and keen golfers might also like to pay a visit to nearby Brampton Park Golf Club.

metropolitanbramptonpark.co.uk

Welwyn Garden City, Hertfordshire AL7

SO RESI TIMES SQUARE

From £53,750 for a 25% share with a full market value of £215,00

Dakota House and Waldorf house are the latest developments to become available at Times Square in Welwyn Garden City, with a selection of one and two bedroom apartments.The Times Square development is just a 10-minute walk from the town centre which is bursting with shops, coffee shops, restaurants and gastropubs. The railway station, with services to London King’s Cross in just 25 minutes, is also close at hand, making it an ideal choice for commuters. The apartments have spacious open-plan layouts, some featuring a private balcony, and every home has an allocated parking space. Stylish contemporary kitchens are fitted with a range of appliances, including a useful washer-dryer. Sky+HD connections are ready to be activated in the living room and master bedroom and the large atrium has Wi-Fi and a concierge service. Welwyn Garden City is surrounded by rolling Hertfordshire countryside and boasts an incredible range of leisure activities, including three golf courses, a dry ski slope and a velodrome.

soresi.co.uk/times-square

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HOTSPOT

hot

CLAPHAM

THERE ARE MANY SIDES TO THIS VARIED AND BEAUTIFUL PART OF SOUTH WEST LONDON. THEATRE, CINEMA AND RECORD STORES SIT ALONGSIDE COFFEE-SHOP CULTURE AND CRAFT-BEER COOL, ALL WITH THE SPRAWLING COMMON AT ITS CENTRE.

lapham is an excellent blend of old and new; of tranquil and lively. And it’s a place you can experience however you want to: from quiet, cultured weekends, to long brunches, or outdoor pursuits to late nights out – there’s a place for everything and everyone. After becoming fashionable in the eighties and nineties, Clapham set a precedent for change and renewal in London – the likes of which we’ve seen more recently in Hackney and Shoreditch – and continues to stay ahead of the groove. Its established high street and town centre are increasingly accompanied by fresh young companies and new restaurants. And it is ever the home of innovation, with businesses such as Growing Underground – a successful vegetable farm, created in a disused air raid shelter – choosing to set up in the area.

WHO LIVES HERE? The wonderful mix of people and cultures keep Clapham interesting and vibrant, and it’s an attractive place for all ages. Young professionals are attracted to the on-trend restaurant scene and upbeat pace of life found just around the Junction, while families love the open spaces, beautiful houses and village-like feel of the Old Town and Abbeville Village. It’s also a great choice for commuters. The area is served by mainline trains, Overground and Northern Line, which make for fast travel into central London and beyond, as well as to the south west of the country.

SHOPPING Moments from Clapham Junction, St John’s Road is well equipped for shopping, with high street stores including a large Marks & Spencer, Debenhams (pop in to see the gorgeous stain-glass ceiling), TK Maxx and many more. Clapham High Street is also home to many more familiar names. But it’s away from these main streets that things get decidedly more interesting, with a range of cool and quirky independent stores to explore. Peel off from The Pavement – the pretty street running east alongside the common – and you’ll find yourself in Old Town. This is where you’ll get a taste of village life in London that’s not dissimilar to the likes of well-to-do Dulwich Village and Hampstead. Brighten your home with the gorgeous florals, plants and gifts on offer at Birksen, and be sure to take a look around Wandsworth Oasis. This lovely vintage

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shop, right next to The Sun pub, is a favourite with locals, popular for its range of quality pre-loved clothes, homeware and books. For more shopping – with plenty of options for coffee and lunch – head to Northcote Road, where high-end interiors shop Farrow & Ball sets the tone for the shopping experience. You’ll find plenty of boutique-style shops with Sweaty Betty and Whistles among them, as well as the ever-interesting Living Vintage where you’ll find beautifully unique furniture, fabric and clothing. For beautiful food, Venn Street Market is a must-visit. At this weekend market on the pedestrianised street, you can pick up cheeses, meats, breads and farm-fresh veg from local traders – and last year saw the arrival of influencer Fat Gay Vegan, along with a range of amazing vegan cakes, pastries, burgers and curries. It’s the perfect place to stock up with fresh, healthy and oh-so-trendy food.

