“We quickly realised that Shared Ownership was more affordable than renting” – Ben and Liliia used Shared Ownership to get on the property ladder in one of London’s new hotpot locations.
Ben and Liliia used Shared Ownership with Legal & General Affordable Homes to buy their first home together – purchasing 25% of a one-bedroom flat at East River Wharf in Royal Wharf, Newham, London.
After renting with friends and living with family, they wanted their own space together.
They pursued Shared Ownership after a friend, who had used it to buy a home, recommended the scheme as a cheaper alternative to renting and a more affordable way to get onto the property ladder.
“If we were to rent in this area, it would cost us £300-500 more per month than what we’re paying now.”
Ben’s job in the NHS in central London meant that a suitable location with good transport links was a priority for the couple.
“The area has really good connections. It’s easy to get into central London or get on a main Tube line that can take you anywhere in the city.”
As well as being well-connected, Ben and Liliia were attracted by the exciting and growing community at Royal Wharf, as well as the amenities East River Wharf provides.
“Another big attraction was the sense of community and security here. Added to this, the gym, sky lounge, concierge and 24-hour security were massive bonuses on top.”
Shared Ownership allows buyers to purchase a home by buying a share of a property’s full market value and paying a subsidised rent on the remaining share. This means they can purchase a home with a much lower deposit than if they were to buy the property outright, enabling more people to get a foot onto the property ladder.
“We have a 25% share and an affordable place to live. It’s also nice having an asset that can potentially compound over time and generate a return for us in a few years.”
As first-time buyers, Ben and Liliia credit the Legal & General Affordable Homes’ team for making the moving-in process as smooth as possible.
“Everyone takes care of you and answers all your questions.”
For more information and availability at Legal & General Affordable Homes’ Shared Ownership schemes, including East River Wharf, please visit https://landgah.com/shared-ownership/properties/