Extra information for homeowners (leaseholders)

Last updated: 16/11/2020 at 2.15 pm

We need to do more work to establish the longer-term options for the estate, but at this stage we don’t know if we will be able to fully remediate the buildings. For that reason, we would like to offer to buy back your property. Your caseworker will discuss this with you in more detail but we will focus on progressing this in the next 12 weeks to help give you certainty about your future.  

Valuations and buy-back offers

Thanks to everyone who has arranged for McDowalls to value your home. They have valued 100 out of the total 105 leasehold properties that were occupied at Paragon.

We initially hoped to send you all a formal offer by Friday 13 November. We now need to delay that slightly following discussions with your representatives on the tenants and residents association (TRA). Those discussions have led us to review our initial offer and we now plan to issue a revised offer along with the valuations themselves. The new offer will include an allowance for you to take independent advice on our offer and for legal fees associated with the buy-back process if you accept the offer.

We will send the revised offer to the TRA on Friday 13 November. They have asked that we give them some time to discuss it with other homeowners before responding to us. We will send out formal offers along with the valuations following that.

Independent financial advice

If you would like to discuss the terms of your current mortgage, what other products might be available or how much you might be able to borrow for your onward purchase then we would suggest speaking with your current lender and/or an independent financial advisor.

You’re free to consult with whoever you choose but we do have an independent financial advisor lined up should you wish to speak with them. Mortgage Warehouse are an independent financial service and whole of market mortgage brokerage. They are independent of us but have worked with many of our leaseholders over the years to arrange mortgages for them or to help them to re-mortgage.

They will be able to give you free, independent advice on your current lender’s requirements, other mortgage products which may be suitable for you and your borrowing potential. They will be happy to help with any general enquiries you might have but in order to make your consultation more specific to you, it is helpful if you can gather some information before you speak with them:

  • A copy of your current mortgage offer and confirmation of your mortgage balance. This will help them determine what your current mortgage obligations are.
  • If you are interested in learning about further borrowing potential, then it is helpful to have your last three months’ payslips to hand as well as any information about ongoing financial commitments you may have (for example any personal loans or credit card repayments).

While all the advice outlined will be free to you, should you wish to use Mortgage Warehouse to make a formal mortgage application, this will incur an administration fee of around £300. Please be aware that while Mortgage Warehouse can assist in enquiries about your borrowing options, they aren’t a debt advisory service so if you need help with this you should contact Debt Free London, Step Change or your local Citizens Advice Bureau who will be able to give you more suitable advice.

If you would like to speak with Mortgage Warehouse, please contact Mark Perry at mark@mwcl.co.uk or 03456 21 22 00. Please let him or his colleagues know you are an existing Paragon resident when you make contact.

Service charges and shared ownership rent

You no longer need to pay service charges. If you are a shared owner, please continue to pay your rent along with any other costs associated with your Paragon flat except service charges.

We have stopped monthly service charges being added to your account from 1 November 2020. We are also applying a credit to your account to cover the period from 19 October 2020 when we asked you to leave until 31 October 2020.

If your most recent direct debit or standing order covered both rent and service charges, we will refund the service charge element if you have a credit on your account. Please speak to your caseworker or your property management officer Jackie Laker-Kimera about this. We will amend future direct debits, but you will need to make changes yourself if you pay by standing order.

To ensure no one is out of pocket, we are covering immediate accommodation costs and expenses as set out in the ‘immediate arrangements’ section on the information for everyone page.

If you decide to source your own medium-term accommodation, we will reimburse your monthly rent costs up to £1,250 for a one-bed property and £1,800 for a two-bed property for a period of up to six months or until your buy-back is complete, whichever is sooner. You will be responsible for all utility bills and other household bills like council tax.

If you choose to move into one of the flats we provide for the medium term, you will be responsible for your own household bills such as utility bills and council tax but we will cover the rent for up to six months or until completion of your buy back, whichever is sooner.

Medium-term accommodation options

Greenford Quay
Situated in Greenford in Ealing, Greenford Quay is situated beside the Grand Union Canal and just 30 minutes by tube to central London. Have a look at the the website to view its location on a map. For a tour of the building and the types of apartments on offer please see the information for everyone page.
Grand Plaza
Grand Plaza serviced apartments feature contemporary design throughout and are conveniently located in Bayswater, W2 4AD. For more information see the information for everyone page.

Longer-term accommodation options

We've pulled together some available options from other housing associations and private sale opportunities below. This is by no means an exhaustive list but should give you an idea of what is presently available in London. If you are interested in any of these options please contact the seller directly. 

Catalyst Homes have availability locally on these developments:
Aspire at St Bernard’s Gate, Uxbridge Road, Hanwell UB1 3HW – market sale and shared ownership available
ARRO, Samara Drive, Off Beaconsfield Road, Southall, UB1 1BZ - shared ownership only

Metropolitan Thames Valley Housing (MTVH) have shared ownership availability in their development in West Ealing. Detailed information on the apartments available can be found in their plans brochure and information on costs is also available. If you want to see what other shared ownership opportunities MTVH has across London, have a look at their website - www.soresi.co.uk.

Peabody have a selection of one, two and three bedroom homes available for shared ownership in their Williamson Heights development in Wembley Park as well as one bedroom apartments in Colindale Gardens in Barnet.

Shepherds Bush Homes have availability in their development in Bowthorpe Court in Acton.

L&Q have shared ownership apartments available in their Acton Gardens development in Acton. The price list is available here.

There are private sale opportunities available in the Apt Parkview development overlooking Gunnersbury Park, near Kew Bridge station. The building features a concierge, a gym, a cinema, a resident’s roof terrace, bike storage, parking and direct private park access.

You can also search on the national Share to Buy website or the Homes for Londoners site.

Local estate agents
The following local estate agents are also available to help you:

Anthony James Manser

Robertson Smith and Kempson

Northfields
 
You can also perform your own search for properties in the area on Rightmove or Zoopla

Notting Hill Genesis properties
Unfortunately, we have no properties in the immediate locality at present, but we’ve put together a list of our current shared ownership opportunities elsewhere in London for you to browse. You can also view the all the properties we currently have available for private sale or shared ownership on our website.

Most of the information you need to know is in the main body of the website so please make sure you read all the sections relevant to you. We've also pulled together some frequently asked questions below.

 FAQs