Most folks agree that it’s not easy for first-time buyers to get a foot on the London property ladder these days. What with lenders being picky, overly-stringent when it comes to credit checks and asking for 20 per cent deposits upfront, it’s no wonder many young people have given up on the idea of ever owning property and have instead resigned themselves to a lifetime of renting. But it really doesn’t have to be that way…
Apart from government schemes such as Help to Buy and Shared Ownership, there are other initiatives that can help – like our own Rent to Buy scheme, for instance.
What is Rent to Buy?
As the name suggests, withRent to Buyyou initially rent a home with the intention of buying it. It means that you don’t have to save for a deposit and the landlord agrees to sell you the property at some point in the future. In a way, it’s literally a case of ‘try before you buy.’
Benefit to tenant from Rent to Buy
As a tenant you benefit from not having that huge initial financial outlay (ie deposit) but have time to save for the deposit while living in the house you hope to one day buy. It also means you don’t have to go through that whole ‘chain breaking scenario’ but instead can simply move in without worrying about other people managing to sell or buy their next property and you potentially missing out on your dream home.
Benefit to landlord from Rent to Buy
The landlord benefits from having tenants that he or she knows will look after their property because they intend to own it one day themselves. There is also the fact that the landlord has a guaranteed buyer so can easily move on when the time comes.
Unlike traditional landlord and buy to let set-ups, with Rent to Buyit is the householders who are responsible for maintenance issues and bills within the time period stated on the Rent to Buylegal contract.
Meanwhile landlords, it’s also worth looking out for special promotional deals that we offer here at iLet. This could involve us paying your solicitor’s fees for you when it comes to drawing up the legal Rent to Buycontract.
Where do I sign up?
As big advocates of the Rent to Buyscheme we have lots of potential homes here at iLet Properties for you to take a look at. These are in areas throughout London so happily you are not just restricted to one location.
At the same time, we also have a Rent to BuyGuidewhich explains clearly – but in much more detail than we can provide here – exactly what the initiative means. You can get a copy of that guide by leaving your details here.
For more information and to view some of the eligible houses on the scheme, contact us via phone on 0333 577 0733 or send an email to info@iLetproperties.co.uk. We look forward to hearing from you!