Rent Now - Buy Later
We understand the difficulties of finding and settling in to a new home. Sometimes finding a deposit and paying for all the legal and other costs, all at once, is just too much - but perhaps you have found your ideal home and want to be sure you will have the opportunity to stay in it for as long as you want.
This is where our rent now and buy later scheme can help which is available on some of the new properties that we offer.
You can rent on a tenancy of up to three years. At the same time you acquire an option to buy the property on a shared ownership basis at any point during the course of your tenancy.
What rent will I pay?
This will depend on the property you choose. However your tenancy will always be at a discount to the normal market rent, giving you the ability to save up for the day when you decide to buy your home.
Will I need a solicitor?
We suggest that you seek the advice of your solicitor when taking an option to purchase and, of course, when you eventually come to purchase your home.
How does shared ownership work?
This is where you buy a share of the property, typically 50%, but it can be more or less, depending on what you can afford.
You pay a rent on the remaining share of the property and at a future date you can purchase more shares in the property and even own it outright.
You have all the rights and responsibilities of a full homeowner.
What happens if the value of the property goes up?
The maximum price you will pay will be the valuation at the time you commence your tenancy and acquire the option to purchase. So you are protected against property prices going up, while you rent.
What happens if the value of the property goes down?
If the value of your home goes down during your tenancy, you can still buy at the lower valuation (subject to certain limits) which will be determined by an independent valuer.
What if I am eventually unable to buy the property?
We would discuss with you a number of options that may be possible. However it could be that we will need to ask you to vacate the property.
Who is eligible?
This scheme is designed for people who would otherwise be unable to consider home ownership, perhaps due to their level of income or for other personal reasons. You will be asked to complete an application form and to discuss your individual circumstances, just call one of our advisors.
How can I find out more?
You can talk to one of our helpful advisors on 0844 561 1365
