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Shared Ownership The Key To A Couple’s New London Home

Posted 16 February 2024 by Keith Osborne

Andrew and Maxine were inspired by friends to use Shared Ownership to purchase a brand new home in Tolworth...

Faced with impossibly high prices, primary schoolteacher, Maxine and partner Andrew were starting to give up on the idea of owning a home in Greater London. However, having seen friends successfully purchase homes through Shared Ownership schemes, they realised that the search for a beautiful new home wasn’t over.

Maxine said: “We watched so many of our friends find happiness in their first homes using Shared Ownership, they inspired us to explore the options available to us. I don’t know what we would have done if we didn’t find out about Shared Ownership.”

Shared Ownership is an alternative pathway to homeownership whereby buyers purchase a share of the property, typically starting at 25%. They pay a low rent on the remaining shares to the housing developer and a small monthly service charge on top.

Thanks to qualifying for the ‘part buy-part rent’ initiative, the couple soon found their perfect home at Signal Park, a development in Tolworth from Guinness Homes.

Maxine added: “As soon as we set our eyes upon Signal Park, we knew it was the one for us. As it’s recently been built, all the homes are sparkling new, with tonnes of storage and even a beautiful kitchen island and our own private balcony area."

“When we were in South Africa, Andrew and I always wanted to buy a home, but everywhere we could afford required so much renovation work, it would have cost a fortune – and taken so long – to get a house to become our home. Buying a new-build shared ownership property took all of those problems away.”

Signal ParkLooking for a spacious home to call their own, and with visiting family needing a place to stay, the couple knew that space was a must-have.

“Finding a three-bed was non-negotiable,” added Maxine. “As we have moved halfway across the world, we needed somewhere for our families to stay when visiting.”

With the development located close to several schools, Signal Park opened up many job opportunities for primary school teacher Maxine to develop her career and support their family in the long term.

When purchasing a property outright, first-time buyers often face high deposits and mortgage repayments. Through Shared Ownership, Maxine and Andrew could put down a deposit that suited their budget. They purchased a 30% share of their home (£175,000, based on a full market value £585,000) and put down a deposit of £35,000, equivalent to 20% of their share.

“The team at Signal Park were so helpful – we’d recommend them to anyone. From the location to the style of the apartments to the affordability, we’re confident that we’ve made the right decision,” Maxine concluded.

Ready to move into, Phase One of Signal Park offers one-, two- and three-bedroom Shared Ownership apartments with landscaped outdoor space and excellent transport links.

Find out more about Signal Park from Guinness Homes.

 

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