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Case Study Richard and Lisa Chapman

Richard and Lisa Chapman
Richard and Lisa Chapman
40 to 45
Leatherhead, Surrey
Renting for over 10 years
    In 2020 Richard and Lisa were informed by their landlady she would be selling the property and Richard and Lisa would need to move out.
    Richard and Lisa had been unable to raise the mortgage deposit required to purchase their home for the past 10 years and wanted a clearer opportunity to access the property ladder
HomeNow: We’d like to get to know you better. Please tell us about your family/home situation that caused you to look for an alternative to traditional home buying/rental.
Richard and Lisa: There really wasn’t any urgency to move, we were quite realistic that we could be renting forever, we always harboured the dream of eventually owning our own property, never in our dreams did we think that this one could be it.

In March/April 2020 during the first national lockdown the owners dropped the bombshell of selling, this really kick started our investigations of what was/wasn’t possible eventually we turned to HomeNow for help. The 2 standout benefits were 5 years security and the second was the possibility of owning this property.

The bonus of the HomeNow process is the feeling of working in partnership together, we get to build a lovely family home that reflects our characters, we have the added security of 5 years with the option to buy at the end, all things that we wouldn’t be able to do through the standard home rental schemes. Today for the first time in over a decade we are excited about where we live and have the ambition to reflect this in the home we live in, thanks to you.
HomeNow: Please provide more information on your previous rental properties - were they in good condition? Would you have preferred to be choosing from the “for sale” stock rather than the “for rent” stock? If so, why? Please add any other details you think are relevant.
Richard and Lisa: We have found through experience that the properties we have rented tend to be dated and generally not in a great state of repair. The properties were fit purpose but lacked the character of a family home, we most certainly would pick for sale stock over rental.
HomeNow: Have you ever felt the properties you rented were your “home”?
Richard and Lisa: We have lived in this rental property for over 10 years. Although the house was dated and we struggled to get the landlord to repair and/or update the property, we have always stated we would love to own the property for a variety of reasons, including the potential to modernise. The location is convenient for work, schools, and local amenities. Neighbouring our parents during the pandemic has been invaluable for them and to us, by the ability to remain in contact and help whilst they were shielding. This property has always felt like home albeit frustrating at times.
HomeNow: If you have been asked to move from a property before you were ready to, please let us know the effect this had on your family. Were you always conscious you may be asked to move on at the end of your tenancy? Were you ever able to get a feeling of long-term security while renting? Please feel free to also include how this affected your family on an emotional level.
Richard and Lisa: When we first started renting this property, we were always aware that the landlord was intending to sell after about 5 years that ending up rolling year after year. There has been that feeling of what would we do if we were asked to move out, which was brought to head at the start of the pandemic in 2020. The feeling we had was unimaginable one of shock, anger at the timing, this situation led to a lot of investigation as to what we could/couldn’t do, I wouldn’t ever like to go through that experience again.
HomeNow: What were your own biggest challenges to being able to save enough for a house deposit?
Richard and Lisa: Saving while paying expensive rent was very difficult. Made more difficult by the regular rent increases.
HomeNow: What first attracted you to the HomeNow proposition?
Richard and Lisa: In order of importance:

1. Security of a 5-year tenancy
2. Financial security of 5-year fixed rent
3. Rent no longer dead money
4. Sharing in the house price increase
5. The opportunity to own the property you are living in after 5 years
6. Choosing my own home
HomeNow: Given your experience of HomeNow to date, how can we improve the experience of helping you (or others) to rent then buy your own home
Richard and Lisa: So far, the experience has been really positive. I think it is important to keep all stakeholders informed at every available opportunity and allow for the potential tenants to support if they can in whatever way. Our previous landlord (who we were buying from) was very slow to respond to queries and so I was more than happy to support where I could and really push the previous Landlord to get themselves sorted; this was where the real sense of frustration was. That said my expectations were managed well by HomeNow throughout, and I was regularly kept up to date with progress.