Getting onto and moving up the property ladder in London’s capital can be a journey fraught with many obstacles, one of the main ones being affordability, leaving many home hunters having to make compromises on the size of the property and location in order to get more for their money.
First time buyer Beatriz managed to overcome these hurdles and move into her forever home with her three children. Using Shared Ownership, Beatriz moved from a two-bedroom rented property in Forest Gate into a beautiful new four-bedroom home at Peabody’s award-winning development, Stonelea Gardens just a stones throw away in Waltham Forest.
Having been in a two-bedroom rented house for more than ten years, Beatriz was becoming frustrated with maintenance issues in the property.
“Although it was a two-bedroom house with a garden, it was an older property so things like the heating and boiler were starting to become unreliable which was getting quite frustrating. I was in one room and my three children were in the other, I was also working from home so it was very difficult for any of us to have any personal space. I decided to look for an alternative property to rent, however I quickly realised to be able to afford a larger rented property I would have had to move out of the area, which would also mean my children having to change schools – something I wasn’t keen on doing.”
Above all Beatriz was very keen to gain more space for her and her three children. She explains:
“I am paying more than I was when I was renting a two-bedroom property but I now have double the house! I originally was looking into buying one of the three bedroom apartments, however by increasing my budget just that little bit more meant I could afford a four-bedroom house. The quality of the property is fantastic, there is lots more space, the features that are included are great and everything is new and in working order. I was paying £1,300 plus bills whilst renting and now I pay £1,900 (£802 mortgage, £1,026 rent and £69 service charge). It is an increase but I now don’t have to worry about anything going wrong and I have an amazing new home that is perfect for me and the children. We will stay here for a long time to come, we are in a great location being just a 10-15-minute walk from Leyton tube station where you can get into central London in about 20 minutes. I definitely would like to buy further shares and plan to do this gradually as and when I can afford to, eventually owning my home outright.”
The benefits of living at Stonelea Gardens
2020 winner of two Evening Standard New Homes Awards for Best Shared Ownership Home and Best Family Home, Stonelea Gardens offered the perfect location for Beatriz and her family. The local area of Waltham Forest offers a wide selection of amenities, green spaces and excellent schools.
“It was actually my eldest daughter Sofia who found the Stonelea Gardens development by Peabody. Having lived in nearby Forest Gate for many years, I love this area and the schools are very good too. My 17-year old daughter Sofia attends Southwark College and gets there in about 40-minutes via public transport. My 6-year-old daughter Raquel, and 3-year-old boy Santiago both go to Buxton School which is just a 10-minute walk away which is fantastic and makes life a lot easier. We also have Langthorne Park literally next door to the development, it’s a lovely open green space perfect for walks and plenty for my children to enjoy too.”
Why Stonelea Gardens is the perfect family home?
Stonelea Gardens comprises a stylish collection of apartments and houses within a thriving new community in East London. All of the three bedroom apartments and of the three and four bedroom houses offer spacious and flexible layouts, with open-plan interiors that are perfectly adaptable for multi-generational families to live together.
“I had been looking at the three-bedroom apartments at Stonelea Gardens as I honestly thought buying a house on my own would be impossible, but I decided to book a viewing anyway just to satisfy my own curiosity! To my complete surprise, once I had completed the financial assessment I realised I would be able to afford to buy a four-bedroom house using the Shared Ownership scheme. I was able to purchase a 30% share in a four-bedroom property using a 15% deposit and Peabody were also running an offer of £2,000 towards legal fees too. The house is beautiful, its set across three floors, we have lots of storage and space for us to work and relax separately but also come together. We have a lovely garden and terrace too. I never thought I would be able to live in a house like this – I feel very lucky.”
Buying a home through Shared Ownership
Moving from a rented home and managing to not only get herself on the property ladder but also able to afford her forever home has been a dream come true thanks to the Shared Ownership scheme.
Beatriz shares her thoughts on this valuable home buying solution:
“Each government scheme has its pros and cons, and what works for one person isn’t always going to be the cheapest option for another. Shared Ownership really works for people who cannot afford to buy a property outright on the open market, it opens up the opportunity to get on the property ladder at an affordable level. I have a job and I earn a good salary, but I would never have been able to afford to buy a home of this quality and size in London without the option of Shared Ownership.”
Buying a home with Peabody
“Like any financial commitment, you should make sure you can afford to take on buying a property and the team at Peabody helped me do that. Buying this property has given me the quality of life I wanted for me and my children and I’m really pleased that I made the decision to move forward and use the Shared Ownership scheme. This was the first time I had purchased a property and I was very impressed with Peabody, they supported me every step of the way and the whole process was handled very well. During the sales process I had to return to Spain to see my family which meant for a short period the communication between myself, my solicitor and the sales team was only on email – and it was handled brilliantly, I would definitely recommend them anyone thinking of buying a property.”
Prices at Stonelea Gardens currently start from £156,000 for a 30% share of a three bedroom apartment. All of the houses are now sold, and the overall development is now 90% sold. Online viewings are available, for more information, please visit Stonelea Gardens.
What is Shared Ownership?
Shared Ownership is a part buy/part rent scheme, where you buy a share in the property and pay rent on the share you don’t own. Shared ownership houses are designed as a stepping stone for first time buyers looking to completely own their own home. Staircasing shared ownership is the process of buying more shares in your property before you can own it outright.
Find a Shared Ownership Home with Peabody
Peabody are one of the largest housing associations in the UK with a selection of Shared Ownership homes available throughout London and the South East. Take a look at our property search to find the perfect home for you.DISCOVER MORE