Following the Government’s announcements on 10 and 12 May, the property market has seen the first glimmer of light at the end of the coronavirus tunnel.
On 10 May, developers and those involved with building sites were actively encouraged to return to work, enabling the supply of new houses to meet the demand which will inevitably follow. This also gives developers the ability to finalise those properties upon which exchange has already taken place but completion had to be postponed and deliver flats and houses to those buyers who are excitedly awaiting what could potentially be their first home.
The combination of the relaxation of restrictions and reports that property prices may temporarily dip by between 5-10% makes it an attractive time for first time buyers, or those with a small deposit, to consider shared ownership properties as a good viable option. Feedback from site offices is that shared ownership developments are either already back up and running or very soon will be.
At Birketts we have a specialist team of shared ownership lawyers acting on all elements of this niche area of work. We are aware that our clients may wish to move very quickly and we are ready to assist them with their requirements without comprising outstanding client service. We are on hand to help – whether you have a query about staircasing, which SDLT election would be most cost effective for you, or simply what is a shared ownership lease we are more than happy to assist.
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The content of this article is for general information only. It is not, and should not be taken as, legal advice. If you require any further information in relation to this article please contact the author in the first instance. Law covered as at May 2020.