Staircasing to 100% Ownership of a Family Home with L&Q

Posted 11 June 2019 by Helen Christie

Roselle and Marty Sazon started their Shared Ownership journey with L&Q in 2011, and have now managed to staircase to full ownership...

Roselle and Marty Sazon started their Shared Ownership journey with L&Q in 2011 purchasing a 25% share in a two-bedroom flat at Tarves Way in Greenwich. Seven years later, after upsizing to a three-bedroom semi-detached house in Charlton they managed to staircase to full ownership whilst staying in their favourite neighbourhood.

Roselle comments: “We were so excited when we bought our first L&Q flat in 2011. We were already planning to have our first child, and a two-bedroom flat fitted our needs perfectly. The apartment was opposite Greenwich station, so we had brilliant transport links into London, and Greenwich village was right on the doorstep – perfect for taking our baby out in the pram!”

Roselle and Marty were able to get on the ladder through Shared Ownership with a deposit of just £3,125 for a 25% share.

“We discovered Shared Ownership through reading the property supplements of local London newspapers, and soon realised that it was right for us. We didn’t want to rent – it felt like we were throwing our money away. However, with Shared Ownership we knew we were making a good investment. Whether we owned 25% of our home or 75%, it was a step in the right direction.”

Six years later and planning to further grow the family, Roselle and Marty decided they needed somewhere larger. Through investing in the right place at the right time in 2011, upsizing became surprisingly affordable.

Roselle comments, “We were astonished to find out that our two-bedroom apartment had grown in value from £250,000 to £470,000. This gave us a significant amount of equity to invest in a larger property, and enabled us to staircase from 25% to 75%.”

Moving from one L&Q property to another, Roselle and Marty put down a deposit of £53,000 for a 75% share of the three-bedroom semi-detached house they now call home.

Roselle remarks, “Our deposit was a significant leap up from the £3,125 we paid for our first home, but possible because we bought in Greenwich at the right time. Our experience is a real testament to why first-time buyers should look to the areas with the biggest regeneration plans when deciding where to buy – your property can accrue in value surprisingly quickly.”

Just a year later, the couple were able to staircase to full ownership at a cost of just £6,000.

Roselle comments, “We were thrilled to be able to staircase to 100% ownership. It had been our goal ever since we bought through Shared Ownership in 2011, and to have been able to achieve this in just seven years was amazing”.

L&Q helped to make the process of staircasing as easy as possible.

Roselle continues: “L&Q managed to simplify the staircasing process for us, putting us in touch with all the right people. From mortgage advisors to solicitors, we were surrounded by people who knew the process inside out and had our best interests at heart.”

“From working out the financial implications to getting all the paperwork in order, we received just the right level of support.”

Roselle, Marty and their two children could not be happier in their new house. Unlike many young professionals who have to leave the capital to buy a family home, Shared Ownership meant Roselle and Marty could stay in their favourite London borough.

Roselle comments: “We absolutely love Greenwich. We have lots of family based here, so the children can easily visit their grandparents and aunts and uncles. And for Marty and me, it’s very handy to have central London so close.”

Roselle and Marty couldn’t be happier with their experience of buying through Shared Ownership with L&Q and staircasing to full ownership.

Roselle concludes: “We highly recommend Shared Ownership to all our family and friends – in fact my sister-in-law and her husband are now buying their own Shared Ownership home! It is a fantastic route to home ownership, and has enabled us to live in our dream property.”

First purchase: Two-bedroom flat at 5 Tarves Way, Greenwich

  • Property FMV: £250,000
  • Share Purchased: 25% for £62,500
  • Deposit: £3125
  • Mortgage: £300
  • Rent: £465
  • Service charge: £135
  • Total monthly spend: £900

Second purchase: Three-bedroom semi-detached home in Charlton

  • Property FMV: £470,000
  • Share Purchased: 75% for £352,500, before staircasing to 100%
  • Deposit: £53,000
  • Mortgage: £1200
  • Rent: £270
  • Service charge: £25
  • Total monthly spend: £1495

Staircasing to 100%

  • Deposit: £6,000
  • Mortgage: £1400
  • Rent/Service charge: N/A
  • Total monthly spend £1400

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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.

You are able to purchase your share in either cash savings or by taking out a mortgage. If you are taking out a mortgage to finance your share, you will need to allow for a minimum of 5% deposit. The larger your deposit (typically 10%) the lower your mortgage repayments are likely to be.

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