Solicitors in London suggest affordable new homes for first-time buyers

The recent launch of Government funded schemes to assist first-time buyers in London Sproperty in the country’s capital without some sort of assistance.

Conveyancing Solicitors in London, however, have been reassuring potential homeowners by suggesting alternative affordable options and assisting purchasers in getting on the property ladder by carrying out the extra legal work under the various assistance schemes.

FirstBuy is available on several developments by Barratt Homes and other developers throughout London. Under the scheme you could receive a 20% equity loan, meaning you can purchase a home with a much smaller deposit (as little as 4%, with a 76% mortgage) while still owning 100% of your property.

For example, to purchase a new home valued at £200, 000 you would only need to raise a deposit of £8, 000 and secure a mortgage of £152, 000; the remainder of the purchase price would be covered by the shared equity loan.

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If you sold after 5 years you would repay 20% of the sale value - £42, 000 on a sale of £210, 000 or £30, 000 on a sale of £180, 000, for example.

New housing developments recommended by Conveyancing Solicitors in London

Barratt Homes’ Dalston Square (near Roseberry Place, Dalston, London, E8 3DD) is a mix of newly built one, two, and three bedroom apartments available for purchase, with the assistance of the First Steps scheme.

Fusion, situated near Devas Street, London, E3 3LS, is another local development consisting also of one, two, and three bedroom apartments.

Conveyancing Solicitors in London are urging purchasers to not be discouraged by the current markets in the city as there are several available options.

Whether you are new to the home buying process or a seasoned veteran, local Conveyancing Solicitors in London can assist you with the legal matters of your home move.

For more information, contact Fridaysmove on 0330 660 0286.