Wing-ing Into a New Home Thanks to Shared Ownership

Posted 10 September 2019 by Helen Christie

Thanks to the Shared Ownership scheme, Rob and Maeliss were able to secure a new home in just three months...

For the average UK homebuyer, it usually takes about five months to secure a home. However, for Rob Smith, a 42-year-old photography lecturer, and his wife, Maeliss, the process took only three months, thanks to the Shared Ownership team at Hyde New Homes, who helped them secure their four-bedroom, top floor flat at the Wing development in Camberwell.

Before purchasing at Wing, the couple and their two boys, aged six and three, had been living in a two-bedroom Shared Ownership apartment in a nearby development that they’d bought previously through Hyde New Homes. While Rob and Maeliss were keen to stay in Camberwell – an area that they had called home since Maeliss’ days as an art student – they had outgrown their property and re-mortgaging meant they would have to vacate while they actively searched for a new one. The fact that they had already been looking for 18 months, combined with the uncertainty of the process, which would have required moving into rented accommodation at a cost of £1,588 per month, and the disruption in routine this would cause their young children, initially gave the couple pause – until they spoke to Hyde New Homes’ sales team.

“We wouldn’t be here if it wasn’t for a lovely lady in the sales office,” acknowledges Rob. “She understood the position we were in, and arranged it so that we could stay in our home while we searched for a new one, even though the process took three months. We’re so grateful for everything she and Hyde New Homes did for us. They understood that this was going to be our forever home and we weren’t willing to settle for something that wasn’t perfect.”

Once the family found Wing, they were faced with another hurdle – the development had yet to be completed and there would be a wait of at least four months. However, the reassurance given by the Hyde New Homes’ team quelled all of Rob and Maeliss’ fears: “The property was perfect for us – in terms of space, interiors, and location – and once our sales contact at Hyde gave us her guarantee that we would be able to attain it when the time came, the decision was a no-brainer! We also have a 12-month warranty, so if any changes need to be made, we’re covered.”

It is this kind of personal service that earned Hyde New Homes the prestigious In-house Outstanding Customer Satisfaction Gold accolade in 2019 (meaning 95% of customers said they would recommend Hyde), as well as the National Housing Award for Best Customer Care in 2018. Led by an experienced team of sales consultants that provide customers with assistance throughout their journey to acquiring a new home, Hyde New Homes makes every experience memorable.

Staying in Camberwell enabled Rob and his family to maintain their lifestyle with little interruption. The boys were able to stay in their current nursery and will continue to have access to good schools as they grow. The Zone 2 hub also has an abundance of local pubs, cafés and restaurants, as well as its own character and artistic feel – with new, quirky buildings popping up amidst the Victorian and Georgian terraces. As a photographer, Rob values having this source of inspiration on his doorstep. Living in the area also allows him to cycle to his job at a private college in Mayfair in under 30 minutes, and he appreciates what a privilege this is.

Despite being in good employment, Rob and Maeliss didn’t have the funds available to buy a house that would fit their family in terms of both size and specification. While the couple regrets not getting on the property ladder 10 years ago when houses were cheaper, Rob is thankful that Shared Ownership gave them the opportunity to do so now.

Rob continues: “If we were to look where we could actually afford, we would be stuck choosing between the North or Wales, which is not what we wanted for many reasons. By buying with Hyde New Homes through Shared Ownership, we were able to stay in our area of choice and weren’t restricted by price the way we would have been if we’d bought conventionally. It also allowed us to get a new-build property, so we have a totally blank canvas that we can personalise as a family.”

Rob and Maeliss purchased a 35% share of their four-bedroom property for £203,000, based on a full market value of £580,000. This allowed them to put down an initial deposit of £50,000 – less than 8% of the average price of a four-bedroom house in Camberwell.

For further information on other Hyde New Homes developments, please visit the website at hydenewhomes.co.uk or contact the sales team on 0345 606 1221.

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A Guide To Part Buy Part Rent
Part Rent Part Buy is a scheme you can use with Home Reach where 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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