After renting your home for up to 3 years, we want you to be able to buy it. We hope that by working with you over the 3 years that you will be able to buy your home either with a mortgage or with Co-Own.
Here’s how it works:
- You can buy your home any time after the first year of your tenancy, up to the end of the third year.
- When you are ready to buy your home, let us know and we will arrange for your home to be valued.
- The purchase price will be the price we paid for the house, or the market value, whichever is higher.
- We’ll send you details of the purchase price, and you have 4 weeks to agree to buy the house. If we don’t hear from you by the end of the 4 weeks, we’ll assume you don’t want to buy it at that price.
- You have 12 weeks from when we tell you the purchase price to complete the sale. At this stage you should appoint a solicitor to work on your behalf, which you will need to pay for.
- If the sale is completed within the 12 weeks, your down payment of £2,500 will be put towards the purchase price.
- In addition, assuming you have kept to the terms of the Tenancy agreement and your rent is up to date, we will pay 20% of all rent you have paid towards the purchase price.
- Together these will form part of a deposit towards the purchase of your home, and will be paid through our solicitor to your solicitor.
- Your Tenancy deposit will be returned to you at the end of the tenancy assuming you have kept to the terms of your Tenancy agreement.
Full details can be found in your Option to Purchase agreement. Please read this carefully and contact us if you have any queries.
If you are concerned that you will be unable to purchase your home, either with a mortgage or through Co-Own please speak to us as soon as possible so we can talk through your options with you.