Shared Ownership Week - Couple move to better home thanks to Shared Ownership
Posted 20 September 2016 by Ben Salisbury
With the average rent for new tenancies in London reaching an all-time high of £1,563 per month in May 2016, according to the latest Homelet rental index for London, it’s no surprise that the option to buy through Shared Ownership is becoming much more appealing.
Patrycja Janiszewska, 28 and Ali Haiderali, 29 had been living together in Waltham Forest for several months, sharing a house with a friend. They decided that they wanted to move their relationship on and get a property of their own.
Patrycja comments: “We both really liked the Waltham Forest area and were keen to stay in the area as it has great connections to Zone 1 where Ali works as a structural engineer and I work as a bid manager for Toshiba. We explored the possibility of buying 100% but the value for money was nowhere near to what we got with Shared Ownership.
“We had heard of Shared Ownership before so decided to start looking at the options available. We viewed 11 properties before finding out about East Thames’ Papyrus Court.”
“We visited and really liked the feel and look of the development. A one-bedroom apartment was available on the first floor and the East Thames team were so helpful. They were able to explain exactly what we had to do and the costs associated with buying through Shared Ownership.”
Patrycja and Ali purchased a 75% share of their apartment for £189,750, with rent payable on the remaining equity. The full market value of the property is £253,000.
They were able to buy the one-bedroom apartment with a deposit of £9,500 and their monthly outgoings are a mortgage payment of £966 per month with a further £144.95 in rent per month and a monthly service charge of £118.68.
Patrycja added: “Shared Ownership has allowed us to get a better quality home. We were renting with a friend before, so it is lovely to have our own space and also a better quality of life. If we had decided to continue renting on our own, we would definitely be paying more money than we are now. Our plan is to hopefully buy the remaining share by the end of next year.”
Papyrus Court is part of The Paper Mill Place development. Light, modern and exuberant, Paper Mill Place is the next chapter in contemporary living. Built on the site of a former paper mill by leading housing association East Homes, these stylish apartments are perfect for modern lifestyles. Ideally located in the heart of Walthamstow, each one- or two-bedroom apartment offers up-to-the-minute open-plan living spaces, a high specification throughout and a free parking space.
Find out more with our guide to Shared Ownership from WhatHouse?