ADVICE
Olubukola Abiiba is the Head of Leasehold Sales Services at Newlon Housing Trust. A specialist residential conveyancer and chartered member of the Chartered Institute of Housing (CIH), Olu has accumulated an impressive 16 years’ experience in leasehold sales transactions. She has a strong passion for delivering quality services for existing homeowners and meeting the aspirations of first time buyers through following best practice, regulatory and statutory requirements, combined with a commitment for prompt communication and a helpful approach Q We are a couple in our early 30s planning to start a family.We have
Olubukola Abiiba, Head of Leasehold Sales Services, Newlon Housing Trust
space for their furniture and understand their current outgoings such as costs for gas, electric and council tax. Finally, my advice would be to let your solicitors know of any issues that may delay your move so they can act quickly to notify all parties to ensure the process runs smoothly. I would encourage regular communication between you and the vendor so you are fully aware of the progress of their corresponding purchase. It also allows both parties to work towards a common goal of agreeing a mutual completion date and helps you plan moving into your new home. For more information about our shared ownership homes, please visit newlonliving.co.uk
to ensure the process runs smoothly, however, it is important to be aware that collating and exchanging information between solicitors can take some time. In your case, where your vendor also has a related purchase, it can have a significant impact on how long it will take to complete the process, as the vendor may require funds from the sale of their property, with solicitors arranging to complete transactions simultaneously. Generally, the length of time between the MoS and completion can typically take anywhere from 12 to 16 weeks. The great thing about choosing to buy a resale shared ownership property is that it gives you the opportunity to speak to the vendor and ask questions.You also have the chance to see how they have used the living
found a lovely two bedroom shared ownership resale apartment in our local area and have been offered the property. Our vendor has a related purchase and as first time buyers we don’t know what this means for us. How long can we expect the process to take? A The process can vary and is dependent on a number of factors. Once you have confirmed acceptance of the offer you will be required to instruct solicitors to act on your behalf and will be issued a Memorandum of Sale (MoS).This MoS confirms the agreement of sale between you and the vendor; it summarises the details of your purchase and effectively kick-starts the conveyancing process.This is the legal process that transfers the ownership of a property from one person to another and sets out when the vendor begins to plan their move to another property, allowing enough time for you to give notice to terminate your tenancy. You should at this stage work together with your mortgage adviser to arrange a mortgage valuation. Simultaneously, your solicitor will be reviewing draft documents and carrying out property searches.These searches are necessary as they may highlight issues you need to be aware of before you take ownership of your new home. An important part of the process is for the housing association to reply to enquiries raised by your solicitor.There is no set number of enquiries that can be raised, they are usually questions focused on the property itself, such as service charge, buildings insurance, fire safety, and restrictions on title, to ensure that a buyer has a full picture of the property they intend to purchase. Mortgage lenders can also have varying requirements and your solicitor will be obliged to obtain satisfactory responses to satisfy the lender before mortgage funds are released, as it needs assurance that the home it is lending on can be considered a good risk. At Newlon, our leasehold sales team works
In the heart of Oakwood, a charming north London suburb just over 30 minutes from the buzz of central London, lies Cassia, a contemporary new build development by Newlon Living. Now offering a collection of one and two bedroom apartments available through the shared ownership scheme, this is an exceptional opportunity for rst time buyers to secure their rst home in a perfect location.
Seamlessly blending with the established houses, Cassia has been crafted to offer community-focused homes in a peaceful location. Architecturally inspired
by the Georgian era but reimagined for 21st-century living, each apartment boasts its own outdoor space, high-speci cation xtures and ttings, and up-to-the-minute environmental credentials.
Embrace the Cassia Lifestyle Every home has been designed to be energy ef cient, meeting modern standards while providing comfort and peace of mind. You’ll nd an open-plan living area and your own outdoor space, complemented by a stylish tted kitchen with integrated appliances, a contemporary bathroom suite, and quality carpets in each bedroom. Immerse yourself in the vibrant local culture, indulge in the area’s natural beauty, and experience the perfect mix of city living and suburban calm.
One bedroom apartment, monthly outgoings from £1,275 pcm: £105,000 for a 30% share. Full market value: £350,000. Two bedroom apartment, monthly outgoings from £1,555 pcm: £127,500 for a 30% share. Full market value: £425,000.
To register your interest in Cassia or for more information please visit cassia.london
*Based on a 30% share with a full market value of £350,000
16 First Time Buyer June/July 2018
August/September 2024
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