Shared Ownership Week 2022

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WELCOME!

A welcome letter from Lynda Clark, Editor of First Time Buyer magazine

Getting a foot on the property ladder is often difficult, especially with rising house prices, the cost of living and ever-increasing rents. Help is at hand though through shared ownership – the part-buy, part-rent Government scheme which is a very affordable way to buy your first dream home.

Shared ownership has been around since the 80s and has helped thousands of first time buyers. Recently there have been some changes to the scheme. In its current form, the minimum share a buyer can purchase of a shared ownership home is 25%, however, the Government’s new model for the scheme will see this lowered to 10%.

To highlight the scheme, Shared Ownership Week runs from 15 September to 21 September. Go to sharedownershipweek.co.uk and sign up to get exclusive access to the full week of events, podcasts, stories and more.

This supplement is packed with easy-to-understand information about how shared ownership works and will help guide you through the process – we hope you find it useful. Plus, there are also some very affordable shared ownership homes featured, which we hope will inspire you to get the keys to your first front door!

Lynda Clark, Editor, First Time Buyer magazine

WELCOME!

A welcome letter from Legal & General Affordable Homes, the headline sponsor, outlining the shared ownership scheme and the benefits it brings to first time buyers who desire to own their own home

I expect you’re reading this as you are considering buying your first home –congratulations!

At Legal & General Affordable Homes, we believe owning your own home helps provide security and stability while providing a stepping stone to build your future. It is a hugely exciting milestone in your life, and it is a possibility for more people than realise it, thanks to shared ownership.

WHAT IS SHARED OWNERSHIP?

Shared ownership is a Government scheme to help those who are unable to purchase a property on the open market, something which is particularly common for first time buyers. With shared ownership, you buy a percentage of a property, then pay rent on the remaining portion, with the option to increase the share you own over time.

As you only buy a percentage of the property, the deposit you need is usually much lower than if you bought the property outright. This means getting on the housing ladder is typically much more accessible to those who don’t have high incomes or benefit from financial support from family.

Buying a home through shared ownership could also mean you don’t have to compromise on other aspects of your home, such as its location, specification or size. It can be a great option for you whether you are a first time buyer, a couple or a growing family.

There is also a huge range of homes available. At Legal & General Affordable Homes, we have shared ownership homes available in urban and rural locations across England, with ambitions to expand elsewhere the UK. These range from luxury apartments with fantastic London views at South Quay Plaza in Canary Wharf, to a beautiful coach house in Holborough Lakes, Kent, or family sized houses in Furlong Park, South Yorkshire.

TACKLING THE RISING COST OF LIVING

We know that buying a home can seem daunting, especially with households feeling the squeeze around the rising cost of living and higher interest rates. Buying a home through shared ownership may actually help you tackle some of the recent spikes, such as in energy costs.

Shared ownership homes are typically new build properties, which are usually much more energy efficient compared to an average older property. In addition, Legal & General Affordable Homes is supporting a transition to gas-free net zero-carbon homes that help buffer residents from energy price volatility and help protect the environment.

As a company, we want to be the byword for reliability, integrity and trust – something which is enshrined in our Customer Charter outlining our commitment to the highest standard of customer service for our residents.

SOUND GOOD TO YOU?

You can find out more about shared ownership, see our available properties, find our FAQs and check your eligibility at landgah.com. You can also ask us your property questions on Instagram and Facebook (@legalandgeneralaffordable) #LandGAH

Happy house hunting!

Denise Stewart, Director of Sales and Marketing, Legal & General Affordable Homes

SHARED OWNERSHIP EXPLAINED

Shared ownership is the most affordable way to take a first step on to the housing ladder. Kay Hill looks at how the scheme works

Shared ownership is a Governmentbacked scheme that is already popular, and is likely to become even more so when the Help to Buy: Equity Loan is shelved at the end of October. Established over 40 years ago, around 200,000 households already live in shared ownership homes, and it is expected to grow in popularity as the combination of rising prices and the end of Help to Buy pushes more people out of being able to buy on the open market.¹

WHAT IS THE SCHEME?

Shared ownership helps lower income individuals and families take a first step

on to the housing ladder by buying a share of the leasehold of a house or apartment from an accommodation provider such as a housing association and paying a controlled rent on the other portion.

The amount they are able to buy varies according to the family income, the home and the provider, but starts from 25% of the full market value of the property, or as low as 10% on the latest schemes. Over time, buyers can purchase additional shares in a process called “staircasing”, which means they can ultimately own the whole home and no longer pay rent. This is a very real possibility – data from the Mayor of London’s office shows that nearly 1,400

shared owners in the capital staircase to 100% ownership every year.²

WHAT IS THE ADVANTAGE?

The biggest barrier to homeownership for many households is saving up the deposit. According to the Halifax House Price Index, the average house price in June was £294,845, which for a family buying on the open market with a 90% mortgage would mean a £29,484 deposit. Buying 25% of the same house using shared ownership, however, would require a minimum 5% deposit of just £3,686, putting it within reach of far more potential buyers. For buyers in

London, the difficulty of saving a deposit is even more acute, with the average £547,031 home requiring £54,703 for a 10% deposit, while a 25% shared ownership share could be accessed with a deposit of £6,837. Many buyers also struggle to borrow enough money from mortgage providers to buy on the open market – with shared ownership you only need a mortgage for up to 95% of the share you are buying, reducing the income that is required.

HOW IS IT DIFFERENT TO RENTING?

With shared ownership you still pay rent on the percentage of the property that you haven’t bought, as well as a service charge, but there are significant differences to just renting:

• Shared ownership tends to cost slightly less than renting on the open market, even taking into account mortgage, rent and service charges

• You have complete security; as long as you pay your mortgage and rent, the only time you will have to move is when you choose to – not when a landlord decides to sell

• You have a stake in the value of your home, which may increase in worth over time (although this is not guaranteed)

• The rental part of the payment is controlled, so rises are predictable, rather than at the whim of a landlord. They are, however, linked to the inflation-based Retail Price Index, so rises may be larger than usual this year

• Unlike renting, with shared ownership you are responsible for repairs and maintenance to your home, either through paying yourself (replacing a leaking tap or repairing a boiler) or paying service charges (maintaining communal areas). This is changing slightly for some of the latest schemes, see below

• There are fewer restrictions. If you rent from a private landlord you may not even be allowed to put up a picture hook, but with shared ownership the home is yours to decorate as you please – so you can paint, wallpaper, put up shelves, add fitted wardrobes etc. Some housing associations are now permitting pets. However, you will need permission for structural

changes such as a conservatory, extension or loft conversion, and there may be restrictions on hard flooring if you live in an apartment. Replacing a kitchen or bathroom may need permission from some housing associations.

WHO CAN USE THE SCHEME?

Households must have a combined income of not more than £80,000, or £90,000 in London to use the scheme. Shared owners can be first time buyers, people who have sold a previous home and are unable to buy on the open market (perhaps because of a relationship breakdown or divorce), or those who are selling and cannot afford the kind of home they need (to accommodate a larger family for example) on the open market.

Buyers need to be over 18, with no rent arrears or bad debts, and must be able to afford the legal and other costs involved in buying a home, and the ongoing costs of mortgage, rent and service charge. It helps to have a good credit history, but some providers are more accepting than others of poor credit as long as you are still able to get a mortgage for your share.

WHAT TYPE OF HOMES ARE AVAILABLE?

There is a great choice, with more than 1,600 properties in Greater London at the time of writing. Shared ownership is available right across England on purposebuilt new homes, and on secondhand homes known as “resales”.

Property types tend to reflect the surrounding area – in Greater London, apartments outnumber houses 100 to 1, but in central and northern England the position is reversed with around four out of five properties being houses. All shared ownership properties are sold as leasehold, although houses (but not flats) can usually be converted to freehold if you eventually own them outright.

WHAT’S THE BUYING PROCESS?

You can find shared ownership homes through your local Help to Buy agent, via Homes for Londoners, Sharetobuy.com or direct from housing associations’ websites. You may need to fill in a registration form

before you start house hunting to check your eligibility.

When you find a home you like the look of, contact the provider and arrange a viewing. If you want to go ahead, the provider will ask for a reservation fee of up to £500 to hold the property for you while you have a full financial assessment, which will look at your income, savings and outgoings and will set the percentage of the home that you are able to buy. You will need to provide proof of your identity and detailed financial information at this stage, so make sure you have everything ready. If all goes well at the assessment you can then arrange a mortgage and instruct a solicitor to handle the conveyancing.

IS SHARED OWNERSHIP CHANGING?

The Government has made some recent changes to shared ownership which are designed to widen access to the scheme, but this is happening gradually until 2026 as new developments are constructed, so you will need to check whether a home you are considering falls under the old scheme or the new one. The changes include:

• Buyers will be able to purchase just 10% of the property, instead of the current minimum of 25%

• The standard lease length will be increased from 125 years to 990 years

• Buyers will be able to increase their share in 1% increments for the first 15 years without a new valuation (rather than the previous 10% minimum staircasing and requirement for a survey)

• Providers will have to contribute towards essential repairs and maintenance for the first 10 years, but this is capped at £500 a year and only covers things like structural repairs to walls, floors, ceiling and stairs and repairing or replacing sinks, baths, radiators and boilers. You will have to get approval from the landlord that the repairs are essential, use a tradesperson approved by the landlord, pay for the repairs yourself and claim the cost back.

1 pdf.euro.savills.co.uk/uk/spotlight-on/sharedownership.pdf

2 metro.co.uk/2021/09/23/sharedownership-how-you-can-staircase-your-way-to-100ownership-15304528

WHY CHOOSE SHARED OWNERSHIP?

“Shared ownership has come a long way since its inception and in my opinion, is the only viable way to get on to the property ladder with a limited budget.”

“I am surprised about how flexible shared ownership can be. In some cases, you can keep pets and make changes to your home with consent from the housing association – there is so much potential!”

“It’s a case of doing the leg work and visiting the area during the day and at night.”

“It’s imperative you research the area you would like to buy in. Look at a five-mile radius and if you are renting there, which is a slight sacrifice, then it will help in the long run to make a much better decision as you will already know the area.”