DRINKING AND EATING OUT

WE LOVE CLAPHAM

• Close to the city • Great places to eat • The Common • Excellent commuter links • Something for everyone

Clapham’s restaurant and pub scene reflects its diverse and culture-seeking residents, with cool independent eateries, great coffee shops, quality pubs and some truly unforgettable delis all just waiting to be discovered. If there’s one thing Clapham does well, it’s brunch. There are several cafes and restaurants that are just perfect for whiling away an afternoon with friends over eggs benedict and perhaps a prosecco. Minnow in the Old Town is a solid favourite with

HOTSPOT

locals, with its Insta-perfect setting, pretty terrace and winning views of the common. You’ll have to book though, it’s a popular choice. On the same street, shiny new No 32 The Old Town is a stylish option and has great breakfast tacos, double portions and tasty brunch cocktails. For cheap fuss-free eats in a rather unique setting, visit Joe Public. This bythe-slice pizza joint (housed in a refurbished public toilet) serves incredible pizza alongside its very own craft beers and is a great choice for a

laid-back lunch. Its outdoor seating area is right next to the common, too, and is an excellent people-watching spot. In the heart of Abbeville Village – a much desired part of town – you’ll find Bistro Union, the self-styled ‘neighbourhood bistro’. Chic styling, a sunny terrace and a great British menu make it a popular choice for locals – who may well then head up to the Abbeville pub for after-dinner drinks. This cosy and welcoming pub, which has recently had a makeover, is great for drinks and dinner and is another fine choice for brunch. For special occasions, Michelinstarred Trinity, is just perfect. Owned by chef Adam Byatt, this fine-dining restaurant has become somewhat of a local institution. With so many options in the town centre as well as Old Town, Abbeville Village, Northcote Road and beyond, Clapham really is a great place for exploring, discovering and expanding your culinary tastes. And the area is in good company: its fashionable neighbour Brixton is easy to get to, and has a plethora of bars and eateries popping up on a regular basis.

LEISURE The 220-acre common is the main focal point of the area and is a perfect place for joggers, dog walkers, picnickers and families alike. Fitness fans (or those looking to get fit) can take part in the weekly Park Run – a free jogging event. British Military Fitness also run bootcamps every day of the week. Of course, you can just lie back with a book on sunny days, if that’s more your style. Beautiful Battersea Park, which lines a southern stretch of the Thames, is also very close by. This 19th-century park has incredible views of the river as well as a lovely lake and café. There’s also a children’s zoo, which is home to otters, donkeys and even monkeys and makes for an ideal family day out. A trip to the cinema can’t get much more enjoyable than at Clapham Picture House – a laid-back cinema with café and bar, while theatre fans will love the Omnibus, a compact playhouse housed in a Victorian Library in picturesque Old Town. As well as plays it runs a weekly music showcase for up-and-coming jazz and classical performers. Four Thieves pub is the place to go for comedy nights – go a bit earlier in the evening and you can also experience the arcade games as well as indoor crazy golf. To get a feel of the area’s history, head to 575 Wandsworth Road, one of the National Trust’s few central London properties. The fascinating property features incredible, intricate hand-carved interiors and fretwork created by its previous resident, artist and poet Khadambi Asalache.

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SHARED OWNERSHIP

yours

ON THE MARKET

SO RESI CLAPHAM PARK This development of one and two bedroom apartments offer stylish urban living, a short distance from the bustling and vibrant Clapham High Street, Brixton, Balham and Streatham. All the apartments have spacious and airy open-plan living areas, with beautiful natural oak flooring and every home comes with a private balcony or terrace. The clean and contemporary kitchens have built-in appliances, including an integrated fridge-freezer, dishwasher and washer-dryer. The master bedrooms feature full floor-to-ceiling sliding wardrobes to provide plenty of storage space. The area has fantastic travel connections; a short 20-minute walk brings you to Clapham South station where you can reach central London, via the Northern Line, in around 20 minutes. Clapham Junction also offers services into Waterloo and Victoria in less than 10 minutes. Despite the ease of commuting, the area around the homes has been designed to incorporate as much green space as possible, with treelined avenues, lawns and peaceful green courtyards.

