MHO Help Orla ‘Staircase’ to Outright Home Ownership
The primary school teacher is extra happy now she has bought the remaining half of her new build apartment in Churchill Court, Peckham.
In December 2005, Tony Blair and Gordon Brown visited the development – run by Metropolitan Home Ownership – to learn more about affordable housing.
“They stood in the apartment that soon became mine, because I ended up buying the show home,” says Orla. “The only disappointment was that I didn’t meet them because I hadn’t moved in yet, so it could have been even more exciting.”
One year on, Orla had been anything but disappointed. Buoyed by her affection for her neighbours and local environment, she decided to apply to ‘staircase’ up to full ownership of her one-bedroom apartment at the first possible moment: exactly one year after buying her first half share.
That was in February 2007. In July, she received MHO’s congratulatory card informing her that she was the sole owner of her home. “It made me feel so happy, relieved and proud that I held a big party for 50 friends to celebrate,” she says.
Orla bought her first half share through the New Build HomeBuy part buy, part rent scheme in February 2006. “I was grateful for the opportunity because I wouldn’t have been able to afford to buy my home on the open market,” she says.
She bought half because she was then earning a starting salary as a newly qualified teacher. But a salary increase and savings from her part-time job as a care assistant has enabled her to buy the rest.
“I was initially a bit dubious about buying a place on my own in Peckham, but with electronic keys needed to get into the building I feel really safe here,” says Orla. “I love my apartment – it’s beautiful, has a nice garden and I’ve got fantastic neighbours. We even enjoy games nights together.”
Orla believes she has saved herself around £40,000 by not waiting to buy a home on the open market.
Her first half share cost £65,000 and her second cost £85,000, making a total of £150,000. But by the time she had bought the whole place, similar one-bedroom apartments in the area were being advertised on the open market for £190,000.
“Staircasing was a really easy process,” says Orla. “It’s a great way to get on the housing ladder for anyone keen to buy their own place and I’d recommend it to anyone who can’t afford to buy on the open market.”