Friday, June 14, 2024
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Finally flying the nest with a L&Q London Living Rent home in East London 

Believing that the property ladder was out of reach in the capital, siblings Jemima and Aaron were in no rush to leave their family home in East Ham, until they learnt about London Living Rent with L&Q. 

As Jemima explains, “When I entered my mid-twenties, I was interested in seeing what options were available to me on the London property market. I initially wanted to buy, but realised that for the time being, it just wouldn’t be feasible on my single income. Renting somewhere made more sense, however I wanted the security of knowing I wouldn’t have to move anywhere again too quickly. 

“It was only when I saw an advert on social media about London Living Rent, a scheme which offers a tenancy of at least three years, that I started to think properly about moving out into somewhere more long-term.” 

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. The extra savings can then be put towards buying the home that’s being rented, through shared ownership. All properties on the LLR scheme guarantee tenants an assured tenancy of a minimum of three years and a maximum of ten, which is designed to provide stability for tenants. 

“At first, I didn’t meet the criteria to be eligible for LLR,” Jemima recalls, “but I knew that the opportunity was rare so I convinced my brother Aaron that we should do a joint application.” 

“It was the driving force I needed!” says Aaron. “Jemima and I were both keen to stay in East London close to family and friends, so the location guided our searches. When we came across L&Q at Beam Park, it seemed like the perfect place – a London location without London prices.” 

Situated on the borders of Rainham and Dagenham, L&Q at Beam Park comprises a collection of contemporary one to three bedroom apartments, available through both LLR and shared ownership.  

Speaking about the application process, Aaron comments, “Applying for LLR with L&Q was really straightforward. We registered our interest and went through the eligibility process. Once we had been approved, we were able to arrange a viewing for L&Q at Beam Park and complete our referencing and pay the deposit to secure our home.” 

Jemima explains what drew the pair to the development, “As well as the location, we loved that the apartments were modern newbuilds which we could put own our own stamp on. As well as the large open-plan living space and two good sized bedrooms and bathrooms, it was a bonus that the home came with a washing machine and storage cupboards for storing things like suitcases.” 

Reflecting on their journey to becoming LLR tenants, Aaron says, “We had a really positive experience with the team at L&Q at Beam Park. Zainab, Zai and Amarjit, especially, really took the time to understand our circumstances and were speedy when replying to our queries.” 

Jemima explains what she is most looking forward to about life at Beam Park. “Aaron and I have lived together at home, so we know that we can get along! It’s going to be a lovely new chapter for us moving out into our own apartment and splitting the rent makes it even more affordable. 

“I’m looking forward to exploring the area more,” Aaron adds, “there’s a retail park with lots of restaurants nearby and bars in Dagenham which I want to visit.” 

Looking ahead to their future at the development, Jemima comments, “It’s great knowing that we’ll be here for at least a few years, and we can make it really feel like home! The LLR scheme has enabled me to leave home, but it allows me time to save money each month towards a deposit, which I’ll hopefully be able to use towards shared ownership in the future. Beam Park feels like a great place to settle – maybe I’ll even kick Aaron out so I can buy the place for myself!” 

A new collection of LLR homes is coming soon to L&Q at Beam Park. To find out more and to register your interest, visit: https://lqhomes.com/renting-with-lq/#london-living-rent. 

Shared ownership homes are currently available at L&Q at Beam Park, starting from £62,500 for a 25% share of a one-bedroom apartment (full market value: £250,000). Find out more at: https://lqhomes.com/beampark/. 

First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.

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