From £109,250 for a 25% share with full market value of £437,000

Clapham, South London SW4

soresi.co.uk/find-a-property/so-resi-claphampark

Bracknell, Berkshire RG12

SO RESI MILL PARK

From £90,000 for a 40% share with a full market value £225,000

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SO Resi Mill Park is a modern collection of one and two bedroom apartments situated in Bracknell, Berkshire. A multitude of shopping, dining and leisure opportunities are right on the doorstep with Bracknell town centre only a 10-minute walk away. Popular Mill Hill and Mill Pond are also close by and the development is also surrounded by nature reserves giving a great balance between town and country living. A number of great schools and nurseries are also in the local area. SO Resi Mill Park is ideal for commuters as there is easy access into Reading and central London via Bracknell railway station plus the towns of Windsor and Maidenhead are only a short drive away. Most apartments benefit from a private balcony or patio and have a fully integrated kitchen and contemporary bathroom. There are also communal landscaped spaces for all residents to enjoy.

soresi.co.uk/find-a-property/mill-park

SHARED OWNERSHIP

SO RESI FORSTER OAKS

From £86,100 for a 35% with full market value of £246,000

Stevenage, Hertfordshire SG1

Forster Oaks offers a perfect mix of urban convenience and rural fresh air, with parks and woodlands just a short walk away. The development offers one and two bedroom apartments set in four main blocks, with screening from mature trees and open space. The homes have either Juliet, full or wraparound balconies plus allocated parking and cycle storage enables residents to make the most of Stevenage’s exceptional facilities for cyclists. The station is around seven minutes by car or 13 minutes by bike away, and has services reaching King’s Cross in 23 minutes For leisure, Stevenage has a considerable amount to offer, from comedy, music, drama, opera and dance at the Gordon Craig Theatre to blockbusters in the IMAX cinema, with more facilities to come as part of the town’s ongoing regeneration scheme, which will make Forsters Oak even more desirable.

soresi.co.uk/find-a-property/forster-oaks

Crowthorne, Berkshire RG45

SO RESI CROWTHORNE

£55,625 for a 25% share with a full market value £222,500

SO Resi Crowthorne offers a selection of one and two bedroom homes ideally located in the beautiful Berkshire countryside. Set amongst natural parkland, these properties offer excellent countryside living but are also close to local amenities as well as having excellent transport links. You will be spoiled for choice with a multitude of options for dining, entertainment and shopping in the surrounding towns of Wokingham, Bracknell and Ascot but will still be far enough away to enjoy the tranquillity of the rural area with stunning Swinley Forest right next door to the development as well as many large green areas to relax in. Commuting is easy with trains into London Paddington taking under 45 minutes, Guildford in just half an hour away plus both the M3 and M4 close by for road access to the South and West. All homes come with a fully integrated modern kitchen, contemporary bathroom, an allocated parking space and a balcony.

soresi.co.uk/find-a-property/crowthorne

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HOTSPOT

hot

WARE

HAVING LIVED IN THE SHADOW OF NEIGHBOURING HERTFORD FOR LONG ENOUGH, THIS HISTORIC HERTFORDSHIRE TOWN HAS REDEFINED ITSELF AS A HIGHLY DESIRABLE LOCATION IN ITS OWN RIGHT. AS BUYERS REASSESS THEIR PRIORITIES IN OUR CHANGING WORLD, WARE IS IN THE SPOTLIGHT AND READY TO TAKE CENTRE STAGE

are is a town of over 18,000 people close to the county town of Hertford in Hertfordshire. Just over 20 miles north of London, it is perfectly located for those wanting to trade the hustle and bustle of city life for the beautiful British countryside. Ware is thought to be one of the oldest continually occupied sites in Europe, with archaeology showing signs of life as far back as 4000BC. The Romans had a sizeable settlement in the town and it was on Ermine Street, the Roman road from London to Lincoln. The town’s name dates back to the Anglo-Saxon period when weirs were built to stop the invading Vikings escaping. Ware was a popular coaching town, less than a day’s travel to London, and in the 17th century it became the source of the New River, constructed to bring fresh water to the capital. With the River Lea running through the centre of the town, transport by water was a significant industry for many years. While Ware’s residents are rightly proud of its long history – tourists regularly visit for guided tours – the town council is always looking towards the future. Ware is a bustling town with a thriving community spirit and successful businesses from the small independent shops, bars and restaurants to large science-based industries.

