Shared Ownership Week: Buying and Staircasing Case Studies

With Shared Ownership Week well underway, today we review some recent examples of people finding and staircasing their first home through the scheme.

Rana and Denis with Southern Home Ownership

Renting a home in Hove from 2009, and marrying in 2016, Rada and Denis Slough wanted to buy and attended the launch event at Southern Home Ownership’s Artisan development in the town this January.

“We really liked what we saw but we weren’t sure if we had enough to afford it,” says Rana. “The sales advisor talked us through how Shared Ownership would work and showed us a number of apartments, and recommended solicitors and mortgage advisors who made the whole process really easy for us. We moved into our new home two months later.

“We were both really tired of living in older properties that needed lots of work doing to them so when we walked into the brand new apartments it was amazing, you could feel the quality throughout and it was so light and airy.  

“We liked a one-bedroom apartment which had a kitchen and large, open-plan living/dining room which is perfect for us as we love cooking together and the balcony with a partial view of the sea just topped it off.

“We are so happy and love living here. We would really recommend Shared Ownership because it is a really easy way of owning your own property.”

Tiberius and Geta with Network Homes

While renting a room in a shared house in Hendon and having been saving money for four years, Tiberius and Geta Darie were looking for a property closer to work on a five-month search for a home when they came across Printworks in Neasden, from Network Homes. With eight weeks, they had purchased a 25% share of a one-bedroom apartment there and moved in to their new home.

Tiberius says: “I think some people, when they start looking for a property give up easily because they think Shared Ownership is a complicated process. With Network Homes it was simple. They contacted us immediately after we registered and made the Shared Ownership process smooth and the process very quick.

“It was not just the location that appealed to us at The Printworks; the building is striking on the outside and very modern, which we both like. 

“For us it is a dream to be to own a property and we would recommend Shared Ownership to anyone who wants to buy. It’s exciting to be able to say we now own our own place and look forward to staircasing in the future.”

Current prices at Printworks start at £77,500 for a 25% share of a one-bedroom apartment.

Robin with L&Q in Sutton

After attending an Open evening event with L&Q, journalist Robin Newbold purchased an apartment in Sutton through Shared Ownership in 2008. He wholly recommends this way to buy a first home. “Definitely go for it. You only need a small deposit and it’s not an expensive process. I hardly had any extra costs at all. You still get to choose the type of property you want to buy, and I really think it’s the best way to get on the housing ladder.”

From the very start, he was determined to ‘staircase’ to end up owning 100% of his home. “I first properly started looking into it in 2017, but decided the time wasn’t quite right. When I looked again in 2018 and was more serious, L&Q put me in touch with a financial advisor, who talks you through the whole process and helps work out whether you can afford to staircase or not.

“I was slightly worried about hidden costs, but it turned out that I didn’t have to pay any Stamp Duty when I staircased as I was under the threshold. The whole process was really simple and I’d really recommend it to anyone thinking about whether or not staircase.”

Cristina, Elizabeth and Michael with Sanctuary Homes

First-time buyer Cristina was looking for an affordable apartment within easy reach of her work in central London and found the ideal solution with a two-bedroom flat at Sanctuary Homes’ Quadrangle development in Hornsey, in the London Borough of Haringey.

“If it hadn’t been for Shared Ownership, I wouldn’t have been able to consider buying on my own for another few years,” she says. “It’s incredible that I’ve become a homeowner before turning 30 after not that long in London, which has only been possible due to Shared Ownership.”

Elizabeth and Michael, meanwhile, have just taken the keys to their dream home at the Three Acres development, in the picturesque Essex village of Canewdon. The couple, both avid walkers who have dreamed of living in the country, say their new two-bedroom property is “the perfect fit”.

“If it wasn't for Shared Ownership we would either still be living with my parents or be forced to choose a rental property, as it now takes so much longer to save for a decent deposit on a house,” they explain.

“This property gives us exactly what we are looking for. It’s not only in a beautiful location, but we also now have the room to start building our own little family.”

Current prices at Quadrangle start at £110,000 for a 25% share of a one-bedroom apartment.