Rent to HomeBuy
What is Rent to HomeBuy?
 
Rent to HomeBuy is a way to ‘try before you buy’ and helps buyers onto the property ladder. Rent to HomeBuy will help prospective buyers who find that they are unable to access the housing market at the present time.Households who would normally be eligible to purchase a New Build HomeBuy property will be able to apply, subject to an application form being submitted and accepted.
How does it work?
 
It works in a similar way to New Build HomeBuy but allows you to rent the property for a predetermined time (usually 3 to 5 years) at a reduced rate. The idea is that you save a set amount each month which will be used for a mortgage deposit when you come to purchase shares in the property.
 
The rent being charged will be less than the market rent level and will give households time to save for a deposit, or for your financial circumstances to change sufficiently for you to be able to become a home owner via New Build HomeBuy.
 
At the end of that time they you be given first option to buy a share of the property through the New Build HomeBuy scheme.
 
Who can apply for Rent to HomeBuy?
 
Rent to HomeBuy is intended for people who cannot afford to buy a suitable home in any other way. Applicants must be in housing need and be unable to afford outright purchase. It is designed to help you save up for a deposit whilst living in the property that you will eventually be able to purchase on a New Build HomeBuy basis.
 
In order to be eligible to apply for one of these properties you need to comply with the follow:
 
  • Do not own another property
  • Be unable to purchase a property on the open market
  • Have a genuine housing need ie in rented, with parents or homeless
  • Be employed
  • No adverse credit
 
How do I apply?
 
In order to apply for Rent to HomeBuy you may need to be registered with the local council or HomeBuy agent. Please contact Lorna on 01684 272723 who will be able to advise you on which parties you need to register with for forthcoming and current developments. It is imperative that you contact us as soon as you have seen a property that you like as delays in registering with the relevant agencies may preventing you from moving into the home that you want!
 
 
Rent to HomeBuy Checklist
 
Are you registered on the correct Housing Waiting list?
 
The central housing register for people interested in Rent to HomeBuy is held with the Zone Agents for this area they are South West Homes. Not all developments require you to be registered with the Zone Agents. Please contact us to find out if you need to register with them.
 
Do you have a local connection to the areas you want to move to?
 
For some developments you may need to demonstrate a ‘Local Connection’ to the area. There are set out in the planning permissions for the site by the Local Authority, and therefore must be followed by us when allocating properties.
 
For example, you may need to live in the area or have children who go to school or you may need to work in the surrounding areas to be considered. Immediate family living in the area can sometimes also qualify.
 
Can you afford to the property including saving for the deposit?
 
As you will be given the option to purchase the property after the predetermined timescale (usually 3 years), it is important that Severn Vale assesses your financial situation to ensure you are going to be able to afford the rent, saving for a mortgage deposit and the running costs of the property.
 
This also helps to ensure that in when it comes time to purchase the property you are in a position to proceed and have a deposit in place.
 
What happens if I change my mind or am unable to purchase my share?
 
If you change you mind you are able to give us the required notice as stated in your tenancy agreement and then vacate the property accordingly.
 
If at the end of the predetermined time you are unable to purchase shares in the property due to whatever reason you will have no option but to vacate the property.
 
The properties are designed to help buyers save for a deposit with the eventual purpose of purchasing shares in the property. If you are unable to do so the property will be allocated to another party who is able to proceed.
 
Will you be ready to move?
 

When we come to allocate a scheme we need to ensure that we have people ready to move in line with the completion dates of the properties. Therefore we aim to allocate property in advance of the properties being completed. Moving dates will be set after discussions with you and Severn Vale. We aim to try to facilities your requirements with regards to moving dates.