Megan’s story is a heartwarming example of how shared ownership can provide security and stability, especially for those who fear they will never be able to join the property ladder. With the support of her mother, Joanna, Megan’s home journey has seen her buy and sell a shared ownership home through Aster, ultimately finding a place where she could continue to put down roots and build a family.
A new beginning
Before purchasing her shared ownership home, Megan lived in rented accommodation and always felt the worry of a lack of security, fearing she could be asked to move out at any time. The lack of home security and being unable to make any changes to the home, like decorating, meant Megan never really felt able to fully settle. In 2020, Megan inherited a sum of money that could have served as a fair deposit for a home on the open market. However, she was unable to secure a mortgage for the remaining amount. The solution came when she found a home in Bodmin available through shared ownership. Megan was able to purchase a 40% share of the property without needing a mortgage, allowing her to pay rent on the remaining 60% at a rate lower than the market rent.
Life’s journey
Living in her shared ownership home, Megan’s boyfriend moved in and together they made the house their home. Without the fear of being unexpectedly asked to move on, and with the ability to make some changes, they put down roots, enjoyed having their own garden, adopted a couple of cats— luxuries Megan hadn’t enjoyed in previous homes—and spent time creating memories in their home.
As life progressed, Megan and her boyfriend got engaged, married, and celebrated the arrival of a new baby. With the arrival of the new baby, Megan found her reliance on public transport grow and decided they needed to be closer to family. Thankfully, a new development with shared ownership homes was being built in the same town as Megan’s mother, presenting the perfect opportunity for them to relocate. But first, they needed to sell Megan’s current home.
Navigating the resale process
To start the resale process, Megan and Joanna contacted Anna Dillon, the resale and staircasing manager at Aster, who guided them through the steps to get the sale started, including obtaining a RICS valuation and providing photos of the home. From there, Anna and the dedicated Aster team worked hard to market and help find a buyer. They produced all the marketing materials, including website uploads, advertising through social media, mail shots, and calls to potential buyers. Once a buyer was found, they then started to do all the legal bits to make the sale happen.
Unfortunately, the buyer unexpectedly pulled out of the sale, which put the purchase of Megan’s new home at risk, understandably causing Joanna and Megan to become anxious and upset. However, Anna’s support and reassurance was invaluable, and Aster quickly readvertised the home and found another buyer, ensuring Megan and her family could proceed with their move.
Joanna admits that she initially had doubts about Aster’s ability to find a buyer in the time needed to secure Megan’s new home, even reaching out to local estate agents ready for the nomination period to end. However, Aster exceeded her expectations, selling Megan’s share for £7,000 more than Megan bought it. Joanna was extremely complimentary of Aster’s help through the process, especially Anna, who she found so helpful and brilliant throughout, keeping her updated and always returning calls. Joanna said, “Felt like she was my best friend by the end”.
With the sale of Megan’s home complete, using this towards their share at their new shared ownership home, Megan and her husband were able to secure a small mortgage for their new home and move onto the next step of their journey.
Tips for selling your shared ownership home and final thoughts
Joanna’s advice for selling a shared ownership home is to make it look inviting, clean, tidy, and spacious in the photos to advertise and at any viewings, even suggesting hiding clutter under the bed if necessary!
Reflecting on Megan’s journey onto the property ladder and having seen friends successfully use shared ownership to eventually own their homes outright, she strongly believes it’s a fantastic option for those who might otherwise struggle to join the property ladder. Joanna also notes that she has seen negative comments, often caused by misconceptions of shared ownership, on social media platforms. While she acknowledges that shared ownership isn’t the best option for everyone, her experience has been overwhelmingly positive, and she continues to advocate for its benefits.
Megan’s journey is a testament to the security and opportunities that shared ownership can provide, helping individuals and families find a place to call home.