The Potteries is perfect first home for Lancaster family

After years of renting privately Nicky Griffiths and her family are now enjoying the security of owning their own home thanks to Shared Ownership.

Nicky, 44, a social worker from Lancaster, had been renting from a private landlord with her husband and three young sons when they were illegally evicted. She contacted her local housing association, Adactus Housing Group, for help and was told about Shared Ownership and how it could help them get on the property ladder.

Nicky explains, “We had been renting privately for about 7 years and had so many problems with the landlord. In July this year he illegally evicted us so we were left homeless. Our first priority was obviously finding somewhere else to live so my husband contacted Adactus about their rented properties. During the conversation their affordable homes were mentioned and it sounded like something we would be interested in.  We were put in touch with Emily, their Sales Co-ordinator and she explained all about Shared Ownership.”

Shared Ownership allows you to buy a share in a new home, ranging from 25% to 75%, depending on what you can afford. A housing association owns the remaining share, and you pay a reduced rent on this share. This means that you need to get a smaller mortgage to buy the property, and will also need a smaller deposit.

Nicky and her husband decided to go ahead and use Shared Ownership to buy their first home. They purchased a 25% share in a 3-bed semi-detached home at The Potteries, a beautifully landscaped development just on the outskirts of Lancaster City Centre. Once they had decided to go ahead things needed to move quickly.

Nicky reveals, “Because of our situation we needed the process to be quick and Emily and Joanne at Adactus were absolutely fantastic in making this happen. Normally the conveyancing would take 8 weeks but they worked with solicitors to make this happen in just 10 days! They were brilliant.”

Nicky and her husband, along with their three sons, are now enjoying life in their new home. The couple now pay less for their mortgage and rent combined than they did when they were renting privately for all those years, something Nicky feels is a real benefit.

She says, “Shared Ownership has been such a lifesaver, we really didn’t want to privately rent again as there is no security. With Shared Ownership you have a lot more security which is worth so much to us, and there is always the option to staircase, which we intend to do in a couple of years.”

When you buy a Shared Ownership home you also have the option to buy more shares in your home when you are ready, known as Staircasing. At this point the amount of rent that you pay on the unsold share will reduce accordingly, and if you staircase to 100% there will be no rent to pay.

Nicky and family are now looking forward to their first Christmas in their own home.

Nicky says, “It’s such a relief to have our own place and we can’t wait for Christmas now. The kids are really excited and so happy to have their own rooms that they can decorate any way they want! I’d advise anyone thinking about using Shared Ownership to go for it, the process is really simple and it’s such a great option.”

If Nicky has inspired you to find out more about Shared Ownership you can contact us on 0300 790 0570 or email info@helptobuynw.org.uk.

To find out more about Adactus Housing’s Shared Ownership homes visit www.snuggliving.co.uk