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Real Life Case Study : SHARED OWNERSHIP HELPS BUYERS OUT OF VICTORIAN RENTAL INTO BRAND NEW HOME


High quality materials, modern design, better insulation and efficient heating systems are just a handful of reasons why owners of new build properties could save up to £1,400 a year on utility bills, compared to living in a Victorian equivalent. Thanks to Shared Ownership from Notting Hill Sales, first-time buyer Fiona McDonnell was able to make the leap from renter to buyer and escape the Victorian flat she and her partner Adam were renting, purchasing a brand new two-bedroom apartment at Oval Quarter in SW9.

Explaining how and why the couple chose Oval Quarter, 28-year-old Fiona says: "Adam and I were renting a one bedroom, ground floor flat in Clapham Junction, which was a converted Victorian house. Being such an old property, it had many problems – it was cold, damp and mouldy, and very expensive to heat as a result. After this experience, we knew that when it came to buying our own house, it would be a new build. We had been saving for a while, and Adam is an avid reader of the property pages in magazines and newspapers, which is how we discovered Notting Hill Sales. We liked what they were offering, and decided to visit two of their nearby developments, one of which was Oval Quarter."

She continues: "We visited the show home and knew that this was exactly what we were looking for. It was well located, as I can get a bus from right outside to where I work at University College Hospital, and Adam can cycle into Farringdon. The apartments are spacious, the design was modern and most importantly it was warm and dry. We applied, and just two weeks later, we began the process of buying our apartment."

Using Shared Ownership, Fiona and Adam bought a 40% share in their apartment, valued at £450,000. Fiona says: "Shared Ownership was our only way onto the ladder; we were completely priced out of the market otherwise, and we were desperate to get out of our old rental flat. I didn't know much about Shared Ownership before, so I wasn't sure what to expect, but it was super easy – Notting Hill Sales even recommended us a mortgage advisor, so the whole process was so quick, yet ran so smoothly. Our monthly outgoings are roughly the same as our old rental flat, but it is so much nicer!"

"The community here is wonderful. Everyone is so friendly and we all get on so well- we even have a litter pickup scheme between ourselves and are redeveloping the communal gardens, which is lovely to be involved with. We can't believe how lucky we have been to find such a wonderful home."

Just seven apartments remain in the final phase of apartments at Oval Quarter. The development is just ten minutes to the heart of the capital, making the location remarkably central but surprisingly quiet and leafy. The development brings more than 800 new homes creating a smart, central and popular location to live.

A stone's throw from trendy Vauxhall, which is home to some of south London's most popular nightlife, Oval Quarter boasts a fantastic location for local amenities.

Oval station, just a short walk from home, offers connections on the London Underground by way of the Northern line, which now runs 24-hours over the weekend. Bank, London Bridge, Waterloo (for the South Bank) and the West End are all easily reachable, as well as the Eurostar from Kings Cross St Pancras. With just a quick change to the Victoria line at Stockwell, there are even more connections and destinations to choose from. Fifteen bus routes operate in the local area, including five night buses and two 24-hour services, making the area one of the most well-connected in South London.

Prices for the new homes at Oval Quarter start from £222,800 based on a 40% share of the full market value of £570,000 for a two-bedroom apartment. For more information, contact Notting Hill Sales on 0203 815 1234 or visit www.nhillsales.com