Bristol-based legal experts at national law firm Bond Dickinson have helped the business behind a pioneering home ownership plan receive £40m funding from the Greater London Authority to launch in the capital.
Gentoo Genie expects to be able to offer 2,000 new homes to buyers who would not ordinarily be able to afford their own property. The Sunderland-based firm has already staged a successful pilot of its Genie Home Purchase Plan in the North East.
Genie, a 30-year homeownership scheme which does not require a mortgage or deposit, is targeted at helping first-time buyers and long-term renters into home ownership. Gentoo Genie is now looking to work with London developers to acquire new build properties, development land and joint venture opportunities. 
Bond Dickinson’s Bristol-based banking and financial services partner Philip Withey, pictured, led the firm’s team, which also included corporate partner Tom Fitzpatrick and senior counsel Ian Dunn.
Gentoo Genie managing director Steve Hicks said: “We are extremely pleased with the support that Bond Dickinson has provided in helping us to take this transaction through from the initial negotiation of the term sheet to the execution of the final agreement.”
Philip Withey added: “The team from Gentoo Genie has put a lot of hard work into the London launch and it has been a privilege for us to have been able to support them on the legal aspects of the funding arrangements for this innovative product. We are really looking forward to seeing the first properties being made available to customers.”
Trowers and Hamlins acted for the Greater London Authority.
