About Rental Options (Intermediate Rent & Rent to Save)
Intermediate rent offers you the opportunity to rent a brand new or refurbished home, or a home that is being re-let at less than the market rate. The rent is subsidised, normally at approximately 20% lower than what you would expect to pay for a similar home in a similar area if you were renting on the private market. As well as being more affordable, you have the assurance that your home is built, managed and let by a Registered housing Provider.
Intermediate rent is designed to give people a chance to use the saving made on the subsidised rent to save for a deposit to purchase a home within the next five years.
Intermediate rented homes are usually let on an Assured Shorthold Tenancy basis with a 6 month contract period. You may have the opportunity to rent a home for longer than this initial contract period but this will depend on your landlord’s future plans for the home.
With Rent to Save you have the opportunity to rent a newly built home on an Intermediate Rent basis. This allows you to rent a home at a rate which is subsidised at approximately 20% lower than you would expect to pay for a similar home on the open market. You can do this for up to five years with the option to buy the home through Shared Ownership when you are ready to buy in the longer term.
If you rent a home through Rent to Save, you can make an offer to buy the home on Shared Ownership terms when you can afford to; this can be done at anytime during the tenancy provided. When you decide to buy, your housing provider will assess what share of the property can be bought, based on an independent financial assessment of what you can afford. Terms and incentives may vary by development.
Usually you will need to pay one month's rent in advance and also a security deposit. The deposit may be returned to you at the end of your tenancy as long as there are no rental arrears and the property is undamaged.
13th July 2017
Our latest Solicitor Blog comes from Andrew Theoff, Partner at Shared Ownership Solictors Direction Law. Andrew explain why you will need to use a specialist legal firm with experience in Shared Ownership when you are ready to make a purchase.
3rd July 2017
Read our latest Guest Blog from Humphreys & Co. Solicitors. In this blog, Humphreys & Co. break down the legal process involved in purchasing a Shared Ownership property into 3 steps.
21st June 2017
Are you a shared owner, in London, and looking to make your next move? Then Southern Home Ownership may have the answer!
Since you first bought your shared ownership home, life may have changed. For some it’s the need more space due to a growing family or new partner moving in, or it could be a job relocation to a less central part of London, and for others it could quite simply be the want of a change of scenery. Homes in London are ever increasingly expensive and for many, shared ownership is still the only way you can afford a home in the City. Read on
16th June 2017
As this is our first blog in conjunction with our partners at Share to Buy I felt it only right to introduce ourselves and how we work. My name is Matt Johnson and along with Daniel Mills, one of the partners at our firm, we head up the teams in the Shared Ownership department here at AJLO.