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Real Life Case Study : the perfect time to be independent


Daisy bought her two bedroom flat on her own. She was previously living with her parents but when they decided to downsize and move to Suffolk she thought it was the perfect time to try and be independent. She had enough money saved up for her legal fees and her parents helped her with her deposit.

Daisy first registered her interest in shared Ownership in April this year and by June she had been offered her two bedroom flat which she has just moved into.

"Before I bought this flat I was living with my mum and dad...they decided they wanted to downsize and move to Suffolk. It was a chance for me to become independent and when the shared ownership came up I thought it was the perfect time and fitted in well from being the next step from moving on from my mum and dad.

I learnt about shared ownership because a couple of friends recommended L&Q and I started searching and that's when the flats in Chelmsford came up. I decided to choose shared ownership as I am doing it by myself so it was the easiest and best way for me to get on the property ladder at my age.
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Like many other people turning to shared ownership, Daisy was pleasantly surprised to find that she was eligible to apply:

"I was quite surprised that I was eligible for shared ownership because I was doing it on my own, it was just my salary that would be taken into consideration and I did have a deposit but I didn't know if that would be enough.

I did think before I started that shared ownership was just for people who had a family or people who were living in the borough before, but actually it worked out that it wasn't.
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Had it not been for L&Q's shared ownership scheme Daisy would have found herself renting and paying out much more than she currently does:

"Before the shared ownership I was about to start renting a flat in Essex but it was double what I am paying at the moment. Even just for a one bedroom flat it worked out more than what I have got now, which is a two bedroom flat."

Not only has moving into shared ownership saved Daisy money compared to her option of renting but it's also giving her a step up onto the property ladder:

"It was important to me to own my own home as I wanted to get on the property ladder and I wanted to become independent and own at least a share of my own property rather than just rent.

She found the whole process with L&Q very simple and they helped her every step of the way:

"I first registered my interest for shared ownership in April, I then got to view the show home in June and then the second week in June they offered me the two bedroom flat and from there to now which is August, I have now moved in.

When I first started looking at shared ownership my initial worries were that I couldn't repay the mortgage or services etc but once I started the process I found out it was actually really affordable based on my salary and my outgoings. L&Q recommended a financial advisor who I used who took me through every step of the way as to what my outgoings and what general payments I would need to make would be.

I found L&Q very helpful and they guided me through every step of the way considering I've never done this before and I was on my own, they offered me every help and support throughout the whole journey.

I was a bit nervous because I didn't know what to expect and I wasn't sure what questions to ask or what information they needed from me but the process was smooth from start to finish and I'd recommend it to anyone.
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Daisy's experience has been so positive that she would have no hesitation recommending shared ownership with L&Q to others. Had she only had the option of buying on the open market she knows that she wouldn't be where she is now.

"I wasn't looking to buy on the open market before shared ownership because I knew I wouldn't be able to get what I wanted based on just my salary and being just a single person, so when shared ownership and L&Q came up I knew it would be the perfect opportunity for me.

Owning a share of the property is important to me as it gets me on the property ladder and I know that in a couple of years time when my mortgage comes up for renewal I'll buy a bit more and then I've got a bit more of a foot on the ladder and it helps me for later on in life.

One hundred per cent I'd recommend shared ownership as you eventually, whatever you decide you'll either own that property or you'll have a share in that property rather than renting, which essentially you can't save on that, so I'd always recommend if you couldn't do owning outright then definitely shared ownership is the way forward.
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She was lucky enough to get help from her parents in putting a deposit together, but she recognises that had it not been for shared ownership then buying a property, even with her parents help, would still have been out of her reach.

"When I found out how much deposit you needed for the shared ownership I was pleasantly surprised because I thought it was something really affordable compared to the open market. If I was buying on the open market now I think I'd have to save for about twenty years or win the lottery to be able to afford a property like this.

I think it's hard for young people to get on the property market because the cost of living and the cost of housing is going up. My deposit for this flat was £13,116 which was provided by my mum and dad due to downsizing their house and I had saved up to pay for the legal fees.

I'm very grateful to my mum and dad for being able to provide me with a big deposit. I did start to do a Help to Buy ISA where I started to put £200 a month away to save for a new property but that probably would have taken me a very long time.

I feel very lucky and happy that I have got on the property ladder through my mum and dad and through shared ownership.
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Having just moved into her flat she can't wait to unpack all her things and really start to put her own stamp on the place.

"I was so excited and happy when I got the keys to my flat, it's an amazing feeling when you walk through the door to know that you own at least a little bit of your new home. The first thing I did when I got my keys was literally run through the whole of the flat screaming, probably didn't do a lot for my neighbours but it was a good feeling!

I'm so excited for the next few weeks and the future. I'm really looking forward to starting to put my furniture in and to make this flat start to feel like home. I am now looking forward to inviting people over for dinner, inviting people round that I couldn't probably have when I had my mum and dad round and actually having my own space, I can do whatever I want whenever I want.

For anyone who was looking into shared ownership I would one hundred per cent recommend it. It's the best thing I've ever done and I'd recommend it to anyone.
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