- How do I buy my Rent to Own property?
Your option to purchase at the end of the 3-year period, are set out in your Option to Purchase agreement. To do this you must keep to the terms of your Tenancy agreement, including not having rent arrears. Specifically:
- You can buy your Rent to Own property anytime after the end of the first year of your tenancy, up to the end of the third year. Your rent rebate will be calculated based on the rent you have paid. The earlier you buy your home, the less rent rebate you will receive.
- Depending on your circumstances, you can buy your Rent to Own property through a mortgage or through Co-Own.
- When you buy the property, the price will be the market value at that time. This will be at least the price we paid for it.
- If by the end of the three year tenancy our assessment shows that you are unable to afford this home but could afford to purchase a cheaper home we will consider crediting the rebate you have built up towards buying the cheaper property. If we are prepared to credit the discount to purchase a cheaper property it is important you note we will pay both your down payment and discount to your solicitor to facilitate the purchase.
- Will you undertake repairs if needed?
Yes, as the landlord, OwnCo Homes will provide a property repair service, through subcontractors. As part of your Tenancy agreement, you agree to keep the property clean and properly maintained, and in good decorative order.
Further information is in your Tenancy agreement and in your Owners Guide.