AFFORDABLE HOMES
WE DIDN’T HAVE A LARGE ENOUGH DEPOSIT TO BUY ON THE OPEN MARKET – SHARED OWNERSHIP WAS A NO-BRAINER
Shared ownership is a Government-backed scheme helping first time buyers take their first step on to the property ladder. The scheme allows you to purchase a share in a property (usually between 25% and 75%) and pay rent on the remaining portion
through L&Q, with a deposit of just £5,600. Josh recalls, “When we looked around the homes at Hazelmere, we couldn’t believe we’d actually be able to afford a home like this – it’s honestly a dream come true and we knew this was where we wanted to live. From our private driveway and garden to our spacious bedrooms and modern kitchen, Becky and I feel really grateful to live here.” Becky adds, “It really is the cherry on top to be located in Haslington. Everything is right on our doorstep – we often go on walks into the village and take a look around the independent shops and cafes there. Josh and I are the adventurous type, so it’s great to have so much green space around us – we love exploring everything the local area has to offer.” Reflecting on the sales process with L&Q, Josh explains, “The whole process has been faultless from start to finish. We were introduced to our sales associate Luis, who was on hand to answer any questions we might have and made our experience seamless from beginning to end. Everything just feels like it’s falling into place. We’ve already discussed with my cousin about the possibility of staircasing, so we’re really excited to begin this process in the near future. We’re just so happy to be living at Hazelmere and would recommend L&Q to anyone looking for their new home.” L&Q has shared ownership homes available across the country, from one bedroom apartments in Manchester to three bedroom homes in Croydon. Visit lqhomes.com/shared- ownership/ to explore your options
Since beginning in 1980, the shared ownership scheme has helped thousands begin their homebuying journey. As buyers will only pay a deposit on the share they are purchasing, deposits are usually much lower compared to buying on the open market. Over time, shared owners can buy additional shares as their financial situation improves, eventually owning their house outright through the process of staircasing. Previously living separately at their family homes, Josh, 26, an occupational health trainer, and Becky, 24, a support worker, were looking to take the next step and find a home where they could start a family together. Josh explains, “Becky and I needed a space that offered some more freedom and privacy, and, after a lot of thought, we decided it was time to search for a home together. Set on staying in the Cheshire area, where Becky and I have lived our whole lives, we considered going down the rental route – but we couldn’t believe the lack of options available and didn’t want to pay for a home that we didn’t own, especially if it wasn’t perfect for us.” Unsure about their next steps, Josh spoke to his cousin, a mortgage adviser, who introduced the couple to shared ownership, which opened up their options considerably. Becky adds, “We didn’t have a large enough deposit to buy a home on the open market, but didn’t want to put our money into a rental home that we couldn’t call our own, so we felt quite stuck. After looking into shared ownership some more, we couldn’t believe what the scheme had to
offer – having the flexibility to put down a lower deposit and purchase a share of our home really was a no-brainer for us and we haven’t looked back since.” After some online hunting, Josh and Becky came across L&Q’s homes at Hazelmere, Haslington, which offered a selection of traditionally designed two bedroom semi-detached and terraced homes, exclusively available through shared ownership. Ticking all the boxes, Josh and Becky purchased a 50% share of a two bedroom house at Hazelmere
40 First Time Buyer December 2024/January 2025
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