Greg moves into his new Shared Ownership property in Leyton
- Age: 35
- Occupation: Physiotherapist
- Purchased: 2 Bedroom apartment with balcony.
- Full Market value: £265,000 (May 2014)
- Share purchased: 35% £92,750
Greg had been saving up for a deposit for an apartment while paying £950 in rent for a one bed apartment in Seven Sisters. He was determined to buy a place as he considered renting a waste of money. I started to look for a place last year and soon realised that my savings couldnt keep up with the rising prices. I did some research on the internet and found there were a lot of positive comments about Shared Ownership from people who had been through the process. So I registered my details on the L&Q website and went along to some of the Affordable Homes show in central London. All the Housing Associations who provide Shared Ownership properties were there. It was great because it gave me a real overview on whats available in London within my price range. I also began to feel that I wasnt alone in being priced out of the open market. There were thousands of people there.
It was actually my Assistant at work gave me the final nudge to commit to Shared Ownership. She had been through the process and didnt regret it at all. Next up, I booked quite a few viewings and saw many different apartments. The apartments at Capworth House stood out as the clear favourite for several reasons:
- The location was ideal for my commute to work in Hackney.
- The price was good for a two bedroom apartment.
- The quality of the fixtures and the fittings were excellent.
The sales staff at L&Q were so professional and answered all
my questions. This gave me the confidence to put down a holding
deposit on the spot.
I had a quick chat with them about my financial situation and arranged to come back and see their financial advisor. This interview was to check that I could afford the mortgage and rent and still have enough money left over for a normal life. I found this process very useful. When I had completed the financial interview it was up to me to decide whether I used my own mortgage advisor and solicitor or chose from the list that L&Q supplied. For me, it was cheaper to use the firms on the list rather than the one I had found. Better still, not only were they cheaper, they were really fast as well. I had to ask them to slow down as I wasnt quite ready to move! L&Q offered me my second choice of apartment. They allocate them according to need. If you have children or you are a current Housing Association tenant looking to move into Shared Ownership you will be a higher priority than someone like me, who was renting privately. The whole buying process took about six weeks and I cannot praise the L&Q staff enough. They kept me in the loop all the way and chased up anything that was outstanding.
The apartment has two bedrooms and the balcony runs the entire length of the apartment which is quite unusual but Im not complaining! The kitchen is really stylish and I have been spending rather too much on furniture to match it. The place is also really well insulated and has been getting quite warm in the lovely British summer, but Im sure that means the bills will be low in winter.
The transport links are really good here, you can hop on a bus to anywhere just outside your door. Buying this apartment has made a great deal of difference to my life. I feel more relaxed now as I can come home to peace and quiet after a busy day. I have the space for my family to come and stay now, which pleases my mum no end. I have been preaching about Shared Ownership and L&Q to all my colleagues and one of them is due to move into the building next door in a few weeks time.