“Budget, budget, budget! It’s more important than ever as inflation is going up at a terrifying rate and interest rates are climbing too. Be prepared and always budget for the unexpected. This is where shared ownership comes in as it’s proven it is affordable.”

“You may have to make compromises along the way, but make a list of what your priorities are like. If you have a family, are there good schools nearby? Where is the local bus stop and would you feel comfortable walking home at night? If you need to commute then what are the transport links like? “

TV presenter and property expert Jonnie Irwin shares his thoughts on shared ownership and getting on the property ladder

Photo: Mike Prior

“There are not enough homes, particularly affordable homes, being built and buying your first home is one of the biggest life and financial decisions you will probably ever make, so making the right decision is vital. Saying this, the housing associations have some really great developments, which are perfect for first time buyers.”

“Do you know you can buy a shared ownership home with a deposit as little as £4000?”

“Shared ownership is no longer the poor cousin of buying on the open market.”

“There are a lot of myths surrounding shared ownership, so it’s important to get all the information you need. Take a look at the website sharetobuy.com as it has lots of guides and lists most of the shared ownership homes available. Of course, look at First Time Buyer magazine and its website, firsttimebuyermag.com, as it’s packed full of useful information and guides you through the process of buying.”

THERE’S NOTHING LIKE NEW

Kay Hill looks at the top 10 reasons to choose a brand new property for your first home

It easy to be seduced by the thought of a thatched cottage with roses round the door or a Georgian townhouse – but the reality of rotten window frames, no damp proof course and a large family of mice might soon make you think again! If you want to make the transition to being a homeowner as smooth and simple as possible, then a new build home has a lot of advantages.

NOT IN THE CHAIN GANG

When you buy a secondhand property you are likely to be trying to move in on the same day as the owner moves out (and into their new home, currently occupied by someone else who needs to move out and into a new home – and so on). This is called a chain, and it can be one of the most stressful aspects of moving house. You might have all your finances ready and

your boxes packed, but all it takes is for the solicitor of the third house along to find a problem, or someone’s mortgage to fall through, and everyone grinds to a halt. With a new build home, the only people involved are you and the developer, so there’s no chain to worry about. Sometimes new builds might be delayed a little, because of bad weather, for example, but you should know in plenty of time when your moving date will be.

CHOICES, CHOICES

Depending on the developer, and at what stage of construction you put down a deposit, you are quite likely to be able to customise your new home. So, no avocado bathroom suite – unless, of course, you really want one! With a new build you are often able to choose a colour scheme, flooring, kitchen colour or style, bathroom

cabinet colour and other variables, especially if you are buying off-plan. You might also have the opportunity to upgrade from the standard finishes.

SQUEAKY CLEAN

One of the best things about buying a new build is the fact that everything is indeed new, so you won’t have to scrape someone else’s pizza crumbs out of the oven, scrub grime from the bathtub or extract pet hair from the carpet. Instead, you will move in to a fresh, blank canvas, with clean tiling, paintwork, kitchens and bathrooms. There will be no rush to decorate, you can simply move in, unpack and take your time as everything will look perfect just as it is.

EXTRAS INCLUDED

It depends on the developer, but in many

cases you will find a whole host of extras are included with your new home. Few developers these days hand you a property with splintery floorboards and bare concrete; instead, you are likely to find carpets, tiles and hard flooring provided to make you comfortable from day one. It’s standard to find an oven, hob and extractor, and you could find that your home comes with dishwasher, washing machine, tumble dryer, fridge and freezer as well, saving you all the expense of having to buy these when you first move in.

PEACE OF MIND

New builds come with a 10-year warranty, which will protect you from any major structural defects. The first two years are normally covered by the developer, which will respond to any complaints about snagging. After that, an insurance-backed warranty covers a wide variety of problems that might occur if the builder failed to follow the correct technical standards. Various different parts of the building are covered, such as roofs, flues and chimneys; external walls; stairs; windows, doors and foundations, giving you additional peace of mind.

WARM AND ECONOMICAL

Every home that is sold (with a few

exceptions such as historic buildings) must have an energy performance certificate (EPC) to let buyers know how efficient it is. The EPC rates properties from A (the best) to G (the worst). Between October and December 2021, 84% of new build properties were given an EPC rating of an A or a B, compared with just 4% of existing homes. In fact, 81% of older homes that were assessed received a rating of C or D, 12% scored an E and 3% an F or G.

This translates directly into how expensive the home will be to run. Real estate agent JLL recently calculated that the worst-performing homes cost more than four times the amount to run than the average new build – £4,950 a year on average for a band G compared to £2,687 for band E and £1,219 for an A-C¹. And remember that these are averages – many people spend much more, while some new properties can even be guaranteed bill-free. Property portal Zoopla estimates: “New builds offer up to 52% lower running costs over a year compared to a similar-sized older property.”²

New homes score better on the EPC because they are built to far higher standards of insulation than older properties, which doesn’t just mean lower bills, it also cuts your carbon footprint, and offers the potential for a “green mortgage” that offers a lower rate. Things like cavity wall insulation, double glazing and loft

insulation, which you might have to pay to be fitted in an older home, all come as standard with a new build.

SECURITY AS A PRIORITY

New homes also come with higher levels of security. Windows will have locks, and doors will all have up-to-date locking systems that meet the latest requirements from insurance companies, often bringing down the cost of your contents insurance. In apartment buildings you might even find CCTV, a security-conscious concierge or even a sophisticated keyless entry system.

SAFE AS HOUSES

If you buy a secondhand home, especially an older one, you need to get an electrician to check that your wiring is safe, otherwise you could be at risk from faults and even fires. With a brand new home, you not only have the latest quality in wiring, but also fire-resistant materials and smoke alarms to keep you and your family safe, as well as circuit breakers to protect you while you are cutting the grass.

MODERN LIVING

Older homes reflect the way of life that was prominent at the time – for example, in a Victorian home you might have a series of small, dark rooms, including the “front parlour” that was only used for guests, the “morning room” that was more like a family room, and a dining room used for only an hour or so a day. Each room tended to have only one purpose, so families were separated by geography. Most new build homes have egalitarian, family friendly open-plan layouts with break-out areas, so multiple tasks from cooking to homework can take place in a sociable space, facilitating conversation and creativity.

Some new builds also have shared spaces and services such as a gym or concierge, cinema room, bookable working areas or meeting spaces so even the smallest apartment can have great facilities (although there will be management charges to cover these extras).

BOOST YOUR BUYING POWER

Finally, many Government schemes are only available on new builds, including Help to Buy (which finishes at the end of October), First Homes and shared ownership.

1 residential.jll.co.uk/insights/news/jll-could-newhome-demand-rise-as-energy-prices-soar

2 zoopla.co.uk/discover/property-news/new-buildbuyers-driving-green-home-movement

LEGAL & GENERAL

See what Legal & General Affordable Homes has to offer

Legal & General has been involved in housing for over 20 years and established Legal & General Affordable Homes (LGAH) in 2018 with the aim of becoming the leading private affordable housing provider in the UK.

Dedicated to tackling the current housing crisis by delivering high-quality, enduring homes, LGAH seeks to make a positive difference to the affordable housing sector and offer an alternative route on to the property ladder.

Its mission is to better people’s lives and ensure everyone has access to a safe and secure space to call their own. Whether it’s a first time buyer, young couple or growing family, LGAH wants to demonstrate the benefits of shared ownership for a variety of circumstances and lifestyles.

LGAH strives to create sustainable communities with high-quality homes, reflected by its key principles of quality, sustainability and customer service that underpin every decision made. Recognising the strength in partnership and collaboration, LGAH works with local housebuilders, housing associations and contractors to deliver dream homes that are affordable and accessible.

Across its fast-growing portfolio and upcoming developments, LGAH offers social and affordable rent as well as shared ownership homes.

Ben Denton, Chief Executive, Legal & General Affordable Homes

FROM £140,000* FROM £97,500*

BRIGHTON Edward Street Quarter

Edward Street Quarter is a vibrant new community of contemporary one and two bedroom apartments located just minutes from the beach and only a little further from the world famous Brighton Palace Pier and the Royal Pavilion. Set in Kemptown, well known as one of the UK’s coolest neighbourhoods with tree-lined boulevards and open spaces, Edward Street Quarter is one of Brighton’s most exciting place to live. Flanked by quirky vintage fashion boutiques, antique shops, pubs, restaurants and sports facilities, and situated only 400m from the beach, it has something for everyone. All homes come with a fully integrated kitchen, under oor heating throughout and cycle storage, and some also have a private balcony. There is a shared roof terrace and ground level communal gardens for all residents to enjoy. Brighton is the perfect starting point to explore the walking trails and cycle tracks of the South Downs.

landgah.com/scheme/edward-street-quarter

BRENTFORD The Moorings

The Moorings, situated in a prime location by Brentford Lock on the Grand Union Canal, is surrounded by some of London’s nest parks including Kew Gardens and Gunnersbury Park. This premier new address in Brentford, in the London Borough of Hounslow, offers carefully designed one, two and three bedroom apartments, all with private balcony. Residents enjoy access to a roof terrace with views over the lock, beautifully designed communal spaces and a play area at ground level. Every apartment at The Moorings is built to a high level of quality, with open-plan interiors and a fully integrated kitchen. The Moorings is within walking distance of Brentford railway station and Boston Manor underground station, which will take you into the heart of London in around 30 minutes. The development is close to local shops, cafes, and restaurants along Brentford High Street and within easy reach of West eld London. With access to the waterside and parks, there is plenty of outdoor space to enjoy and bene t from.

landgah.com/scheme/the-moorings

DARTMOUTH Little Cotton Farm

Little Cotton Farm is a new community of one and two bedroom apartments and a single remaining three bedroom house situated on the outskirts of the beautiful town of Dartmouth and close to South Devon’s Area of Outstanding