HOMES AND RESIDENTS Ware has a population of over 18,000 and is increasingly popular with families moving out of North London, looking for that extra bit of space or a positive change in lifestyle. The biggest employer in Ware is GlaxoSmithKline and there are plentiful opportunities for employment in the town but the close proximity to London means it is also a prime location for commuters.

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There is a huge variety of housing in Ware, from apartments in restored malting buildings, Victorian cottages close to the centre of town, large pre-war semi-detached and detached houses and everything in between. There are also plenty of New Build homes on offer so whatever your budget WE LVE and preferences, you WARE are sure to find the perfect home. • Easy access to the beautiful

Hertfordshire countryside • Convenient location for commuting • Attractions unique to the town and its history Ware is home to • Thriving high street with plenty of some excellent independent shops restaurants, including some gorgeous gastro • Relaxing walks along the pubs with eclectic River Lea

OUT AND ABOUT

menus. You would be forgiven for thinking the traditional looking Red Lion pub would serve your standard British offerings but it is actually home to the hugely popular Amico Di Amici

HOTSPOT

Italian restaurant. Ware is somewhat limited in options for nightlife but this is part of what helps it to retain that smalltown charm. Hertford, Ware’s noisier neighbour, is however a mere four miles away if you are planning a night out on the town. Ware does have plenty to offer in the way of more wholesome leisure activities including Wodson Park in the north of the town, a leisure complex which includes an athletics track, sports halls and courts and a fitness suite. It has an impressive range of classes and activities for all ages. Fanshawe Pool and Gym are also popular but the real highlight for swimmers is Ware Lido, open in the summer months, adjacent to The Priory Park. This is the largest park in the town and has a children’s play area with an impressive range of equipment. King George Playing Field, The Bourne Park, Wodson Park and Lower Bourne Gardens are also great for children. The town’s positioning on the River Lea allows for picturesque walks along the canal and the famous gazebos on the banks are an historic feature unique to Ware. The towpaths offer access to the Meads between Ware and Hertford and the Amwell Nature Reserve, which attracts bird-watchers from across the country. Another popular attraction, particularly with families, is Scott’s Grotto, a network of subterranean tunnels decorated with flints, shells and fossils which can be explored with torches. Ventura Wildlife Park is also worth a visit. The unique and interactive wildlife park on the outskirts of town is home to over 45 different species of wild animal from around the world including a number of rarely seen species which cannot be seen anywhere

else in the UK, such as the Cuban hutia and red rumped agouti.

SHOPPING Shopping in Ware centres around the historic high street which proudly boasts thriving independent shops, many of which have graced the town for a long time. Other more recent additions, such as Crates of Yarn which opened in 2017, have adopted the same strong community ethos and personal approach and as a result feel just as much a part of the town’s character. Silver 54 Jewellery is a particularly beautiful boutique shop with pieces for every budget and an impressive collection including not just silver but semi-precious pieces sourced from across the world. Of course, we still need the regular necessities so it is worth noting that there are also two big supermarkets in the town; Tesco, off the high street, and Asda, just outside the town centre.

TRANSPORT Ware lies on the north to south A10, with the imposing Kingsmead Viaduct, a raised dualcarriageway bypass, on the eastern outskirts of the town. The A10’s former route through the town is now the A1170. The main east to west route is the A414 and the town is well signposted from both. The town’s railway station is on the Hertford East Branch Line, operated by Abellio Greater Anglia. There are regular services from Ware station to London Liverpool Street and Tottenham Hale. You can be on the underground in less than half an hour. Ware is also conveniently served by frequent buses from Hertford and Waltham Cross (310 & 311) and by the 724 Green Line from Heathrow Airport to Harlow. Travel by air is also a breeze; Ware is close to both Stansted and Luton Airports, both offering frequent flights to domestic and international destinations.

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FINANCE

clear

MORTGAGES JON LORD, MD AT AWARD-WINNING SHARED OWNERSHIP MORTGAGE BROKER METRO FINANCE, GIVES HIS TOP TIPS TO GET THE BEST POSSIBLE MORTGAGE DEAL WHEN BUYING YOUR FIRST HOME

MORTGAGE FEAR?

