In 2012, Adel Whitworth, 33, was left disappointed when her first attempts to make it onto the property ladder in Tooting Broadway fell through. However, she plucked up the courage to try again when she discovered Shared Ownership, a scheme which enables first-time buyers typically priced out of the open market to buy a share of a property and pay rent on the remaining share.
Intrigued and hopeful, Adel filled out an application for the Shared Ownership homes at Battersea Bridge Road, offered for sale by Thames Valley Housing.
Adel, who works as a Project Controls Manager for Mott MacDonald, working on Crossrail in Canary Wharf says: “It was a no brainer. There was nothing available on the open market which matched the high specification of the homes available at this development, and purchasing through Shared Ownership meant I wasn’t competing with investors.”
She continues: “I kept having a sneaky look at the construction and was so excited by the progress. My enthusiasm also inspired my friend James, who I was renting with in Tooting, to submit an application to Thames Valley Housing too.
Both Adel and James’ applications were accepted on New Year’s Eve in 2015, and they became shared owners in June. Their new apartments are in a striking new building, linked by a glass atrium to the former Battersea Police Station – a beautiful red-brick Victorian building. “We’ve now gone from being flatmates to neighbours!” said Adel.
Adel purchased a 35% share of a one-bedroom apartment for £177,625 (full price £507,500) and put down a deposit of £32,000.
“To finally be a homeowner after years of trying – I couldn’t be happier,” said Adel. “Having had experience dealing with the complications of trying to buy on the open market, I was over the moon with how easy it was buying through Shared Ownership. Thames Valley Housing guided and helped me through the entire buying process, it was simple.”
Adel has also signed up to Shared Ownership PLUS, a scheme unique to Thames Valley Housing which enables shared owners to buy an extra 1% of their home each year up to 15 years, without the cost of arranging a solicitor each time a share is purchased. It means she knows her share of her home can definitely increase by 15% to 50%, and she can buy more shares if and when she’s able.
Adel says: “For me, the best part of purchasing through Shared Ownership is feeling settled. I don’t have to worry about moving for a very long time and I can decorate my apartment exactly how I like it. Plus, I’ve still got my friend and former flatmate living nearby!”
The homes at Battersea Bridge Road have now all sold, however Thames Valley Housing offers Shared Ownership on a wide selection of homes across London and the South East. For further information regarding Shared Ownership PLUS please call 0208 607 0550 or visit www.tvhsales.co.uk.