FROM £48,750* FROM £110,625*

ENFIELD

Trent Park

Natural Beauty. Located near to beaches, harbours and panoramic walks, residents are perfectly positioned to enjoy the best of nature and the excellent amenities that Dartmouth has to offer. An array of pubs, bistros, excellent schools and a local supermarket are all close by. Dartmouth Leisure Centre is a short walk away from the development, equipped with regular gym activities and an indoor swimming pool. The homes are beautifully nished, with kitchens including an integrated oven, hob and chimney hood, while houses enjoy a rear garden and allocated parking spaces. Little Cotton Farm is within easy reach of nearby towns such as Paignton, Totnes and Newton Abbot, with tourist attractions including boat trips and a steam railway. Totnes railway station is just 13 miles from the development, with connections to Exeter, Bristol Temple Meads and London. Regular bus routes service the local area, with Dartmouth Higher and Lower Ferry operating a daily continuous service. Exeter airport is 44 miles away.

landgah.com/scheme/little-cotton-farm

Trent Park is a unique development in the charming north London triangle of Oakwood, Cockfosters, and Hadley Wood, offering countryside living surrounded by nature. The Kendrick and The Chase Collections at Trent Park offer a selection of one and two bedroom apartments in a 56-acre estate surrounded by over 400 acres of north London parkland. The apartments feature generously sized rooms that are nished to a high speci cation and are full of natural light, with many enjoying uninterrupted views across the park and golf course from the individual balconies. The contemporary decor is contrasted by historical touches that echo the distinguished heritage of the development’s magni cent surroundings. Trent Park is within walking distance of the boutiques, local shops, restaurants and cafes of Cockfosters High Street. Nearby, there’s an 18-hole golf course, an equestrian centre, and other rstclass sporting facilities, along with a great selection of Ofsted-rated Outstanding nurseries and schools. Both Cockfosters and Oakwood underground stations are a short walk away, with services to King’s Cross in only 26 minutes.

landgah.com/scheme/trent-park

HYDE NEW HOMES

See what Hyde New Homes has to offer

Hyde New Homes is one of the UK’s leading shared ownership providers, assisting thousands of buyers in line with its vision to provide “great homes for everyone”. Offering both brand new and pre-owned shared ownership homes for sale, buyers can purchase a 25%–75% share of their selected home and pay a subsidised rent on the remaining share. Then, they can increase this share at any time through a process called staircasing and, in most cases, buy their home outright. Help to Buy and outright sale is also available on selected developments.

Hyde New Homes’ award-winning approach to both new homes and large-scale regeneration allows it to create thriving and sustainable neighbourhoods with public space, which improves the lives of everyone. Buyers will benefit from innovative, award-winning design, outstanding sustainability features and desirable locations.

With a variety of styles to choose from, each home comes generously sized, boasts a balance of stylish, yet functional design, and is finished to the highest standard, using quality fittings and long-lasting materials wherever is practical.

To discover Hyde New Homes’ latest developments, please visit hydenewhomes.co.uk

Sam Welstead, Head of Sales, Hyde New Homes

GREENWICH Copper Creek

FROM £122,250*

HARROW Eastman Village

Built on the site of the historic Kodak factory in Harrow, Eastman Village provides a range of high-specification one, two and three bedroom apartments, all with private balconies or gardens. Around 2,000 new homes, offices, places to eat, shops and amenities are set to be built around an expansive landscaped park that serves as a new green link in the heart of residential Harrow. Eastman Village will offer residents an array of on-site amenities including a gym, supermarket, cafes and restaurant, as well as excellent transport links. The development is well-served by a number of nearby stations. Harrow and Wealdstone Station, in Zone 5, is around an 11-minute walk from the development and connects to London via the Overground, Bakerloo Line and National Rail network. Services reach Euston in just 13 minutes. All apartments include a fully integrated kitchen, en suite bathroom and private outdoor space, plus access to the extensive landscaped gardens at the centre of the whole development. Apartments in phase one are rent-free for six months.

hydenewhomes.co.uk/shared-ownership-at-eastman-village

Copper Creek is a beautifully designed, contemporary new development of one, two and three bedroom apartments in the historic Royal Borough of Greenwich. Homes are situated a stone’s throw from Deptford Creek, with many boasting fabulous city and river views. The area is known for its maritime and scientific history, with the Cutty Sark and the Royal Observatory nearby, along with beautiful parks and green spaces and the popular daily Greenwich Market. All apartments have private balconies, and are built and finished to a superior standard, with quality flooring throughout and fitted white blinds to all windows. The location allows quick access to the various transport links that Greenwich enjoys, with Cutty Sark DLR, Greenwich National Rail/DLR and Deptford ThamesLink stations all within walking distance. The area is served by seven bus routes and two night bus routes heading in all directions including central London, Peckham and Woolwich. For those who choose to get around on two wheels, on foot, by bus or by train, there are plenty of ways to explore Greenwich and the wider area. The development is proving popular, with 50% already reserved.

hydenewhomes.co.uk/copper-creek

£82,500*

Owning a home in London has finally become a reality for Ian Legg and his partner after buying a shared ownership apartment at Hyde New Homes’ Helix development in Harlesden.

In common with many potential first time buyers, Ian, a Station Supervisor for London Underground, was frustrated by the financial barrier to purchasing a home in London despite trying to save for a deposit.

After spotting an online advert for Helix, a mix of stylish shared ownership homes set around a landscaped, communal area, Ian’s frustration turned to delight as the development offered precisely what the couple wanted, at a realistic price that was affordable to them.

“We were looking for a home we could make our own,” explained Ian. “When we viewed the apartments at Helix, we immediately knew this was the right place for us.”

Having discussed various buying options with Hyde New Homes’ Sales Consultant Liza, the couple decided to purchase a 25% share of a two bedroom apartment, valued at £420,000.

Hyde New Homes was on hand to support Ian and his partner throughout the buying process, enabling them to complete on their new home in just over a month.

“Liza was very helpful and switched on” said Ian. “We had previously made plans to go away on holiday and she made sure everything was ready for when we got back.”

Since moving in, the couple have started to decorate. “Being a new build was a definite bonus,” explained Ian. “Our previous home was new and once you get used to being the first ones in, you don’t want to go back. It’s nice to have a blank canvas to work from.”

As well as buying plants for the balcony, which looks out on to a quiet road, the couple have added a distinctive individual touch to the hallway by painting it purple to frame their artwork and hanging a mirror to reflect the light.

Ian often works night shifts for London Underground so having two bedrooms is an advantage. “I tend to use the spare room when I get back late so as not to disturb my partner,” he explained.

The final piece of the award-winning New Stonebridge Park development in Harlesden, Helix is in Zone 3 and well connected to other parts of London by public transport. Oxford Circus is 24 minutes away by underground, while Brent Cross shopping centre is just eight stops by bus and Wembley is one stop away on the train.

Known as one of the most diverse boroughs in London, Harlesden has a wide array of independent shops, specialty cafes and historic parks. “The area was new to us, but we really feel at home here now,” said Ian. “We love that it has the busy, lively feel of being in central London but with its own identity.”

L&Q

See what L&Q has to offer

L&Q is one of the UK’s leading housing associations and developers. Social purpose is at the heart of everything we do. All the money we make is reinvested into new and existing homes, creating successful communities and providing excellent services.

The safety of residents is our top priority. We are an early adopter of the Government’s building safety proposals and have committed £250m to implementing the recommendations from Dame Judith Hackitt’s review of building safety.

We own and manage more than 110,000 homes nationwide, and we are actively involved in the communities we help build, staying locally based and responsive. We listen to our customers and make sure they have a strong and influential voice throughout every part of the business.

We hope to build aspiration, opportunity and confidence among residents through our community foundation and skills academy. Last year, the Foundation awarded £5.7m in grants to good causes, including grassroots initiatives to tackle social issues like gang violence and homelessness.

L&Q Living provides care and support services to people with a wide range of needs, including older people, people with learning difficulties and mental health needs, and people dealing with homelessness.

Claire Brenlund, Sales & Marketing Director, L&Q

FROM £57,500*

EAST HAM L&Q at New Market Place

L&Q at New Market Place offers exceptional one, two and three bedroom

HAYES

L&Q at Hayes Village

Located on the site of the former Nestle factory, Hayes Village offers high-specification studio, one, two and three bedroom apartments. This iconic development offers a great quality of life, with communal gardens and access to peaceful riverside walks along the Grand Union Canal. Hayes Village will eventually have a new canalside public realm and green space, with a walking trail, running track and outdoor exercise equipment, plus an on-site residents’ gym. The development is close to Acton High Street with its range of shops, as well as having a supermarket, cinema and sports centre nearby. Less than 10 minutes’ walk away, Hayes & Harlington station offers links to Heathrow and Bond Street via the Elizabeth Line. Westfield London is a 10-minute journey, along with Cranford Park and Minet Country Park. Apartments at Hayes Village offer a fully integrated kitchen, modern bathroom, a private balcony or terrace and car parking to selected homes.

lqhomes.com/hayesvillage

FROM £75,000*

apartments

located in a thriving neighbourhood, close to a busy high street packed with shops, cafes and restaurants. Residents can enjoy relaxing in the communal podium garden or taking in the superb views of the London skyline from the residents’ rooftop terrace. Just a short walk from East Ham underground station, great transport links connect residents to the City in just 18 minutes, while the new Crossrail service from nearby Manor Park offers swift connections to Canary Wharf and the West End. Close to Westfield Stratford, the QE Olympic Park and the nine-acre East Ham Nature Reserve, L&Q at New Market Place offers versatile modern city living. East Ham is a vibrant, cosmopolitan area, but there’s still very much a caring East End atmosphere and streetscape, with everything from bustling market stalls to traditional pubs close by. Newham is also one of London’s greenest boroughs, so residents will never be far from beautiful open spaces. Every home benefits from a private outdoor space, fully integrated kitchen and a sleek modern bathroom.

lqhomes.com/newmarketplace

Having moved to London from Essex 10 years ago, Lily had experienced her fair share of different living set-ups. Believing that homeownership in the capital was out of reach on her single income, it was through her best friends that Lily became aware of shared ownership. “I spent my 20s in London spending a crazy amount of money on renting. I was desperate to find a place of my own, but the financial requirements just seemed an impossible hurdle. However, when my best friends got on to the property ladder through shared ownership, they told me that even as a single buyer, the scheme could work for me.”

