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News & Events20/08/04Merlion brings affordable homes to Richmond Benefiting from this scheme is local resident, Diana Smith who has recently bought a home at Hampton Wick Quayside, Merlion's stunning new development on the banks of the Thames at Hampton Wick. Diana Smith said: "I'm extremely grateful to Merlion's scheme enabling me to have the security of my own home in an area which I want to live. This scheme will help the lives of so many people who can't afford to buy at market rates in the area." The Assisted Purchase Scheme, a shared equity plan unique to Merlion, has enabled those who might not normally aspire to a riverside city apartment in this popular area, to achieve this lifestyle. At Hampton Whick Quayside, Merlion Homes has sold 15 apartments under the scheme, with one-bedroom apartments starting from £150,000 and two-bedroom apartments from £215,000 for a 75% share of the equity. Unlike many shared equity schemes, Merlion's Assisted Purchase scheme does not require rent to be paid on the remaining 25%. Diana (61) has spent much of her working life caring for her elderly parents. Although she had previously owned her own home, she had sold it to move into her parents' house to help them on a constant basis. When her parents recently died, the estate was divided and the portion received by Diana was not enough to enable her to buy her own home. "I was waiting for my mother's flat to be sold when I started looking," says Diana. "I was keen to stay near to Kingston because I have other relatives here, but I didn't have enough to buy a property. I'd stopped looking at the property paper but someone had left a copy in a coffee shop and as I was waiting for my coffee I glanced through it and noticed the properties available at Hampton Wick. They sounded ideal, so I went straight to Barnard Marcus. There were only two properties left and I didn't expect to be eligible - I had assumed that they were for first time buyers only. "My application was approved, however, and everything has gone smoothly. At my age it is wonderful because I could only get a very small mortgage. I will own 75% of the value of the property and I can buy the remaining off Merlion whenever I like." Diana is due to complete in late August and is looking forward to moving into her apartment, which is already carpeted, painted and includes a range of necessary appliances.  |
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