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Beverley law firm gears up for help to buy scheme

(L-R) Jacky Hunter, Sharon Spicer and Cathy Pearman of Sandersons Solicitors residential property department.

(L-R) Jacky Hunter, Sharon Spicer and Cathy Pearman of Sandersons Solicitors residential property department.

Beverley law firm Sandersons Solicitors has expanded its residential property department ahead of government changes to the Help to Buy scheme.

The firm, which has offices in Morton Lane, Beverley, and Parliament Street, Hull, saw a significant increase in new property work over the summer months, after the scheme came into effect in March 2013.

Now, as the government prepares to extend Help to Buy to include second-hand properties rather than just new builds, Sandersons has taken on two legal assistants in anticipation of a further upturn in business.

Cathy Pearman and Jacky Hunter have joined the team ahead of the changes which are due to be introduced in the New Year.

Under the Help to Buy scheme the government offers support to house buyers by offering loans of up to 20 per cent of the value of the property, for properties worth up to £600,000.

Buyers must supply at least five per cent deposit themselves, and the rest is funded through a traditional mortgage supplied by a lender that has opted to take part in the scheme.

Sharon Spicer from Sandersons’ residential property department said Help to Buy has assisted a significant number of people to buy properties who would not otherwise be able to raise the large deposit required by lenders.

She added she expected a further upturn in work when the scheme was extended to include older properties.

Sharon said: “The idea behind Help to Buy was to help first time buyers and those who couldn’t raise a deposit to get on the property ladder and at the same time, kick start the housing market. It has gone some way to achieving that.”

“Certainly we saw a significant increase in activity in our residential property department once the scheme started to take effect.

“Now, with the changes due to come in in January, we anticipate quite a number of people will take advantage of the scheme to buy a second-hand property, perhaps an older property that needs a bit of work, or just somewhere bigger for young families to grow into.

“The cap on the scheme is quite large – £600,000 would buy a lot of property in East Yorkshire – so we anticipate it’s going to be popular and have recruited to ensure that we can meet demand.”

Cathy and Jacky are the fifth and sixth members of staff Sandersons have recruited in recent weeks as the firm continues to expand.

Others to join the 115-year old firm include commercial property solicitor Emma Greenwood, family solicitor Richard Lee and tax and wealth management solicitor Edward Allen.

Jacky said she is pleased to be joining the practice at what is likely to be an exciting time.

“We anticipate a busy time in the New Year,” she said.

Picture caption: (L-R) Jacky Hunter, Sharon Spicer and Cathy Pearman of Sandersons Solicitor’s residential property department.

 

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