Lily discovered a new collection of one and two bedroom apartments at L&Q at Blackhorse View in Walthamstow and suddenly a one bedroom apartment of her own was within reach. Lily went on to purchase a 25% share of a one bedroom apartment for £138,750 with a full market value of £555,000.

Lily said, “I was completely open-minded about what sort of home I would buy, but when I first walked into the apartments at L&Q at Blackhorse View, I was blown away. The balconies are huge and the open-plan kitchen-living room makes it feel so spacious. Plus, there’s more storage than I know what to do with.”

Since moving into her new home, Lily reflects on living in Walthamstow. “I didn’t previously know the Walthamstow area, but since my first viewing I knew that the area would give me the ideal blend of city living and nearby green space. Plus, the development is incredibly well connected to the rest of London. Blackhorse Road station is just across the road, where I can get the Victoria Line into Oxford Street in just 17 minutes.”

Describing her experience as a first time buyer with L&Q, Lily says, “I had always thought that getting on to the property ladder in London was a fantasy for me, but shared ownership meant that I could finally leave behind a decade of renting and have my own space.”

LATIMER BY CLARION

See what Latimer has to offer

Latimer is the development arm of Clarion Housing Group, the largest housing association in the UK. Latimer was formed to ensure that Clarion is able to build homes at scale across all tenures and for people who need them most – realising its mission to help tackle the country’s housing crisis.

The Clarion story started with William Sutton, a 19th century entrepreneur who gifted his entire fortune – £230m in today’s money – to build affordable housing across major cities in the UK. We’ve been delivering on his legacy ever since.

Today Clarion owns 125,000 properties, with more 350,000 residents. We’re committed to investing billions in new housing, building at scale and creating vibrant new places to live. What sets Latimer apart is our long-term commitment to the people who live in our homes. Our model is not to build and then move on to the next site.

We are part of a social business, reinvesting our profits back into building more affordable homes – including shared ownership – and supporting Clarion residents.

Victoria Finch, Regional Sales Director, Latimer

FROM £73,750* FROM £83,250*

SOUTHALL Junction West

Junction West is a beautiful collection of one, two and three bedroom apartments offering a convenient, comfortable lifestyle with everything close at hand. Situated in Southall, in one of the capital’s liveliest boroughs, the London Borough of Ealing, Junction West is just two minutes’ walk from Southall station, which offers services to London Paddington in 15 minutes and a 30-minute journey to Canary Wharf. Even better, Crossrail has now cut journey times across the capital in half. Friendly, colourful Southall, with its world-famous shopping, mouthwatering cuisine and peaceful green spaces, is currently undergoing a multi-million pound regeneration. Residents will be able to stroll along the picturesque Grand Union Canal, browse the fresh fruit, exotic spices and dazzling fabrics of Southall Market, or take some exercise at the local gyms or Hillingdon Cycle Circuit. All apartments are built to a high specification throughout, with modern kitchens complete with Bosch integrated appliances, spacious open-plan living areas and a balcony or terrace. The development also benefits from a central landscaped courtyard for all residents to enjoy.

junction-west.co.uk

WEMBLEY Liberty Wharf

Liberty Wharf, alongside the historic Grand Union Canal, offers one, two and three bedroom apartments, all with floor-to-ceiling windows and a private balcony or terrace to enjoy the views. The new homes are a 10-minute walk from Alperton tube station, offering direct journeys to central London via the Piccadilly Line, while the many attractions of Wembley are just a mile away. The canalside apartments combine striking architecture and beautifully landscaped grounds, along with a secluded courtyard at the heart of the development and a play area. Apartments feature a spacious open-plan living/kitchen area with contemporary finishes throughout, including a Symphony fitted kitchen and integrated appliances. Liberty Wharf is close to an array of tranquil parks, sports facilities, shopping opportunities and world cuisine. One Tree Hill, with its wide stretches of grass, wildlife area and views towards Harrow on the Hill and central London, is popular with runners, dog-walkers and families alike. For a real taste of countryside, a quick drive north to Fryent Country Park reaches 254 acres of rolling fields, woodland and ponds.

Vicki, and her partner Robert, bought a two bedroom semi-detached house at Latimer’s Castle Hill development in Ebbsfleet with shared ownership. Using a deposit of £11,500, made up of shared savings, they bought a 55% share of their new home, which signifies a fresh start for the couple. Vicki explains, “We’re the happiest we’ve ever been. We’ve both experienced previous relationship breakdowns and now this means we can move forward. It’s the start of our future together and our lives together.”

Vicki was living in a one bedroom flat in Bexley Heath and Robert had moved back home with his parents in Strood. The couple decided to take the step of moving in together, assuming that they would have to move further out into Kent and possibly rent. House prices seemed out of their reach. Vicki and Robert were astounded to discover that with shared ownership, they could afford not only a home, but a house rather than a flat. “After viewing the show home and then being allocated a plot here, we were floating around on cloud nine. It felt too good to be true, but we moved into our new home in March and haven’t stopped smiling since.” Both Vicki and Robert work for a local government and split their time between home and the office, which is 30 minutes away by car in Woolwich.

The way of life at Castle Hill also appealed to Vicki and Robert. The shared green areas, a unique sense of community and a beautiful location, coupled with easy access to popular amenities like Bluewater, create an ideal lifestyle for the couple. Vicki expands, “We noticed what a family friendly development it is here on our first visit. It just had a good feel about it and we could see ourselves living here immediately. The style of houses here is also very attractive and we love the fact that everything is clean and modern.”

NETWORK HOMES

See what Network Homes has to offer

Housing associations were set up to support people in housing need and this remains at the heart of everything we do today.

We’re an independent, charitable organisation and all the money we make is reinvested in building more affordable homes and delivering services for our residents.

Network Homes is a member of the G15 group of London’s largest housing associations.

The G15 is the collective voice of some of the leading organisations in the housing sector. Its members house one in 10 Londoners and are the largest providers of affordable homes in the capital, building a quarter of all London’s new homes, and owning or managing more than 600,000 homes.

networkhomessales.co.uk

SOUTHALL Evolution

Set among the leafy green spaces of west London, Southall is known for its bustling independent high street, and thanks to the new Elizabeth Line, the community is better connected than ever before. Evolution offers one, two and three bedroom apartments varying in layout and size, but all with open-plan living areas, quality speci cation including kitchens with Smeg integrated appliances and most with a balcony, terrace or wintergarden. Residents have the added bonus of access to a podium-level shared courtyard garden as well as landscaped rooftop gardens. Independent entrance foyers serve each core, with lift and stair access, plus cycle storage. Southall station, served by the Elizabeth Line and Great Western Rail services is just a seven-minute walk from the development, with trains heading into London Paddington in just 17 minutes, or west to Windsor and Reading. The hustle and bustle of the Oxford Circus shopping scene is 35 minutes away, or a more leisurely day in Shepherd’s Bush West eld is 23 minutes away. The M4 and M25 are both reachable in 15 minutes by car.

networkhomessales.co.uk/ nd-your-new-home/evolution-southall

PERIVALE Union Square

Union Square is a fantastic collection of two bedroom apartments perfectly placed in the heart of Perivale. Perivale has retained its unique village feel, perfect for those who enjoy a slower pace of living but with a great range of coffee shops and places to eat, local parks and excellent connections to the rest of the capital and beyond. With seamless underground connections from two tube stations within a 15-minute walk, the development is ideal for those looking for an easy commute. Perivale station offers direct Central Line services to key commuter hubs like Bank and Liverpool Street, while Alperton station provides Piccadilly Line services to King’s Cross. Homes include a fully integrated kitchen with Bosch appliances, a balcony, terrace or patio, modern bathroom, audio-visual entry-phone system, cycle storage and lifts. Car parking is available to purchase in this secure gated development, with the world-class sport and entertainment opportunities of Wembley just a 10-minute drive. In addition to homes, the new waterside neighbourhood will include a vibrant new public realm including greater access to the Grand Union Canal, retail, eating out and leisure facilities, a new health care provision, a nursery and a community centre

networkhomessales.co.uk/ nd-your-new-home/union-square-perivale

Kalumba Musambachime, Head of Sales and Build to Rent, Network Homes

WEMBLEY Arc

The iconic curved arc of Wembley puts Wembley Park on the map as a global sporting and entertainment destination. Shops, including the London Designer Outlet, restaurants, a cinema and theatre and Boxpark Wembley, with 24 of London’s most exciting food and drink vendors, are all located on the doorstep of Arc’s one and two bedroom apartments. Wembley High Road is a two-minute walk away and there’s a gym, cinema and green spaces close at hand. Pedestrian access links Arc directly to Wembley Stadium station, with trains running to London Marylebone in just 12 minutes. The Jubilee and Metropolitan Lines link to Canary Wharf and the City from Wembley Park tube station. Cycle storage is plentiful and TfL is working on plans for a new Cycleway between Wembley and Willesden. Residents also bene t from a two-year car club membership. All the apartments are open-plan, spacious and light, with high ceilings in the living spaces, fully integrated kitchens and ample storage space, a balcony or terrace and communal gardens to enjoy. Eco-friendly living is a priority here, with blinds to all windows and balcony doors.

networkhomessales.co.uk/ nd-your-new-home/arc-wembley

ACTON Acton Works

FROM £96,250* FROM £83,125*

Acton Works offers one and two bedroom apartments in the heart of the unique Old Oak and Park Royal regeneration area, one of London’s most vibrant districts and a welcoming and cosmopolitan community. The development offers an enviable lifestyle with beautiful homes surrounded by communal outdoor space, while apartments feature a balcony, as well as access to private landscaped rooftop gardens. With on-site bike storage, it’s also easy to explore the capital on two wheels, as well as on foot. The area has an array of shopping and dining opportunities on the doorstep, including West eld London a few minutes away by tube, leisure opportunities including cinemas, trampoline parks, a gym and golf course, plus a good selection of nearby schools. Road and rail connections are both excellent. The Old Oak and Park Royal regeneration area is a dynamic new neighbourhood with transport connections at its heart. Park Royal station is only 20 minutes away providing access to King’s Cross St Pancras. West Acton station is a little further and has services to Bond Street, Holborn, Tottenham Court Road and London Liverpool Street.

networkhomessales.co.uk/ nd-your-new-home/acton-works-nw10

NEWLON LIVING

See what Newlon Living has to offer

Newlon Housing Trust is a charitable, not-for-profit housing association, founded in Hackney in 1968.

