As the first-time* buyer developer of choice, we’ve launched an incentive to inspire young professionals to purchase their dream home with a friend**, and be part of the growing ‘Buddy Up’ trend.
For those that choose to ‘Buddy Up’ with us, we’ll cover the cost of legal fees and expert advice, up to the value of £2,000. In addition, buyers will benefit from exclusive monetary incentives at developments across London and the Home Counties. Ranging from a 5% deposit top up and £5,000 John Lewis voucher at Epping Gate (Loughton), to Stamp Duty paid and £5,000 furniture pack at Brentwood Acres (Brentwood) and NewHayes (Hayes), there is something suitable for every type of buyer***.
We’re aware, from a recent national survey, that over two thirds (70%) of first-time buyers are not ready or able to buy on their own and over half (54%) want to buy their first home with a partner one day. We’re advocating for all independent and/or single people who are just as entitled to home ownership.
As more than one in 10 (12%) don’t know how to buy with a friend, we hope our ‘Buddy Up’ incentive helps first-time buyers understand the feasibility and benefits of buying this way; in recognition that 17% do not think it its sensible legally to buy with a friend, we’ve teamed up with PCS Legal, Property Lawyers regulated by the Council for Licensed Conveyancer, to offer expert advice giving friends the confidence and guidance they need to buy together
Daman Singh, Conveyancing Executive at PCS Legal, said: “Buying with a friend is largely no different to buying with a partner or a family member. We’d always advise parties buying together to get a Trust Deed, also known as a Declaration of Trust, a legally binding document which outlines how much money each person contributed and what happens in various scenarios such as the property being sold or one buying the other out. We advise buyers hold the property as Tenants in Common, so they can detail different shares and enter a Declaration of Trust.”
To top off the incentive, we’re also gifting experience vouchers^ which buyers can enjoy together to celebrate becoming joint homeowners. Buyers can choose from:
- ODEON memberships for two years
- £500 Westfield Shopping Centre voucher
- £500 for a Spa Pass and Afternoon Tea for two at ESPA Corinthia London