The next step with London Living Rent
Translator Diam was renting privately in Walthamstow, living in a two bedroom apartment with her daughters Nala, 12, and Kimya, 6, when she came across London Living Rent.
“I was looking to move because I was hoping to leave the renting market – I am wanting to buy. I’ve had problems with landlords increasing rents or wanting to sell the apartment we were living in, so they would ask us to leave which was really unsettling. The rental market is not secure at all, you might only get a one year contract and it’s expensive to keep moving house, never mind the upheaval with the girls.”
A steppingstone towards home ownership, London Living Rent (LLR) is a Government-backed scheme which makes saving for a first home more affordable – and achievable. LLR offers high quality homes in the capital at a discounted rental rate – sometimes up to 50% less than those available on the open market. The extra savings can then be put towards buying the home that’s being rented, through Shared Ownership.
“I found the apartment on Rightmove and couldn’t believe it. I know a few people who have applied for the London Living Rent scheme and didn’t expect to get through to the next stage as the advert had been up for 48 hours already – but after filling in the form, L&Q emailed me to say they had an apartment and that I was eligible. I had to send all my documents and references before going to a viewing. It was a very quick process and I would say the service was excellent. The L&Q team were so professional and understanding, and reactive – coming back to me within the same day.”
Within a month, Diam moved into a two bedroom apartment at The Chain, South Grove, Walthamstow. Ideally situated close to both tube and Overground stations, the development is also part of the Mini Holland cycling scheme, making it safer and easier to travel by bike and on foot in the area.
“I’m so happy about this apartment, it is so close to the girls’ school, just a 5 minute walk. We used to pass through the building every day to get to school, and always wished we could move in here.
“There isn’t any parking, but it’s so much better located that I don’t have to drive anymore – I no longer need a car! I don’t have to pay out for insurance, fuel etc, so that is saving me another £300 per month.”
Not only are they saving a significant amount of money each month, but the family also have more space than in their previous apartment.
“In our previous home I had a very small bedroom with a single bed, as the girls needed the bigger room to share. We now have so much space! I’m paying £400 less per month and now have two big double bedrooms – I have ordered a double bed for myself. There is also a balcony and two bathrooms – I need that with two almost teenagers!
“I know I’ve got up to 10 years to buy up to 25% of this home and I am already saving so much. I hope to be able to put down a deposit within 3-4 years and stay in this home with my girls. This apartment and scheme is just amazing – it’s so perfect, I couldn’t ask for more. This feels so much more secure.”