Today we provide more than 8,300 affordable homes in a range of boroughs in north and east London.

We are a major provider of new affordable housing in London, including high-quality shared ownership homes for people taking their first step on the property ladder. We are proud of our record of developing sustainable communities and have been partners in award-winning regeneration programmes at Hale Village in Haringey and the Arsenal Regeneration project in Islington.

Other recent landmark projects include the Goodman’s Field development in Tower Hamlets, on the edge of the City of London, where we have been able to help local people take an affordable step towards homeownership in one of the capital’s highest-value neighbourhoods.

Our dedicated in-house sales team has long-term experience of assisting people to find shared ownership homes that meet their needs and can support prospective buyers at each step of their journey.

You can find out more about shared ownership with Newlon at newlonliving.co.uk or for more information about us visit newlon.org.uk.

Qammer Hussain, Assistant Director, Property Sales & Marketing, Newlon

TOTTENHAM HALE Hale Works

Sitting moments away from the tranquil waterways of the River Lee in one of north London’s most innovative new neighbourhoods, Hale Works, in the heart of the thriving Hale Village ecodistrict, is a new landmark development by architect Hawkins Brown. Residents are welcomed by a 24-hour concierge into a stylish and spacious lobby. From there, the lift goes all the way up to the 11th oor sky garden and residents’ lounge with views over the Walthamstow Wetlands and the city. Homes are light and airy, with an open-plan living area that mixes 21st century style with the best of home comforts. One and two bedroom apartments are available and include integrated appliances. Tottenham has become one of London’s most eclectic cultural districts. Previously known for its array of restaurants and colourful markets, it’s now a community of artists, musicians, venue owners, brewers and baristas mapping out its creative future. Hale Works is perfectly placed to make the best of London. Just a short walk away is Tottenham Hale station where the Victoria Line underground goes to King’s Cross in just 10 minutes and Oxford Circus in 16 minutes. Stratford is minutes away on the Overground.

hale.works

TOTTENHAM HALE Millstream Tower

Rising up as a sleek new landmark on the changing local skyline, Millstream Tower is a thoughtfully designed, contemporary development offering a collection of one and two bedroom apartments in one of north London’s most vibrant yet peaceful quarters. Just 10 minutes’ walk from Walthamstow Wetlands, the largest urban nature reserve in the country, residents at Millstream Tower can combine urban living with wildlife rich waterways, parks and scenic cycle paths. Tottenham Hale is a growing new neighbourhood; an inventive and welcoming area surrounded by some of north and east London’s famous cultural hubs. Tottenham Hale station is on the doorstep, with Victoria Line services to King’s Cross in 10 minutes or Oxford Street in 16 minutes. Overground trains reach Stratford in 10 minutes or Liverpool Street in 15 minutes. By bike, Stoke Newington is 15 minutes away and Hoxton half an hour. Alternatively, pick up the towpath at Ferry Lane and follow the River Lee Canal past Walthamstow Marshes to Victoria Park. Apartments have a contemporary kitchen with integrated appliances, spacious open-plan living areas, under oor heating and en suite bathrooms in the two bedroom apartments, plus seventh oor communal landscaped gardens.

ENFIELD Sanderling House & Harlequin House

FROM £88,800* FROM £102,000*

A vibrant north London suburb on the edge of the rolling Hertfordshire countryside, less than 20 minutes from central London, En eld offers the best of both worlds. In the heart of this welcoming and evolving neighbourhood sits Sanderling House and Harlequin House, a landmark development of stylish one bedroom apartments. Each home has been carefully designed to provide the best possible space, light and storage, with tted kitchens with integrated appliances, built-in wardrobes to the bedroom, modern bathroom suites and balconies accessed from the lounge offering views across the Lea Valley and towards London. With Ponders End station a short walk away, journey time into Liverpool Street is only 17 minutes, or half an hour to Oxford Circus. Nearer to home, En eld town centre is only a short distance away and Lee Valley Leisure Complex offers a multitude of sporting activities. West eld Stratford is 30 minutes away with a choice of more than 300 shops, 50 places to dine and an 11-screen cinema.

newlonliving.co.uk/properties/sanderling-house-and-harlequin-houseen eld

WALTHAMSTOW Dominion Apartments

On the site of the 1930s art deco cinema and music hall that gives this new development its name, Dominion Apartments sits in the heart of Walthamstow offering high-speci cation one and two bedroom apartments surrounded by creativity and nature. Walthamstow has something for everyone – from artisan delis to homely restaurants and proper East End pubs, plus Walthamstow Market, the longest in Europe, on the doorstep. Close by is Walthamstow Wetlands, a cluster of 10 reservoirs and canal inlets. As Europe’s largest nature reserve, its 200 acres offer picturesque walking and cycle trails. Inside each apartment is a light and airy living space that mixes contemporary style with the best of home comforts. Each apartment bene ts from its own outside space with either a garden, balcony or terrace, plus a fully integrated kitchen, with an en suite bathroom to most two bedroom homes. Walthamstow Central station is only a short walk away, from where the Victoria Line reaches King’s Cross St Pancras in just 15 minutes and Oxford Circus in 19 minutes, so residents are perfectly placed to make the best of London living.

dominionapartments.london

*Based on 25% share with a full market value of £296,000

*Based on a 30% share with a full market value of £340,000

PEABODY

See what Peabody has to offer

Now, 160 years after it was established, Peabody is one of the oldest and largest not-forprofit housing associations in the UK. Following a merger with Catalyst Housing in April 2022, Peabody is responsible for over 104,000 homes and 220,000 residents across London and the Home Counties.

Our mission is to help people flourish.

We are relentlessly committed to creating great places and building sustainable, highquality new homes that stand the test of time. With significant development, placemaking and regeneration expertise, we provide top-quality new homes and invest in communities for the long-term.

Founded by the American financier and philanthropist George Peabody in 1862, we continue to invest in our homes and communities, designing inclusive neighbourhoods that support wellbeing. We invest around £11m each year through our Community Foundation, to support people to be healthier, wealthier and happier. We aim to make a positive impact on climate change for our residents, communities and the environment, with an ambition to achieve net zero carbon in our new and existing homes by 2050.

Find your place: peabodysales.co.uk/more-than-just-a-place-to-live

WANDSWORTH Willow Walk

In the heart of Wandsworth, close to the river and town centre, Willow Walk offers one, two and three bedroom apartments with balconies and a communal podium garden. Its contemporary architecture blends into its surroundings through an attractive mix of materials, with pedestrianised walkways, leafy courtyards and green terraces. Apartments include a fully integrated kitchen, built-in wardrobes in the bedrooms, MVHR system and video entry. From Wandsworth Town station, a 13-minute walk away, services reach Waterloo in 14 minutes, while the Thames Clipper heads from Wandsworth Riverside Quarter Pier into central London. Wandsworth is well supplied with cafes and restaurants, artisan delis, bakeries, boutiques and pubs, and Wandsworth Park is a stroll away. Battersea and Putney are a short walk along the riverside.

peabodysales.co.uk/developments/willow-walk/#Shared

TOWER HAMLETS

Three Waters

The waters of Bow Creek, the River Lea and the Limehouse Cut meet in London’s fastest-growing area. Three Waters offers one, two and three bedroom apartments that are minutes from the City and metres from the water. Every aspect makes the most of the location – the raised garden, the roof terrace, the private balconies with far-reaching views, even the buildings with architecture reflecting the historic wharves. The tube at Bromley-by-Bow and DLR at Devons Road are in walking distance, with services to the City in as little as 12 minutes. Apartments have a fully integrated kitchen, modern bathrooms and whole home ventilation and benefit from a 24-hour concierge and a state-of-the-art screening room. The Lee Valley has award-winning parks, towpaths and sports facilities. The area is also home to some of London’s most outstanding schools.

peabodysales.co.uk/developments/three-waters/#Shared

Andrew Peglau, Assistant Director of Marketing, Brand and PR, Peabody

CASE STUDY

Amy, 24, purchased her first property through shared ownership at Peabody’s Limebrook Walk. Amy found everything she was searching for and more at the Maldon development and most importantly, she was able to stay in the area she had grown up in.

As a mortgage broker specialising in shared ownership schemes in high-rise flats in London, Amy was well informed about the property market and had previously worked closely with Peabody. She comments, “With the nature of my job, I was very aware of the difficulty for first time buyers to purchase a home and I also know the ins and outs of the scheme. I knew shared ownership was going to be invaluable in allowing me to purchase my first home.”

Having grown up in Maldon, Amy knew and loved the area and wanted to stay close to family and friends, but initially, she was unsure which type of property she wanted to buy. “I started my search looking at apartments believing this was more in my price range, but I re-looked at my finances and realised that with the help of the shared ownership scheme, a two bedroom house was within my budget.”

Amy was able to purchase a 30% share of her two bedroom semi-detached home on a two-year fixed mortgage rate. Her monthly outgoings are £924 and she hopes to staircase in the future to own a higher proportion of her home and lower her rent. “The size of each room of my home is so impressive and all the furnishings are such high quality – it makes me feel that I am getting a lot for my money.”

As a well-established Maldon local, Amy knew she wanted to remain in the area. “Maldon has everything! There are so many amenities such as essential shops, leisure facilities and wonderful eateries to enjoy.”

GETTING YOUR HOUSE IN ORDER: THE FINANCIAL NUTS AND BOLTS OF SHARED OWNERSHIP

The shortage of housing in the UK, and high deposits required to buy a property outright, mean many people can’t afford a new home. It’s important that everyone has a safe and secure space to call their own, and that’s where shared ownership plays a key role

The Government-backed shared ownership scheme is simple; you buy an initial share of between 25% and 75% of the home’s full value and pay a subsidised rent on the remainder. You may purchase further shares over time (up to 100%) as your circumstances change, should you choose to.

