Case studies

Charlie & Rob

Rob and Charlie were completely overwhelmed, they had just been given the keys to their first home together. They opened the door and walked in, smiles spread across their faces, ‘I can’t believe we finally have our own place’ exclaimed Rob.

They had previously been living with their parents in Bexleyheath and thanks to Gallions were able to take their first steps onto the property ladder.

They now own a 45% share in a 2 bedroom apartment with a garden in West Thamesmead. The full market value was £183,000 and they arranged a mortgage for £82,350.

‘Rob is a Charlton supporter and we found out about Gallions after seeing an advert at the football ground. We then went on the internet to find out more’ We visited the show home and fell in love with it, so reserved an identical property the same day!

‘The scheme is brilliant’ says Charlie ‘And Gallions have given us the break we wanted. We now have a luxurious home we never dreamed we could afford’.

‘The bonus is we also have a garden and it means we have a space to relax and enjoy the summer. We would definitely recommend it to friends, it is the best decision we have made and we can’t imagine living with our parents now!’

Paul

In the summer of 2005, Paul Astwood set himself a deadline of one year to buy his first home. He wasn’t sure how he’d manage it, but at the age of 36 he felt it was time to stop renting.

“I’d been renting since 1990,” he says. “I’d just come to the end of my tether with sharing space. I’d had some great flatmates, but I felt like I was still a student. When you’re renting you’re at the mercy of others. Sometimes you have to move out when the landlord sells, and I was running out of potential flatmates too. I just wanted to be settled, and be king of my own castle.”

Paul had read about shared ownership over the years, and he did some research online to find out about schemes in Haringey, where he lived. He received Housing Options magazine, and that’s where he noticed Metropolitan Home Ownership’s developments. One of them, Moselle, was in his neighbourhood, and it caught his eye. Moselle is set just off the high street in Hornsey, and is a brand new development of one and two-bedroom apartments in a landscaped park. The site includes a gym, bar and restaurant and 400 metres of river frontage. At this point, Paul didn’t believe he’d even qualify for shared ownership.

“I was under the impression that this was only for key workers,” he says. “I was a single person on a single salary, and I thought I wouldn’t get a look-in, or I’d be bottom of the list.”

Paul works for Sony as a sales administrator, so he’s not a key worker. He rang MHO anyway, convinced he had no chance. “The person I spoke to went through the details of the development, and confirmed that I had at least the minimum salary, and that I was a resident of Haringey. I ticked those boxes, and then she started telling me about the finishings in the flat. I thought, hang on – does that mean I’m eligible? And she said yes. I was really pleased.”

The following week Paul had a meeting at MHO where he produced the necessary paperwork to prove his financial details, and to see the plans for the development. MHO’s financial advisors helped him arrange a mortgage.

“After that, I just had to get a solicitor. I dropped the occasional email to MHO to check that everything was still on track, and as the completion date approached, a site visit was arranged. I had some time to nose around the flat, which was quite exciting. It was a bit strange buying a place I’d never seen, but I wasn’t disappointed when I walked in.”

Paul’s new home is a one-bedroom apartment on the second floor. “It’s the biggest bedroom I’ve had for years,” he says. “It’s such a relief finally having my own place. I’m paying a bit more each month, but it’s worth it for the peace of mind and knowing it’s an investment in my future.”

Brenda

Completely fed up and disillusioned Brenda sat down to sort out what she was going to do. She was currently renting a council house that she had lived in for 6 years in Romeo Square, London. The properties were soon to be knocked down to start the regeneration.

Brenda was on the council waiting list to be re-housed, but nothing she was offered lived up to her standards.

On her way to work she picked up the Metro newspaper and saw an advert for the Gallions part buy part rent scheme, things were beginning to look up! She called the sales team to find out more and booked an appointment to view the show home the following Saturday.

‘I love it’ she beamed, 'and I can’t believe I can afford such a luxurious apartment like this. Brenda now owns a 40% share in a 2 bedroom apartment valued at £175,000 situated by the River Thames.'

I feel so comfortable and secure in my apartment and the best thing is that it belongs to me!’ I love the fact that everything is new, I don’t have to do any decorating and it is ready to move into straight away ‘

‘I can’t thank Gallions enough for all their help and my only regret is that I didn’t do it sooner!’

Edwin

Edwin Lathbridge and his family had previously been renting a 1 bedroom apartment in South Norwood which at the time seemed like their only option.

The apartment was cramped and at night Edwin would sleep on the sofa giving the bedroom to his wife and two young children. They desperately needed something bigger but they knew they could not afford anything on the open market as property prices were so expensive.

They visited a friend who had recently bought an apartment through the Gallions shared ownership scheme and were really impressed with what they saw.

Edwin contacted Gallions to see if they were eligible and was overwhelmed when he found out he had been accepted for the scheme. “I didn’t realise how easy it could be to buy a home of my own. The buying process was fully explained to us and we had constant help from the sales team to make the experience as stress free as possible. I’m so thrilled with our new home. I would highly recommend shared ownership to anyone and really believe it is the way forward”

Edwin Lathbridge is now enjoying being a proud homeowner of a 30% share in a 4 bedroom, 4 bathroom townhouse in West Thamesmead . The full market value of his property is £260,000 and Edwin arranged a mortgage for £78,000.The scheme has allowed him to invest in a luxurious home he never dreamed he could afford.

‘The best part is the space, we really notice the difference and everyone has their own room now. The children love to run around outside in the garden as we only had a communal garden before with no privacy’

The family have now taken their first steps to get onto the property ladder and look forward to the security of home ownership.