Bromleys has been appointed to the panel of conveyancing solicitors acting for people investing in shared ownership properties at a new scheme in Hyde.
Cavendish Property Developments is building four, two-bedroomed terraced houses on Waverley Road, Gee Cross.
They are due for completion in November and form the first shared ownership project by CPD.
Shared ownership allows people to buy a share in a new home and pay a reduced rent on the remaining share. It means they require a smaller mortgage to get on the property ladder, and therefore a smaller deposit.
They can buy more shares as and when they can afford it, thereby reducing the amount of rent they have to pay, and they can eventually own their home entirely.
The shared ownership initiative is part of the government’s Help to Buy scheme.
The Waverley Road properties are in a cul-de-sac and each home will be finished to a high specification with driveway parking for two cars. They are in a popular location, close to transport links and amenities, including schools.
Oliver Booth, commercial officer at Cavendish Property Developments, said: “We are obliged to provide potential purchasers with a panel of solicitors able to undertake their conveyancing.
“We have had dealings with Bromleys in the past and the firm is held in high regard.”
Bromleys partner Paul Westwell, who heads the firm’s property department, said: “Although aspirations to become a home-owner remain high, affordability pressures significantly contribute to being in a position to step on to the property ladder.
“Shared ownership schemes are proving to be very popular as they offer alternative ways to become a home-owner.
“We are delighted to be appointed as panel members by Cavendish Property Developments, where we will be able to demonstrate our expertise in this area and advise any potential buyers about the process and legal requirements.”
How we can help
Should you need expert legal advice regarding any property related matters, please contact Paul Westwell at pwestwell@bromleys.co.uk or telephone 0161 330 6821.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.