hey are daunting, nobody knows how lenders work behind the scenes, everybody gets declined and the lender wants 18 years worth of paperwork! That’s sometimes the view of many first time buyers, it is a scary time, but there’s no need to think like this. Mortgage lenders do want to lend, if they didn’t, they wouldn’t survive – simple as that. So how do you put yourself in the best position for a mortgage lender? Not just to get a mortgage, but to get the best possible deal. And has Coronavirus made things harder? It’s June 2020… The world is waking up to a new order… Everything is remote… masks hide fear of mortgage lenders… Enough! Let’s just cut to the mustard – Has Coronavirus made it harder to obtain shared ownership mortgages? Lenders have tightened up criteria in order to control risk. The risks that some lenders express are unemployment and falls in property values. Whilst some or all the risk opinions may turn into reality, they are opinions. This is important because opinion amongst lenders always varies, which is true today, in this Corona recovery period. When lender risk opinions differ, their products differ. Even more important for shared ownership, arguably there are too many lenders competing for what in reality is a niche sector (in terms of lending volume). For any sector with an abundance of lenders, you tend to find very healthy competition on rate, criteria, and deposit size and this is still apparent now.

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In my opinion and this is based on fact, fact that mortgage business at equal or higher levels to pre-Corona is currently being transacted through Metro Finance – The reduced risk appetite of lenders is, in the instance of shared ownership outweighed by the sheer number of lenders and the competition between them.

HERE’S SOME USEFUL TIPS, TO HELP PUT YOU IN THE BEST POSITION FOR A MORTGAGE: • Who lives at your house? When a lender does their credit search, they want to see you on the voters roll, not Tommy Smith who lived there 3 years ago. It’s easy, check for yourself and get yourself registered, this will gain you some valuable credit score points.

FINANCE

• Who’s taking all the risk? The lender wants you to take some risk too, in the form of your deposit. For shared ownership there are 14 lenders out of 26 who accept a 5% deposit. The best bit, with shared ownership it’s 5% of the share not the full value e.g. for a 25% share of a £350,000 home, the deposit can be as low as £4375 • How much do you spend on coffee? Maybe £3.50 per day, which equates to £1277 per year! Yes, its nice to have a fancy coffee but what’s better, a shiny new home or a beverage? The more deposit you save, the better the rate will be • How do you look on paper? This is really important, use a service like checkmyfile.com it provides three different credit reports in one, just how lenders would see you on paper. You might think yourself a low risk, but if the credit file says otherwise, that’s all that matters. • See how much you owe, having credit is good for your score, but too much and you’ll look overcommitted. • Check for errors, if anything doesn’t look right, contact the lender or the credit reference agency. • Look for missed payments, bring them up to date and try to keep everything paid on time. Mortgage lenders can still lend with minor blips, but the fewer the better. • No score or low score? So, you’ve checked your credit file and your credit score is in the poor category. You might not need to worry, some lenders, especially the Building Societies operate a more manual approach, ignoring the credit score and focusing more on you as an individual. • Bank statements are boring? Not to a mortgage lender, they like to see how you run your account, this gives them an idea of how you’ll run your mortgage. Try to stay within any overdraft facility, try not to miss any regular outbound payments. Usually a lender will ask to see the last three months statements • Know your income? Nowadays its rare to find someone with pure basic salary, make it your job to understand your payslips, the bonus, the overtime - are they regular or guaranteed? This makes a big difference to borrowing capacity. You’ll need the last three months payslips, be ready to explain how your income is derived. Same for selfemployed, it’s likely you’ll need two years tax calculations and tax overviews. At Metro we speak to around 1600 shared ownership buyers each month, so we get a good idea of what lenders like and don’t like. You don’t have to be perfect, but you can help yourself and improve your credit score. And finally, the best advice – speak to a Mortgage

IN A NUTSHELL • Prove where you live – get on the electoral roll and get your name on some bills • Low utilisation of credit – eg if your card has a £1,000 limit, using just £500 of that would be 50% utilisation • Pay on time – don’t be late with your regular outgoings; even arranged late payments have a poor effect • Fix stuff – any mistakes on your credit file, identify and fix • Don’t overdo it – credit is good for your score, but not too much • Be prepared – keep your payslips, P60s, bank statements, utility bills etc • Don’t get too many searches – applying for any type of finance or mortgage results in a credit search and too many of these can lower your score

Adviser Why? There are usually around 270 different shared ownership mortgage products, designed to help people from many walks of life. One or more could be right for you. Imagine 270 different lockdown boxsets to watch, you might just need a bit of guidance? Unless you’re like me and just like car chases and explosions. (not in real life!) metrofinance.co.uk