The first step towards your shared ownership home is understanding it all – whether it’s right for you, the financial aspects, and how to get started.

IS SHARED OWNERSHIP THE RIGHT MOVE FOR ME FINANCIALLY?

Shared ownership is a good alternative if you’re looking to get out of renting, and can also be cheaper than renting privately. You only need a mortgage for the share of the property that you buy, so it is generally much smaller than a traditional mortgage. You will also pay less rent compared with regular renting – the bigger your share, the lower your rent. Getting out of private renting also means added security because there’s no risk of a landlord terminating your tenancy. You decide if and when you want to move on and sell your share.

Shared ownership means a home of your own, so you will also have more freedom to make modifications and redecorate. Even better, since most shared ownership properties are new, fixtures and fittings will be pristine and the property won’t need as much work or maintenance as an older home.

It’s good to consider any additional costs when you are weighing up your options for getting on the property ladder. These could include service charges – the fees that leaseholders pay to cover their share of the cost of maintaining the building they live in – and estate management charges, which cover the upkeep of external landscaped areas and private roads.

If you buy a home outright, you may have to pay ground rent. However, this is usually not applicable to shared ownership until you purchase 100% of your home.

AM I ELIGIBLE?

If you earn or have an annual household income up to a maximum of £80,000 (or £90,000 in London), you could be eligible. You can use shared ownership to buy alone or with another person as long as your joint incomes don’t exceed the maximum earnings bracket. You cannot currently own another property and you must have a good credit history.

You can purchase any share from 25% to 75% of the initial purchase price, but some properties may carry specific minimum

SHARED OWNERSHIP FINANCES – JARGON BUSTER AGREEMENT IN PRINCIPLE

A document provided by the mortgage lender to show how much money it is prepared to lend you, subject to a full application and supporting documents.

ARRANGEMENT FEES

An amount that you pay for the lender to set up your mortgage. You can usually choose between paying the fee upfront or adding it to the mortgage, which can work out more expensive as you will pay interest on the fee. Sometimes it is charged as a percentage of your loan, rather than a flat fee.

BROKER

Someone who gives you advice on your mortgage. Some brokers are independent, and others work for banks or lenders.

COUNCIL OF MORTGAGE LENDERS (CML) / UK FINANCE DISCLOSURE FORM

The Council of Mortgage Lenders is now part of the trade association UK Finance. UK Finance represents around 300 companies in the UK that provide loans, credit and banking services.

EARLY REPAYMENT CHARGE

This is an amount of money that you have to pay a lender if you decide to change mortgage providers or repay your mortgage earlier than expected. It also might apply if you wish to make a lump sum payment on your mortgage.

EQUITY

The difference between the value of your mortgage and the value of your property.

HIGHER LENDING CHARGE

Some mortgage lenders will charge you an extra fee if you take out a large mortgage on a property. This is because the lender is taking more of a risk when you borrow more money.

MORTGAGE

A mortgage is a loan from a bank or building society to buy property or land. The loan is “secured” against the value of your home until it’s paid off. If you can’t keep up your repayments, the lender can repossess (take back) your home and sell it so it gets its money back. It is important to consider the estimated completion date of your property as a mortgage offer will usually be valid for a maximum of six months.

REDEMPTION

This is when you pay off your mortgage in full.

STAMP DUTY LAND TAX (SDLT)

A tax the Government charges you when you buy a new property. The amount varies depending on the value of the property as the rates are “banded” with thresholds in the same way as income tax.

VALUATION SURVEY / MORTGAGE VALUATION

A basic survey of a property to estimate its value for mortgage purposes. Mortgage lenders will insist on this before lending.

share restrictions. You will be asked to speak to a financial advisor to assess what share you can buy that is both affordable and sustainable. The better your credit history, the better position you will be in when it comes to buying your shared ownership home.

GETTING STARTED, FOLLOWING THE STEPS

If shared ownership sounds like the way forward, it’s good to have a solid understanding of the process before setting the wheels in motion. This will give you an idea of all the steps involved:

1. Book an appointment with a registered shared ownership provider

First, you need to speak with the experts. There are many shared ownership providers, including Legal & General Affordable Homes, which currently has homes all over England. These businesses all strive to provide first-class customer service, from the moment you arrive to when you open the door of your new home. Experienced members of the team will be with you every step of the way throughout your application process.

2. Find your dream home

Next, it’s time to narrow down where

WHAT FACTORS DETERMINE YOUR CREDIT RATING?

To help you understand some of the key factors determining your credit history, the following statements must be true:

9 I have not been declared bankrupt within the last six years

9 I do not have an unsatisfied County Court Judgement (CCJ) registered against my name

9 I am not in arrears with any tenancy payments or mortgage repayments

9 I do not have any active Individual Voluntary Credit Agreements in place

9 I have not had a home repossessed in the last five years.

If the above statements are true and your credit history is not as good as it could be then consider the following factors that might be affecting your credit history:

9 History of late or missed payments

9 Errors or fraudulent activity on your credit report that’s not been detected

9 Going over your credit limit

9 Defaulting on credit agreements

9 Making too many credit applications in a short space of time

9 Joint accounts with someone with a bad credit record.

you want to live. The easiest way to start doing this is to work with your provider to identify which homes are available and match your criteria.

3. Speak to a qualified independent financial advisor to see how much of the home you can buy

When you have found the right property, it’s time to get into the intricate details of the financials and how big a share you can afford and want to buy. You’ll need to speak with an independent and fully accredited financial advisor for this.

At Legal & General Affordable Homes, we work with experienced financial advisors who understand the intricacies of shared ownership and we advise our prospective buyers to use them.

4. Complete your application and reservation paper work, then pay your reservation fee to reserve your home

Once you’ve made a plan for how big a share you’d like and have the green light from your financial advisor, you can reserve your home.

5.Instruct a solicitor to begin your legal paperwork

This is where the lawyers come in. You will have to instruct a solicitor to work the legal paperwork before you officially make the

home yours. Buying a shared ownership home does slightly differ from a traditional property purchase, so we recommend using solicitors who understand the process.

6. Complete your mortgage application

Shared ownership mortgages work in much the same way as traditional mortgages; but they are designed to enable you to purchase through the Government’s shared ownership scheme. The good news is that mortgage rates charged by lenders for shared ownership properties are favourably comparable to outright mortgages. Shared ownership mortgages are smaller, but remember you will be paying rent too. But as the mortgage amount and deposit requirement is lower, your monthly rent is likely to be cheaper than if you rented a property from a private landlord.

The two main types of shared ownership mortgage are fixed rate and variable rate.

1. Fixed rate: this type of mortgage is offered at a flat rate for a certain period, normally two to 10 years. A fixed-rate mortgage means you know exactly what you must pay each month for a set period.

2. Variable rate: as the name suggests, with this type of mortgage the interest rate can vary. It may come down in your favour or it may increase, meaning a rise in your outgoings. It is calculated so that you ought to be able to cover any increases should they arise.

There are around 20 lenders offering shared ownership mortgages. These include Barclays, Halifax, Leeds Building Society, Lloyds Bank and Skipton Building Society. A good mortgage advisor will be able to

explain which approach and provider is best for you.

7. Once your valuation is done, receive your mortgage offer

After you have sent everything off to your mortgage provider, you will receive an offer. If you chose to accept it, there are just a few more steps to take before moving into your new place.

8. Sign the contract lease and pay your deposit

When you sign the contract lease, you will also need to pay a deposit on the percentage of the property that you are buying. You may also have to pay Stamp Duty Land Tax (SDLT). SDLT is a tax on land transactions above a certain threshold set by the Inland Revenue.

9. Exchange contracts

Get ready to sign on the dotted line! It’s time to exchange contracts, which are legally binding agreements between the buyer and seller about the purchase of your property. You will also find out more about your completion date during this stage of the process.

10. Complete, receive your keys and get ready to celebrate!

The shared ownership scheme has successfully helped lots of people on to the housing ladder and into secure housing in places they want to live.

If you think it might be the right move for you, you can start the conversation and get the process underway by contacting Legal & General Affordable Homes through its website landgah.com

STAMP DUTY LAND TAX AND SHARED OWNERSHIP

If you (and anyone you are buying with) have never owned a property before, and the price of your home is no more than £500,000, then you will not pay any tax on the first £300,000 of the purchase price, and 5% on any portion from £300,001 to £500,000.

If you’ve owned a property before, Stamp Duty is 0% on the first £125,000, 2% on the next £125,001 to £250,000, with the rest taxed at 5% up to £925,000.

There are two ways to pay SDLT on a newly built (new Lease) property:

1. Making a one-off payment based on the total market value of the property. If you decide to make a one-off payment upfront this is known as making a “market value election”.

2. Paying any SDLT due in stages.

If you choose to pay SDLT in stages then you will pay on the initial purchase amount. Should you choose to pay in stages, you will not have to make any further payments until you own more than an 80% share of the property.

Each of the options of paying the SDLT could suit you, depending on your individual circumstances. It’s up to you to decide and your solicitor can give you further details on the calculations based on your specific requirements.

SHARED OWNERSHIP MORTGAGES: HOW DO THEY WORK?

You purchase part of a property, normally between 25% and 75% – depending on what you can afford. The deposit will be a minimum of 5% of your portion of the property, dependent on affordability checks –considerably less than a deposit for a full property.

For example, if you want to buy a 25% share of a flat worth £200,000:

9 The value of your share: £50,000

9 Deposit required based on 5%: £2,500

9 Value of portion owned by the housing association: £150,000

9 Value of mortgage required: £47,500

ON THE MARKET...

