'Buying Shared Ownership was stress-free'
Thursday 15th September 2016
With buying a house on the list as one of the most stressful things to do in life, purchasing through Shared Ownership has been relatively stress-free and easy for 27-year-old Claire Harvey.
Claire, a speech and language therapist, from Nottingham who moved to London five years ago explains, “After I moved to London I lived in a number of house shares in the private rental sector. I really loved East London and decided to start looking at the option of buying somewhere myself. I had heard about Shared Ownership in the past and knew people who had bought through it, but it was never something I had previously considered.
“In January I decided to register with the Share to Buy website and also with various Housing Associations including East Thames. Some of the websites also had really useful calculators which worked out what you could afford to buy against your salary and amount of deposit.
“I came across East Thames’ Fondant Court development in Bow. I didn’t know Bow but really wanted to stay in East London as I love the buzz of the area. I arranged for a viewing and met an East Thames sales advisor at the apartment who showed me around and answered all my questions. I really liked the feel of the apartment and it was just what I was looking for. The views from the balcony were amazing with The Millennium Dome and the cable cars at Greenwich, whilst I could see the Olympic Stadium through the bedroom window.”
Claire purchased a 30% share of his apartment for £93,000, with rent payable on the remaining equity. The full market value of the property is £310,000.
“The whole process of buying through East Thames was really easy and straight forward. Once I had my apartment allocated I was put in touch with Sunny, who kept in touch with me throughout the whole time and answered all my queries straight away. It was really reassuring, particularly when it can be quite daunting when purchasing your first home.
“I am really pleased with the apartment and love the area. I can reach Westfield in Stratford in 10 minutes and I love running and cycling along the canal tow paths, I even cycle to work. There is also a lot of new bars and restaurants appearing along the canal. It’s a really exciting time to be living in East London.”
Fondant Court is located in the Zone Two area of Bow and features one and two bedroom apartments as part of the Taylor Place development. The apartments are pre-owned Shared Ownership homes, which are available to people living or working anywhere in London, giving much greater freedom and choice. The development is built around a former chocolate factory and retains some of its characters. The communal courtyard features an artist’s sculpture and is home to artists’ work studios, creating a sense of community and atmosphere.
Case Study Fondant Court
- Purchased: two bedroom apartment
- Deposit: £23,500
- Full market value: £310,000
- Shared Ownership percentage: 30% share at £93,000
Approximate Monthly outgoings
- £233 mortgage payment
- £637 rent and service charge
Share to Buy offers a one-stop-shop for affordable housing.
You can search for shared ownership properties for sale on the part buy part rent scheme.
You can also search for shared ownership mortgages. Further reading: getting started; part buy part rent in London; shared ownership mortgage comparison site. Finally, you can find general information about shared ownership at www.sharetobuy.com/gettingstarted/partbuy-partrent
20th September 2017
Shared Ownership Week returns for its fifth year, 21st - 27th September. Shared Ownership week raises awareness this home ownership scheme which offers a life line to thousands of first time buyers.
19th September 2017
Countdown to the London Home Show Autumn 2017: Our sponsor Crest Nicholson give you the low down on their fantastic development Dylon Works, available via Help to Buy London.
18th September 2017
Countdown to the London Home Show Autumn 2017: Hear Marco and Olga's story about buying their first home for their young family with Notting Hill Sales.
16th September 2017
Countdown to the London Home Show Autumn 2017: L&Q's Lucy Chitty dispells some of the myths about home ownership.
FIRST STEPS is committed to the promotion of all types of accessible housing in London. We want to make the journey into your new home as simple as possible and to be sure that you know what to look for when searching for an affordable accessible home. All developments must be rated according to the type of accessibility they offer. That is why we have the following guide, based on the information provided in the Mayor of London's Accessible Housing Register, to help you understand what the rating of each property actually means.
A - Wheelchair Accessible Throughout
Meets the design standards from the Wheelchair Housing Design Guide which superseded the Housing Corporation wheelchair design standards. These properties have been designed to meet latest wheelchair accessible housing design standards, offering extra space and full access to all rooms and facilities. This standard provides more space than previous wheelchair housing design guidance and also ensures that all rooms are accessibly. In view of the high density of new build housing stock in London, the parking features have been excluded from this category. This will enable wheelchair accessible homes built above ground floor level to be categorised as such.
B - Wheelchair Accessible essential rooms
Complies with the Wheelchair Housing Design Guidance within the Housing Corporation Scheme Development Standards. Properties designed of adapted to provide access for wheelchair users to essential facilities of the property (that is, a bedroom, bathroom, toilet, living room and kitchen). Other rooms in the house such as additional bedrooms or bathrooms may not be wheelchair accessible.
C - Lifetime Homes
Meets the space standards of the Lifetime Homes developed by the Joseph Rowntree Foundation. Designed to meet the space standards of Lifetime Homes. Main features include a level approach/entrance and wider doorways. This category will capture all new general needs housing built to Lifetime Homes standards. Properties achieving this category will not necessarily meet all Lifetime Homes design guidance as the LAHR framework does not assess features other than space and access. Properties may have an internal flight of stairs. If so, these will be wide enough to accommodate future provision of a stair lift subject to technical feasibility.
D - Easy Access
Compatible with the design standards in Mobility Standard Housing (1974) produced by the DoE and Housing Corporation Scheme Development Standards (pre-1999) and Part M of Building Regulations (2000). The main features of these properties include a level approach to the entrance, wider doorways and more space than in general needs housing. These properties may also have an internal flight of stairs and if so, there is enough space to accommodate future provision of a stair lift subject to technical feasibility.
E - Step Free
No published access design guidance. These are properties that are considered general needs housing but have a level approach/entrance into the property and throughout. Properties in this category that have an internal flight of stair will be likely to accommodate future provision of a stair lift subject to technical feasibility.
E+. Minimal steps
No published access design guidance. Properties that do not meet any accessibly housing design guidance and have a limited number of steps to enter the property. Properties in this category will have no more than four steps to access the front door and are likely to be ground floor properties or properties in a block with a lift and a small number of communal or property front door steps.
F - General Needs
General needs housing does not meet any of the above criteria. Properties in this category will have more than four steps or a ramp access that is steeper than 1:10 to access the property front door. These properties should be marketed with the number of steps to access the property as this will provide an additional factor for helping people choosing what to bid for.
The Accessible Housing Register captures the essential information which determines the category awarded to a property. Additional information is also collected. This includes:
- Details of major adaptations such as level access showers and stair lifts
- Private garden or balcony
- Proximity to local shops
- Proximity to public transport