We are pleased to announce that Perrin Myddelton Solicitors have recently completed an affordable housing acquisition for B3 Living Limited in Bishops Stortford as part of our client’s 50:50 joint venture with a local developer. The site consists of 45 residential units for development of which 12 are allocated for affordable housing.
The transaction has been completed notwithstanding significant difficulties arising from COVID-19 restrictions on building site operations. This resulted in the terms of the transaction having to be changed at the last minute as a result of substituting building materials due to a lack of construction supplies and to deal with outstanding snagging items for completion following the easing of the lockdown on construction sites.
We are pleased to report that we have also been instructed on the sale of the shared ownership units on this site and successfully completed the first sale within a few weeks of our client taking handover of the units despite registration of title to the affordable housing units not having been completed at the Land Registry.