Check out the latest shared ownership homes for sale

Prices correct at time of going to print

HARLOW Edinburgh Way

Edinburgh Way is a new collection of stunning apartments situated on the edge of Harlow, across the road from Harlow Town Park with its water garden, paddling pools, woodland and play areas. The development overlooks the Stort Navigation, and towpaths and local bridleways provide good cycling and walking opportunities. A single one bedroom home is currently available, built to a high speci cation and featuring a contemporary interior throughout. All the amenities of Harlow are on the doorstep, including a full range of shops and leisure facilities such as live theatre, cinema, restaurants, bars, gyms and sports clubs. There’s also golf, a petting farm, adventure parks and a great choice of country walks within easy reach. Harlow Town railway station is within walking distance, offering a regular, direct service into London Liverpool Street that takes a little over half an hour. You can also travel direct to Stratford, Bishop’s Stortford and Cambridge. The M11 runs close to Harlow with quick access to central London and the North Circular.

landgah.com/scheme/edinburgh-way

HOVE Amberdown

Amberdown is a development of three bedroom mews-style houses bordering Hove’s popular Poet’s Corner neighbourhood.

Close to all the South Coast has to offer, including bustling Brighton and Hove, beautiful beaches and the rolling South Downs, Amberdown provides the ideal blend of town, coast and country. This vibrant, friendly neighbourhood is well-served by independent shops, pubs, and cafes, and there’s an excellent choice of primary and secondary schools nearby. Amberdown offers easy access by public transport, bicycle or on foot to the centres of Brighton and Hove. Brighton Beach, the Lanes and Brighton Pavilion are all within a 20-minute cycle ride and Aldrington station is a 10-minute walk, with services to Brighton, Gatwick and London Victoria. Homes include a fully integrated kitchen, a private balcony or garden with low maintenance arti cial grass, solar panels for lower bills and access to electric vehicle charging points. A bus voucher for up to nine months of travel is also included. hydenewhomes.co.uk/amberdown

WHITE CITY Acer Apartments

The Acer Apartments at White City Living offers a stunning collection of studio, one and two bedroom apartments set within eight acres of parks and garden with fantastic views over the city. Just minutes from some of the capital’s greatest shopping, arts, entertainment and education venues, and right next to BBC TV Centre, the apartments are set in a 22-storey, ultra-contemporary building. Every home is designed and built to the highest speci cation and features a sleek kitchen with integrated appliances, open-plan layouts with oorto-ceiling windows and carpet and wood-effect ooring throughout. White City is currently one of the most exciting places to be in London. An obvious attraction is West eld London, the largest shopping centre in Europe offering a fantastic selection of nearly 400 stores, cafes and restaurants, 20 cinema screens, bowling and mini golf. Nearby Holland Park is the perfect place to unwind, with its 54 acres of beautiful gardens and natural woodland. White City and Wood Lane Zone 2 tube stations are both within walking distance giving a choice of travel options all within easy reach.

landgah.com/scheme/the-acer-apartments-at-white-city

FROM £127,500* *Based on a 25% share with a full market value of £510,000

BAPCHILD (KENT)

Spring Acres

This new country park development offers two, three and four bedroom houses. In parkland on the edge of the village of Bapchild, Spring Acres offers contemporary village living. Nearby Swallows Leisure Centre, with its excellent year-round facilities, provides for an active lifestyle, while Sittingbourne offers local amenities including a range of supermarkets, the Forum Shopping Centre, a theatre and a cinema. Homes at Spring Acres have been designed in a mix of varied architectural styles, sympathetic to the setting, and built to exacting modern standards. All homes will have quality ooring throughout, a garden and allocated parking, with EV charging points and solar panels included at many of the properties. Whether travelling by foot, bicycle, car or on public transport, Spring Acres is well connected. Its commuter-friendly location is midway between Sittingbourne and Teynham railway stations with regular services to London Victoria and King’s Cross St Pancras in less than an hour.

hydenewhomes.co.uk/spring-acres

READING L&Q at Huntley Wharf

L&Q at Huntley Wharf is a collection of one and two bedroom contemporary apartments and duplexes, in a stylish riverside location close to Reading town centre. Built upon an icon of British industry, L&Q at Huntley Wharf will provide prosperous Reading with a new destination to relax, work and play. With a cafe, restaurant, local store, gym and nursery proposed, as well as beautifully landscaped gardens to complement the riverside setting, L&Q at Huntley Wharf will become an extension of the town centre. Homes have been designed to a modern specification with contemporary finishes, attractive fitted kitchens with quality appliances and floor-to-ceiling windows to bring the daylight in. Just along the River Kennet is the town centre with a host of shops, restaurants, bars and nightlife, all less than a mile from the development. Reading railway station is within walking distance, offering train services into London Paddington in 25 minutes as well as to other UK cities including Bristol, Cardiff, Exeter, Birmingham and Southampton.

lqhomes.com/huntleywharf

DAGENHAM

Merrielands

FROM £71,250* FROM

Merrielands is a contemporary collection of one, two and three bedroom apartments set within a prime location in Dagenham, close to the high street and the shopping facilities of Merrielands Retail Park. Set in the vibrant borough of Barking and Dagenham, Merrielands is within easy reach of everything this welcoming community has to offer, including a great selection of supermarkets, pharmacies and grocers to cover all the essentials, a whole world of flavours and cuisines on the high street, fitness centres for the energetic and plenty of open spaces for some fresh air. Dagenham Heathway underground station is less than a mile away and offers District Line services to London Liverpool Street and London Victoria, while Dagenham Dock railway station is located a short walk from Merrielands and operates regular services to Fenchurch Street station in the City of London. Each apartment includes an open-plan kitchen/living room, a balcony or terrace, a smart fitted kitchen with a selection of quality appliances, fitted carpets, laminate flooring and contemporary bathrooms.

latimerhomes.com/new-build-homes/london/barking-and-dagenham/ merrielands

ISLE OF DOGS New Union Wharf

A contemporary, architecturally striking riverside development in the heart of a vibrant community in the Isle of Dogs, New Union Wharf is where the old traditions of the East End meet an exciting creative future. The five eye-catching towers are set in one of the most impressive meanders of the River Thames, a short walk from Canary Wharf, with views across the river to the O2 arena. New Union Wharf forms an imposing local landmark in one of the capital’s most characterful riverside locations, surrounded by restaurants, bars and tranquil parks. The collection of one, two and three bedroom apartments here enjoy views across the Thames and direct access to the riverside walk, making the most of the superb setting. The location is well connected, with DLR stations Crossharbour and South Quay just a short walk away. Whether it’s a five-minute tube ride to the office in Canary Wharf, a 30-minute cycle commute into the City or the Thames Clipper along the river into London Bridge, New Union Wharf brings the whole of London to the doorstep. Apartments feature integrated appliances, open-plan living areas and a neutral colour scheme, while externally there are landscaped gardens and children’s play areas, with Mudchute City Farm nearby for the family to enjoy.

FROM £73,625*

STAINES

Ascot House

Ascot House is a collection of studio, one and two bedroom apartments moments from high street shops, restaurants and Staines railway station, with speedy connections to Heathrow and central London in 35 minutes. Each apartment is finished to an exceptional standard with open-plan living spaces, floor-to-ceiling windows, luxurious finishes and underfloor heating. Every home has a balcony or terrace, plus access to a residents’ rooftop terrace with panoramic views and a landscaped courtyard. Staines-upon-Thames offers gorgeous green spaces, while nearby days out include Thorpe Park, a stroll along the Thames or Wraysbury Reservoir, or watersports at Thorpe Lakes. There’s a fantastic range of shops a short walk away, including two shopping centres, a farmers’ market, restaurants, cafes and pubs. A multi-screen cinema and a gym are also located a few minutes away at Two Rivers retail park. ascothousestaines.co.uk

NORTHOLT

Faber Green

FROM £81,250*

Faber Green offers a selection of one, two, three and four bedroom apartments surrounded by Ealing’s vibrant and evolving neighbourhoods, with easy access to open green spaces and great connections to central London and beyond. Homes are pet friendly and come with a private outside space and bright, modern interiors. Larger apartments have en suites and some come with allocated car parking space and private gardens. The development is surrounded by landscaped gardens and is adjacent to Northolt Recreation Ground and within easy reach of green spaces at Mandeville Parkway and Islip Manor Park. The exciting playgrounds at Northala Fields are also nearby, with their fishing lakes and wildlife ponds. Northolt has everything close at hand, including green spaces, an exciting play centre, great local schools, big-name retail, local shops and independent bars and restaurants. Several bus routes pass close to Faber Green, and a short walk away is Northolt tube station (Zone 5) with direct links to central London on the Central Line giving access to Notting Hill in 20 minutes and Oxford Circus in half an hour. The mainline runs from Northolt Park which reaches Marylebone in 20 minutes.

networkhomessales.co.uk/find-your-new-home/faber-green-northolt

BATTERSEA

New Mansion Square

New Mansion Square is a collection of studio, one and two bedroom apartments, all with a private balcony or terrace, forming part of the regeneration of the iconic Battersea Power Station. This thriving new community is surrounded by green open space and located right by the River Thames, with landscaped areas, tree-lined pathways and a private communal garden for residents to enjoy, as well as being just a short walk to Battersea Park. The area has a wealth of bars and independent coffee shops. There are regular events at Battersea Power Station for residents and visitors to enjoy, and an array of health and fitness classes. New Mansion Square is in a prime location and brilliantly connected to explore everything London has to offer. The brand new Zone 1 underground station, Battersea Power Station, is a two-minute walk away and is part of the new Northern Line extension, allowing commuters to reach Bank in just 15 minutes. Battersea Park station is a 10-minute walk and has regular train services to London Victoria and further afield, while the riverboat pier is moments away. Apartments come with a fully integrated kitchen, tiled bathrooms and a fitted wardrobe to the main bedroom, along with access to the concierge service and residents’ lounge.

peabodysales.co.uk/developments/new-mansion-square/#Shared

FELTHAM

59 Fern Grove

Fern Grove is a new development made up of high-specification studio, one and two bedroom apartments, set in a beautiful multicultural residential area in Feltham close to a park.

FROM

Steeped in history but never old-fashioned, Feltham offers a great mix of shops, restaurants, parks and leisure activities only a short walk from the development. Homes all include a terrace or balcony, fully integrated kitchen and modern bathroom, and car parking is available to purchase. Within the development there are lifts to all levels, video entry phones, lockable mailboxes in the reception area and access to a private residents’ roof garden. Nearby Feltham station takes you to Waterloo station in 30 minutes, and there are a number of strategic roads linking to the A315, M25 and A316 if you are driving.

