Harper Macleod secures equity home buying deal
Martin Darroch, right, with chairman Lorne Crerar
Law firm Harper Macleod has been appointed by the Scottish Government to help administer all of its shared equity home-buying schemes – including the newly announced First Home Fund.
The firm has provided property law services to Scottish Government on a range of shared equity schemes since 2007, during which time the team led by partners Derek Hogg and David McIndoe, has completed more than 44,500 shared equity transactions, helping Scottish Government to invest over £1.2 billion to support homeowners.
The First Home Fund shared equity scheme is the latest in a series of initiatives to help first-time buyers purchase a property that meets their needs and is located in the area where they want to live.
A £150 million national pilot will run alongside Scottish Government’s existing Help to Buy (Scotland) and LIFT shared equity schemes and provide first-time buyers with an interest-free loan of up to £25,000 towards the purchase of a home.
Running alongside existing shared equity schemes including Help to Buy and LIFT, it aims to help first-time buyers purchase a property that meets their needs and is located in the area where they want to live
Martin Darroch, chief executive of Harper Macleod, said: “We have advised Scottish Government on these vital schemes for well over a decade and are very proud to have been selected to continue in that role following a competitive tender.”
Under the appointment Harper Macleod will provide advisory and conveyancing services in relation to Scottish Ministers’ interests in the schemes. The contract will run for two years with the possibility of a further extension for two 12-month periods.