Tower Hamlets is famous for its art, culture and nightlife, drawing millions of visitors every year. But how about laying down permanent roots in the borough?
Perfect for the city’s young creatives, L&Q currently has a range of homes available through Shared Ownership across Tower Hamlets, helping to lower some of the financial barriers typically associated with buying in this thriving East London neighbourhood.
Shared Ownership Explained
Shared Ownership is a Government-backed part buy part rent scheme, where first time buyers purchase a percentage share of their home, and pay rent on the remaining portion. The initial share is typically between 25% to 75%, with the deposit and mortgage relative to this percentage. For instance, to buy a 25% share of a £400,000 home, the share would be valued at £100,000, requiring as little as £5,000 for a 5% deposit, and a mortgage of £95,000.
As and when they can afford to, shared owners can buy additional shares in their home through a process called staircasing, until they own 100% of their home.
Purchasers looking for a swift move into their first home should look at L&Q at Lansbury Square in Poplar, where just two apartments remain and are available to move in now. Benefitting from extensive communal facilities such as a gym, concierge service and communal courtyard, L&Q at Lansbury Square is the perfect base to explore East London from, just a stone’s throw from Canary Wharf and the City. Offering an additional helping hand to first time buyers, L&Q is offering £5000 towards service charges on the last remaining two apartments – so they’re likely to be snapped up quickly.
Emma Harvey found her perfect home at L&Q at Lansbury Square, buying a 25% share of a one bedroom apartment. Now comfortably settled in her new home, Emma says, “If I bought a property on the open market for the same cost, I would probably be in Zone 6 with a terrible commute to work. It would probably be fairly pokey and it wouldn’t have the amenities or the lovely, clean look.
“The quality I get with this building, this new build, is infinitely better than what I could have rented. If I was renting it would be something that was over five or ten years old, it would not be as spacious, probably wouldn’t have a balcony and would not be as close to the DLR and the commuting links as this current place. So, really, Shared Ownership means I get the best of all worlds.”
This summer, L&Q is set to launch L&Q at The Silk District; a new collection of one and two bedroom apartments within a major £300m regeneration project for Whitechapel. Part of a joint venture with Mount Anvil, L&Q at The Silk District is only moments from Whitechapel station, fast becoming a major transport hub in East London and soon to be on Crossrail. L&Q’s new homes are centred around an attractive communal area of open green space and planting, with each apartment also providing access to a private balcony or terrace. The buzzing Brick Lane and Spitalfields Markets are both short walks away, putting residents in prime position to enjoy East London’s greatest landmarks.
Launching later this year is a range of apartments for Shared Ownership at New Union Wharf in Isle of Dogs. Positioned on the banks of the River Thames, the apartments feature large open-plan living room, spacious bedrooms and private balconies, with select homes enjoying views over the river. Residents are well placed in Isle of Dogs to enjoy the best of the East End, whether it’s high street shopping in Canary Wharf, market browsing in Brick Lane or a trip to the urban oasis, Mudchute Farm and Park, to reconnect with nature.
In addition to Shared Ownership, a range of one to three bedroom homes will be available to purchase outright at New Union Wharf, launching soon.
For more information on L&Q’s latest developments in Tower Hamlets, visit: http://bit.ly/LQTowerHamlets