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CASE STUDY

real

REAL LIFE

WHEN PAEDIATRIC NURSE KIMBERLEY, 25, AND HER PARTNER JOHNNY, 26, VISITED A RELATIVE’S NEW APARTMENT AT SO RESI FORSTER OAKS IN STEVENAGE, THE COUPLE FOUND MORE THAN THEY BARGAINED FOR - A NEW HOME OF THEIR OWN. WITH SHARED OWNERSHIP, THE COUPLE WERE ABLE TO SECURE A TWO BEDROOM APARTMENT AT THE DEVELOPMENT, BUT WHEN THE UK’S IMMINENT SOCIAL LOCKDOWN CAUSED UNCERTAINTY AROUND THEIR MOVING IN DATE, SO RESI STEPPED IN TO ENSURE THEY HAD A PLACE TO CALL HOME

imberley commented, “We knew as soon as we visited SO Resi Forster Oaks that it was somewhere we wanted to live. From first “EVERYONE KNOWS IT’S viewing the apartment in January 2020, A VERY BUSY TIME AT THE the buying process had gone quickly and smoothly - up until social distancing NHS AT THE MOMENT AND measures made moving in on our THERE WERE CHANGES TO MY planned date of 31st March seem ROTA, BUT SO RESI REARRANGED impossible. We needn’t have worried EVERYTHING SO WE COULD MOVE as SO Resi were so understanding IN A FULL WEEK EARLIER TO of our situation; everyone knows it’s ACCOMMODATE MY HOSPITAL a very busy time at the NHS at the SCHEDULE AND MAKE SURE moment and there were changes to my WE WERE SETTLED AS rota, but SO Resi rearranged everything so we could move in a full week earlier to QUICKLY AS POSSIBLE” accommodate my hospital schedule and make sure we were settled as quickly as possible.” Johnny, a courier, addsed, “It is a strange and sad time for everyone at the moment so plan and the sleek kitchen is complete being able to celebrate this milestone was a really with a great range of amazing, positive thing for us. Having rented before, appliances. An allocated we wanted somewhere that felt like ours, now we parking space was also feel so lucky to have our new home; a safe place.” included within the price. Their two bedroom apartment cost £248,000. Kimberley explains, “I drive to They bought a 35% share for £86,800 and secured work and Johnny drives for work, so having it with a deposit of just £4,375. Their monthly an allocated parking space is brilliant for us. Being mortgage repayment is £389 and the monthly SO close to my place of work was important when we Resi payment on the share they don’t own is £449, bought our home, but it has become something I including service charges. value even more now.” Kimberley said, “One of the brilliant things about SO Resi Forster Oaks is brilliantly connected: shared ownership is that the deposit required is Stevenage train station is just seven minutes’ drive just for the share you’re buying, not the full market away and trains to King’s Cross take as little as 23 price; we’d saved for just four months and were minutes. The A1(M) motorway is minutes away and able to cover it. Since moving in, I feel more relaxed. Luton Airport is within a 24-minute drive. Coming home to somewhere and someone I love is something I won’t ever take for granted now. To find out more about SO Resi Forster Oaks or The overall feel of the development is great – our to arrange a virtual tour, contact the sales team neighbours seem really friendly and we are looking on 020 607 0550 or visit sharedownership.co.uk forward to getting to know them properly, once we’re able to. Even with social distancing, it’s also comforting to have a family member close by.” Johnny added, “It’s not just the property, our HOW THE FIGURES STACK UP surroundings are beautiful too. We like making the most of the beautiful parks, woodland and green • Full market value – £248,000 space nearby during our daily walk.” • Share (35%) - £86,800 Kimberley and Johnny’s apartment has an • Depost - £4,375 excellent specification; the living space is open

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HELP TO BUY

yours

HELP TO BUY: EQUITY LOAN

WHAT IT IS AND HOW IT WORKS The Help to Buy: Equity Loan is a Government-backed scheme to help first time buyers and home movers by loaning them additional funds so they can buy a new home with just a 5% deposit. The scheme runs in its current form until the end of March 2021. There will be an entirely new Help to Buy scheme launched in April 2021, which will be available to first time buyers only

The scheme in England works by providing a loan of up to 20% of the property price, interest-free for five years. The buyer must provide a minimum of a 5% deposit, which means with a 20% loan from the Government they need only a 75% mortgage, which would have a lower interest rate and be easier to obtain than a high loan-to-value (LTV) mortgage.

