Contributors
International law firm Womble Bond Dickinson (WBD) has advised long-standing client Rentplus-UK Ltd on new acquisitions that will see the introduction of its revolutionary rent-to-buy model in Derbyshire and Northumberland, as well as the expansion of its presence in Cambridgeshire.
Rentplus is the leading provider of affordable rent-to-buy homes in the UK with nearly 60 local authorities offering their properties across the country. The acquisitions of The Orchards at Clay Cross, Derbyshire and Tantallon Fields at Longframlington, Northumberland, in partnership with Woodall Homes and Tantallon Homes respectively, will provide 16 rent-to-buy homes for local families and workers on low or middle incomes with an affordable and sustainable pathway into homeownership.
The private company has also expanded its presence in Cambridgeshire after exchanging contracts for 23 units at Sutton Park, Wisbech with Flittermere Developments Limited and completing on the purchase of the first phase of four units. The Sutton Park scheme follows previously successful projects at Wimblington Road, Doddington and Alconbury Weald, Huntingdon and demonstrates Rentplus' continued commitment to delivering their model in every county.
The WBD team advising Rentplus was led by real estate partner Samantha Orluta, who specialises in the delivery of residential housing developments for clients across the UK. Samantha was assisted by a team including managing associate Shelley Williams, associate Ben Brooks, solicitor Jacqueline Davies and paralegal Olivia Gray.
Samantha Orluta commented:
"We're delighted to have advised Rentplus on these developments, the locations of which are testament to the success of Rentplus expanding in new geographical locations throughout England and continuing to build new partnerships with local authorities and registered providers. The Rentplus model is a unique rent-to-buy initiative, enabling excellent quality affordable homes to become a reality for many priced out of the ability to save a deposit. Our Living team's expertise coupled with the professionalism and proficiency of the team enabled us to deliver the best possible outcome for our client."
Rentplus is a long-standing client of WBD with the firm having previously advised the company on its first scheme in Hampshire in April 2022, which saw 100 per cent of the planned homes selling in year five.
Steve Collins, CEO at Rentplus, added:
“Our affordable rent to buy homes provide a much more accessible route onto the housing ladder across the country for those on lower and middle incomes than Shared Ownership as it doesn’t require any upfront deposit. Our scheme completely removes the deposit barrier, opening up home ownership to renters living or working in the area.
Womble Bond Dickinson's strong industry knowledge and understanding of the market has been crucial to the growth of our portfolio over the years. Once again, their first-rate legal advice and dedicated team of lawyers enabled us to achieve a smooth completion of these acquisitions.Rentplus is working to acquire new local authority partners and seeks new housing developments across England to offer affordable rent to buy homes so we can continue turning local renters into homeowners."
