Shared Ownership Example: London
When renters Chantal Epp, 23 and her partner Thomas Bean, 27 were forced to re-evaluate their living situation, they turned to shared ownership in the hope of getting onto the property ladder.
Chantal, head of business development at music company CueSongs, explains: “We were previously renting a house in Wandsworth, but the home buying process was kick-started when we were asked to move out due to a change of plan regarding the use of the property, which came as a bit of a shock.”
After years of renting, the change encouraged Chantal and Thomas to try and secure a property of their own. They started looking on the open market, but soon found the properties available required a deposit far larger than they could afford.
During the search for an affordable home, Chantal contacted TVH regarding the apartments available through shared ownership at Apsley House in Wandsworth, London.
Chantal says: “The high specification and spacious rooms exceeded our expectations – we could get so much more for our money purchasing through shared ownership.”
"We could get so much more for our money purchasing through shared ownership.”
Chantal and Thomas were successful in their application and moved into their two-bedroom apartment at Apsley House in February 2015, putting down a deposit of £10,600 for a 25% share (£106,250) of the £425,000 property. Chantal and Thomas found their monthly outgoings amounted to roughly £1,200.
“It has already been a brilliant investment as it got us onto the property ladder, but if we were to sell we would receive equity of around £18,000, which is reassuring.”
Chantal added: “Thames Valley Housing was so helpful throughout the process, the staff were efficient and very friendly. Our home is finished to a beautifully high standard and the final touches feel very homely. If we had never been asked to move out, we wouldn’t be on the property ladder living in a home we otherwise couldn’t afford on the open market, there’s no going back to renting now!”
So Resi offers shared ownership on a selection of resale and new homes across London and the South East. See all of our home here.