The Help to Buy: Equity Loan is secured on the home like a mortgage, but apart from a £1 a month administration charge there is nothing to pay until the end of five years. After five years, interest will be charged on the loan. When you sell the property, or pay back the Equity Loan, you must pay back the same percentage of the value of the house as you initially borrowed (not the monetary amount). The loan must be paid back within 25 years.

and is set to run for just two years. Under the new scheme, while the loan will still be up to 40% in London and up to 20% in the rest of England, the homes that can be purchased will be subject to regional price caps which will be set at 1.5 times the average forecast regional first time buyer price. These caps will range from £186,100 in the North East and £255,600 in the West Midlands to £437,600 in the South East and £600,000 in London.

To reflect the higher property prices in the capital, buyers in any of the London boroughs can take out a maximum 40% loan through Help to Buy London, meaning that with the minimum 5% deposit they would only need a 55% LTV mortgage.

ELIGIBILITY RULES FOR THE HELP TO BUY: EQUITY LOAN • The scheme is open to UK residents aged between 18 and 75 who are either first time buyers or are selling their home to move. There are no maximum income rules • You cannot use Help to Buy: Equity Loan if you have other property, and you can’t use it for a buy-to-let property. You must be planning to live in the home, and permission to rent it out later is only given in exceptional circumstances • You must provide at least a 5% deposit and you must take a mortgage out for at least 25% of the value of the property (ie you cannot be a cash buyer) • The home you are buying must be a brand new house or apartment from a developer who is part of the scheme • The property cannot cost more than £600,000. All houses must be freehold, but apartments can in some instances be leasehold. You can’t use a developer’s part exchange scheme

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yours

ON THE MARKET

SO RESI HACKNEY CORNER Set in a thriving cosmopolitan neighbourhood in the heart of London’s authentic East End, SO Resi Hackney offers a contemporary selection of one, two and three bedroom apartments nestled between Hackney and Hoxton Square and close to the green space of Shoreditch Park. The development is surrounded by hotspots for culture, art, fashion and food leaving you spoilt for choice and benefits from excellent transport links to the City, central London and Canary Wharf. The future-focused development is built near a waterside promenade space and close to popular shops and eateries for the ultimate in convenience. Each property comes with a fully integrated kitchen and modern bathroom as well as a private balcony or terrace. A communal concierge service is available for all residents and a communal terrace on the ninth floor gives an excellent outdoor space to relax in.

Private sale only. From £660,000

Hackney, East London N1

soresi.co.uk/find-a-property/hackneycorner

Alperton, North West London HA0

SO RESI THE RISE

From £320,000 with Help to Buy available

These contemporary urban one, two and three bedroom apartments are close to the revitalised Grand Union Canal at Alperton, a vibrant area of north west London with great transport links and leisure opportunities. The apartments offer a high standard of accommodation and the fully fitted kitchens include a Bosch brushed steel oven, gas hob and matching brushed steel splashback, as well as an integrated fridge-freezer and dishwasher and washer-dryer. Alperton is an up-and-coming area, with the nearby canal perfect for weekend walks or bike rides. The surrounding area has plenty to offer in terms of local shopping, including a large Sainsbury’s supermarket just a short walk away. Also within easy cycling distance or a short hop on the tube is Ealing Common, one of west London’s best-known open green spaces with 47 acres to explore.

therise.london

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HELP TO BUY

SO RESI BRAMPTON PARK

From £320,000 with Help to Buy available

Brampton Park, Huntingdon PE28

metropolitanbramptonpark.co.uk

Welwyn Garden City, Hertfordshire AL7

SO RESI TIMES SQUARE

From £299,950 with Help to Buy atvailable

soresi.co.uk/times-square

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CASE STUDY

real

REAL LIFE

WHEN NEWLYWEDS STELLA, 29, AND JAKOB, 30, DECIDED TO BUY THEIR FIRST HOME, THE TOP PRIORITY WAS FINDING A PROPERTY WITH ENOUGH SPACE SO THEY COULD BOTH WORK FROM HOME WHEN REQUIRED. HOWEVER THEY WANTED TO STAY IN LONDON WHERE HIGH PRICES USUALLY MEAN COMPROMISING ON SIZE, QUALITY OR LOCATION. THANKS TO SHARED OWNERSHIP, THE COUPLE COULD AFFORD TO BUY A MUCH BIGGER PROPERTY THAN IF THEY HAD BOUGHT IT OUTRIGHT AND BOUGHT A TWO BEDROOM APARTMENT AT SO RESI BRIXTON

