8 steps to Rent to Own
- 1. Apply!
Once you’ve read through the detail and think that Rent to Own could be for you, apply online. We will then get in touch to make sure Rent to Own is right for you. (£70 non-refundable assessment fee).
- 2. Meeting with us
We will then invite you to meet with a member of the team, where you can ask any further questions and we’ll ask you to bring your supporting documentation along.
- 3. Property selection
Once you have received your Decision in Principle, which outlines the maximum property price you can search for based on your affordability, the house hunting can begin! Your potential new home will have to meet all of our property requirement.
- 4. Down payment
Before our solicitors start their bit, you pay us a down payment of £2,500 and a tenancy deposit equivalent to 1 month’s rent.
- 5. The legal bit
At this point we pay a reservation fee to the developer. Before we sign the contract to buy the property we ask you to sign a Tenancy agreement and an Option to Purchase agreement.
- 6. Property completion
We will collect the keys and inspect the property to ensure it has been completed with the turnkey specification agreed.
- 7. Move in!
You can move into your new home to begin your tenancy at an agreed date after completion. We will meet you at your new home to confirm the snag list and to complete a full inventory.
- 8. Plan to buy your home
Throughout your tenancy, a member of the team will contact you to ensure that you are on target to purchase the property by the end of the 3 year tenancy.
Buying your home
At any time after year 1 and before the end of year 3 you can purchase your home from us. The house will be sold for the current market value or the price that was paid when we bought it from the builder (whichever is more).
At the end of the tenancy you will receive the following:
- Return of your tenancy deposit (provided you have kept to the terms of the Tenancy agreement)
- Return of your £2,500 down payment to be used towards a deposit
- 25% of the rent you have paid up the the point when you buy your home to be used towards a deposit
- You can then decide to purchase your home through a full mortgage or Co-Own.
All houses purchased through the Rent to Own are subject to funding, contract, title, inspection, and valuation by an external valuer. All purchases are subject to the applicant having signed a Tenancy agreement and an Option to Purchase agreement in respect of the property.