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Shared Ownership For A First Home In East London

Posted 6 December 2021 by Keith Osborne

Vicson wanted to avoid renting and saved hard in order to purchase his first home, an apartment at Merrielands...

Following a relationship break up, Vicson (30) was faced with a decision. Find a home that he could rent privately or move in with his Mum in south-east London. Looking towards the future, Mr Lopez opted for the latter.

He explained: “I took the opportunity to move back home so I could invest more of my money into savings. I was lucky enough to receive a decent pay-out from a redundancy a couple of years back and I was fortunate to find another job straightaway. This boosted my savings pot and gave me a really solid start to getting a deposit together.”

Determined to regain his independence, Vicson moved quickly. Looking at a variety of options, he decided that Shared Ownership would be the best route for him. He continued: “I didn’t want to go into private renting. My brother took advantage of Shared Ownership within the first couple of years of its launch. Initially, he owned 25% of the property, and managed to increase his share to 85% in a short amount of time. He speaks highly of the scheme and given my situation – I felt that it was the best option for me too.”

Influenced by his brother’s experience, the office co-ordinator decided to investigate Merrielands by Latimer in Dagenham. Opting for a one-bedroom apartment, Vicson was drawn to the familiarity and future potential of the area: “I know the area very well and have friends that live close by. During my research, I discovered that there’s a lot of investment planned in Dagenham. The area is benefitting from an exciting programme of regeneration and I want to be part of it. We moved to south-east London about 20 years ago, and the location seemed ideal for what I was after.”

MerrielandsWith commuting to work a simple 40-minute journey on the District line, and the area being close to his loved ones, all the boxes were ticked for this Expedia employee. A smooth journey from decision to dotted line signing, Merrielands proved to be the perfect path for Vicson. Safe in the knowledge that he made the right decision, he is eager to move into his new home.

He added: “As well as making the most of living at home in terms of bills, this time before I move in has been useful to plan the furniture I need and decide how I’m going to style my new space. I am so excited to get the keys to my new home and I am very happy that my hard work has paid off.”

The suitability of Shared Ownership, and the opportunity to buy off-plan, left this first-time buyer feeling inspired. When asked about the advantages and appeals of buying off plan, Vicson replied: “I’ve found the whole journey exciting. The fact that it wasn’t ready straightaway allowed me to save more money. Looking at all the drawings and plans and seeing how it would look once it was finished was a thrill. The thought that it would all be brand new really appealed to me.”

Vicson has plans to move into the property by Christmas: “The process itself has been surprisingly easy. I found it to be very straightforward, and everyone at Latimer has been friendly and helpful.”

Whilst reflecting on his experience, and musing about the journey to buy off-plan, Vicson concluded: “I am just so excited to be moving in. I imagined myself in the space and could see a new chapter starting here. All of the hard work is done, and I am now just waiting for the move date.”

Prices at Merrielands start from £107,625 for a 35% share of a two-bedroom apartment, with a full market value of £307,500 and rent per month of £458.05. Find out more at www.latimerhomes.com.

 

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A Guide To Part Buy Part Rent
With Home Reach you buy a share of your chosen newly built home and pay a monthly rent on the part you don’t buy. Your budget will decide the size of the share you buy, rather than the size of your home. So, you might decide to buy a bigger share of a lower priced home or a smaller share of a more expensive home.

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