CHARLTON Valley House

Valley House offers one, two and three bedroom apartments with private balconies in a Zone 3 location that is steeped in history but soon to be transformed. Set in a curvaceous six-storey building in eye-catching coloured brick, Valley House enjoys excellent transport links. Bus stops are just outside the front door and it’s a five-minute walk to Charlton station with direct links to London Bridge, while North Greenwich station, a 10-minute bike ride, offers tube services to Canary Wharf, Stratford and Waterloo. Schools, parks, shops and the River Thames are all within walking distance, with Greenwich and popular Blackheath a 20-minute walk away. All apartments are designed to a high specification, with contemporary fully fitted kitchens with energyefficient appliances, open-plan living spaces and elegant balconies featuring glass screens, lighting and flagstone paving. All homes have secure cycle storage and parking is available to selected apartments. Charlton Riverside is set to become one of the most exciting and innovative new neighbourhoods in the capital. Over the next 25 years, this prime stretch of Thames waterside will include restaurants, shops, schools, a river bus pier and a dynamic creative quarter.

peabodysales.co.uk/developments/valley-house/#Shared

*Based on a 25% share with a full market value of £325,000 *Based on a 25% share with a full market value of £515,000 *Based on a 25% share with a full market value of £420,000 *Based on a 25% share with a full market value of £235,000

ROCHESTER Rochester Riverside

Rochester Riverside offers one and two bedroom apartments and three bedroom houses in a new waterside quarter, set in 10 acres of open space by a sweeping curve in the River Medway. New facilities on-site include a central landscaped plaza, a newly regenerated riverside walk, commercial facilities including a hotel, local supermarket and coffee shop and a new primary school. The development is within easy walking distance of the town centre with its pavement cafes and farmers’ market, while Rochester’s Leisure Park is home to Cineworld, Hollywood Bowl and a choice of diners, or catch the latest production at the Little Theatre. Just down the road, the town of Strood has a superb choice of supermarkets, as well as the Strood Sports Centre. The major A2/M2 route runs via Rochester from coast to capital, and trains from Rochester station, also walking distance from home, run to Canterbury, Dartford and Stratford as well as giving access to London in less than an hour. Homes at Rochester Riverside come with allocated parking, a fully integrated kitchen and cycle storage.

hydenewhomes.co.uk/rochester-riverside

WARWICK Beauchamp Park

Beauchamp Park is a new community in Warwick featuring a collection of two, three, four and five bedroom houses designed to offer opulent living in a town steeped in history, and featuring views over Warwick Castle. Designed to reflect the historic character of the town, the homes are more spacious than the average new build and are surrounded by green space, with the majority also having a turfed garden. All feature a fully integrated kitchen, parking spaces and high-quality flooring included at no extra cost. The development is surrounded with play areas, cycle paths and walking routes within Beauchamp Park. Warwick station, less than a mile away, offers direct services into Birmingham Moor Street in 30 minutes and London Marylebone in around 90 minutes. Road travel is also made easy with the M40 less than five minutes away, opening up a gateway to the national motorway network. Warwick’s historic town centre is brimming with culture in its winding streets, with museums, art galleries, boutiques, restaurants, bars, cafes and tearooms. The surrounding area offers a good selection of nurseries, schools and further education, as well as leisure centres, sports pitches and pools, making it an ideal choice for families.

lqhomes.com/beauchamppark

NEWHAM Stories Wharf

Expected to launch in early 2023, Stories Wharf will feature a collection of highspecification one, two and three bedroom apartments, all with a private balcony, terrace or patio. Conveniently located in travel Zone 3, Stories Wharf offers a choice of commuter options. King George V DLR station is just 15 minutes away, while the Woolwich Ferry gives easy access to north London and City airport is close at hand. The development is well-positioned, with shops, schools, parks and other local amenities within walking distance, as well as the major attractions of Greenwich a short distance away. Homes will include allocated secure underground parking, cycle storage, electric car charging points, solar panels and high-quality flooring throughout. Residents can also enjoy seeing the city from the landscaped communal terrace, while many of the apartments will also feature spectacular river views.

hydenewhomes.co.uk/stories-wharf

WHITECHAPEL Silk District

Recently awarded “Development of the Year” at the Resi Awards, L&Q at The Silk District comprises a selection of stunning one and two bedroom apartments located moments from Whitechapel station and within walking distance of the City. It is ideally situated for those looking to commute into the centre of London, and with the introduction of the Elizabeth Line, journeys will take just three minutes to Canary Wharf, two minutes to Liverpool street and 10 minutes to Bond Street. The Cycle Superhighway 2 network is right on the doorstep for those who prefer to commute on two wheels. Residents here will be part of a thriving east London community with an array of local shops and food markets, the famous Whitechapel Gallery and pop-up bars nearby to enjoy. Shoreditch, Brick Lane, Spitalfields Market and Bethnal Green are all less than a 10-minute walk away. Every apartment has its own private outdoor space and is finished to the highest standard, including modern interiors that maximise light and comfort, and integrated appliances in the kitchen. In addition, residents benefit from a 24-hour concierge service, residents’ cinema, private gym with Technogym equipment and Peloton spin studio, all within a prime Zone 2 location.

lqhomes.com/thesilkdistrict

EALING The Bowery

The Bowery is a new community of one, two and three bedroom apartments in a vibrant neighbourhood, benefiting from private outside space and communal courtyard gardens. Ideally positioned in the heart of West Ealing, with excellent transport connections across London and further afield, The Bowery offers the best of urban living, including fantastic local amenities and green spaces such as Deans Gardens, Walpole Park and Lammas Park close at hand. About five minutes’ walk away, Ealing Broadway offers a wide range of shops, while Ealing High Street, just off the Broadway, is the place for cafes, pubs and restaurants. The new Crossrail service from Ealing Broadway gives much faster journey times into central London and out to Heathrow airport. As well as Crossrail, Ealing Broadway has the District and Central Lines, and National Rail services to Paddington. The Bowery apartments are beautifully designed, with well-planned internal spaces, including open-plan kitchen/living rooms opening to a balcony or terrace, a stylish fitted kitchen, quality appliances, generous storage space and a contemporary bathroom.

latimerhomes.com/new-build-homes/london/ealing/the-bowery

CAMBERLEY Pembroke House

FROM £105,000*

On the southern edge of Camberley within reach of Surrey’s scenic countryside, Pembroke House, with its collection of two bedroom apartments, enjoys excellent connections, with Guildford a short drive away and London just over an hour by train from Camberley station. Each home is built to the highest standards, with a contemporary interior, a fitted kitchen with selected appliances, highquality bathrooms and dedicated parking. Camberley has a wide range of amenities, including golf and tennis clubs, and local schools. The focal point of the town centre is The Atrium, an entertainment and leisure complex with a cinema, gym, bowling and restaurants. Scenic walks on the South Downs are a short drive away, while closer to home, Crabtree Park and Watchmoor Nature Reserve are within walking distance.

latimerhomes.com/new-build-homes/surrey/camberley/pembroke-house

FROM £103,500* *Based on a 35% share with a full market value of £300,000

COLCHESTER Abbey Corner

Abbey Corner is a desirable collection of three bedroom houses in Colchester. Featuring contemporary kitchens, modern fittings and fixtures, spacious carpeted bedrooms and private outdoor spaces, the development also benefits from a communal green area with a children’s playground. All homes feature at least one parking space and there are three communal EV charging points. Colchester is a wellconnected city, with Colchester and Colchester Town railway stations both providing links to the surrounding towns and cities, including direct access to Chelmsford, Ipswich, Clacton-on-Sea and London Liverpool Street. Located in a residential area close to the historic town centre, Abbey Corner is just a mile from Abbey Field, offering a taste of natural beauty. The development is close to all the shopping, dining out, and entertainment opportunities that Colchester, newly promoted to a city, has to offer.

peabodysales.co.uk/developments/abbey-corner/#Shared

SYDENHAM Sydenham Groves

Sydenham Groves is a collection of one, and two bedroom apartments and three bedroom townhouses in a leafy part of south east London. Ideally positioned in a cul-de-sac, right off Sydenham Road, the homes benefit from excellent transport links and a fantastic choice of green spaces nearby, including Mayow Park and Alexandra Recreation Ground within walking distance. Homes at Sydenham Groves combine comfort with contemporary design, with a video entry system, fully integrated kitchen and modern bathroom. There is a balcony to every apartment while the townhouses feature parking, gardens and Juliet balconies. Residents can enjoy the communal play area and the development is pet friendly. Sustainability elements have been included, such as green roofs to all townhouses and electricity supplied in conjunction with solar photovoltaic panels. Sydenham station and Lower Sydenham station are both nearby, giving access to London Bridge in just 14 minutes, Waterloo East in 20 minutes and Clapham Junction in just over half an hour. Crystal Palace Park can be reached on foot in only 20 minutes. Sydenham is full of options for eating, drinking, shopping and leisure activities.

peabodysales.co.uk/developments/sydenham-groves/#Shared

HOMEBUYING GLOSSARY

Confused

AGREEMENT IN PRINCIPLE

The initial document that a lender will give you outlining the amount you are likely to be lent if you applied for a mortgage. 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 haven’t been made on time.

BASE RATE

The interest rate set by the Bank of England. Lenders usually use the Bank of England base rate to set their own interest rates.

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 the paperwork is complete, 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 homebuying 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 may have to pay a lender if you decide to move mortgage provider 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 may charge a one-off extra fee. This funds an

insurance policy that protects the lender (not you) from the additional risk.

LAND REGISTRY FEES

This is a fee you have to pay in order to register your ownership of the property with the Land Registry.

LEASEHOLD

A type of tenure where you buy the right to occupy a 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, also called SDLT. This is a Government tax you may have to pay 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.

by financial acronyms and industry terminology? Buying your first house is daunting enough without having to decode property lingo. Our homebuying glossary is here to make the process a whole lot easier to understand