vibrant centre. It takes approximately eight minutes tella comments, “We’d been renting a one to walk to Brixton tube and trains reach Oxford bedroom flat in Ladbroke Grove which Street in just 11 minutes. was very cramped. We’re both freelance Stella says, “We enjoy walking to graphic designers and often we work the tube through the market and from home at the same time, when the stalls are being set up which was very difficult with so in the morning there’s a real little space. Shared ownership go-getter atmosphere. We’re with SO Resi was key to very close to the village and helping us to buy the kind it’s fun getting to know the of property we wanted, cocktail bars, restaurants without waiting forever to and many other afford it.” attractions in the area.” Stella and Jakob For quality time had been saving hard together, Stella and and their savings Jakob can head down were boosted by to Brixton’s popular gifts of money from Brockwell Park where their wedding. They they often enjoy a game purchased a 25% share of frisbee, or work out in of their two bedroom their local gym. apartment for £131,250 Jakob concludes, “From with a full market price of visiting SO Resi Brixton for £525,000 and put down the first time, to moving in to a deposit of £20,000, which our new home, it took only two was higher than the 10% deposit “FROM VISITING SO months and the buying process was required. RESI BRIXTON FOR THE very straightforward. Our families live Jakob said, “Each month we pay FIRST TIME, TO MOVING overseas and owning an apartment makes around £950 for the mortgage, £450 for the IN TO OUR NEW HOME, IT us feel much more settled and grounded. I’d payment to SO Resi on the share we don’t TOOK ONLY TWO MONTHS definitely recommend shared ownership to own and around £230 in service charges. Our AND THE BUYING young couples like us – it’s an easy way to get monthly outgoings are only £30 more than PROCESS WAS VERY on the property ladder with the flexibility to buy when we were privately renting a one bedroom STRAIGHTFORWARD.” more of your home in future.” apartment for £1,600 – which was money down Two bedroom apartments at So Resi Brixton the drain. The space is much bigger, far better start from £127,500 for a 25% share with a full quality and it’s given us a start on the property market price of £510,000. ladder. It’s definitely great value.” The couple have settled in and are thrilled with the To find out more about So Resi Brixton, please extra space. Stella explains, “The second bedroom visit soresi.co.uk or call 020 8607 0550 gives us flexibility and we have much more living space and also a balcony. We’ve divided the living space into areas for working and relaxing, which makes it HOW THE FIGURES STACK UP easier to keep tidy and life a lot calmer.The design of our apartment is great, especially the floor-to-ceiling windows which make it very light. We love it here - the • Full markert value – two bedroom apartment - £525,000 development has a young professional vibe and we’re • Initial share (25%) - £131,250 looking forward to getting to know our neighbours.” • Deposit - £20,000 SO Resi Brixton is set in landscaped gardens in a • Current mortgage repayment – around £950 a month quiet residential area, five-minutes’ walk from Brixton’s

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simple

GLOSSARY OF TERMS

CONFUSED BY FINANCIAL ACRONYMS AND INDUSTRY TERMINOLOGY? OUR HOME BUYING GLOSSARY IS HERE TO MAKE THE PROCESS A WHOLE LOT EASIER TO UNDERSTAND

AGREEMENT IN PRINCIPLE 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. 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. ARREARS This is a term used to describe payments that have not been made on time. BASE RATE The interest rate set by the Bank of England. Lenders use the Bank of England base rate as a basis to set their own charges. BROKER A broker is someone who gives you advice on your mortgage. Some are independent, while others work for particular lenders. BUILDING SURVEY 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. DISBURSEMENTS 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. EARLY REPAYMENT CHARGE 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. EQUITY The difference between the value of the property and the value of the mortgage you have secured. 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. FREEHOLD A freehold is when you fully own a property and the land it stands on. GAZUMPING When a seller accepts an offer and then later on rejects it in favour of a higher offer from another bidder. 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 taxes 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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