LONDON LIVING RENT
We know how hard it is to save for a deposit and many first time buyers really struggle. But with SO Flexi you rent one of its new homes for much less than the market rate. That makes it easier to save up for a deposit and when you’ve saved enough, you can simply buy the home you’re already renting with SO Resi shared ownership. Or if you’d prefer, you can choose to buy a different shared ownership home or buy on the open market STRUGGLING TO SAVE FOR A DEPOSIT? SO FLEXI COULD BE THE ANSWER
9 Have the right to rent – proven by possession of British/EU/EEA
There are two SO Flexi options – London Living Rent and Rent to Buy.
each home. In most boroughs, this will be a significant discount on the market rent. There are also some one-off costs before you move in. AM I ELIGIBLE FOR LONDON LIVING RENT? To apply for a SO Flexi home with London Living Rent, you’ll need to: 9 Live or work in a London borough 9 Have a household income of less than £67,000 9 Meet the indicative minimum income and affordability requirements for the home you are interested in. These will depend on its current value, and an assumed future purchase of 25% of your home 9 Be able to pay some rent in advance and provide the equivalent of one month’s rent as a tenancy deposit 9 Be unable to afford a similar home in the local area, either through shared ownership or on the open market
Citizenship or a valid UK residency visa 9 Have a formal rental tenancy in place, or live in an informal arrangement with family or friends as a result of struggling with housing costs 9 Be willing to agree to save an affordable amount every month towards your deposit while you are renting a SO Flexi home. You are not eligible if you: 9 Already own a property or are in the process of buying 9 Already have a deposit to buy through the shared ownership scheme or on the open market 9 Have an adverse rental history and are not able to get a good reference from your current landlord – for example because of rent arrears or other tenancy breaches 9 Have a history of bankruptcy, county court judgments (CCJs) or Individual Voluntary Agreements (IVAs)
WHAT IS LONDON LIVING RENT? Backed by the Mayor of London, London Living Rent is designed to help people living or working in London to save for shared ownership while they rent. Rents are often up to 40% less than for similar homes on the open market and tenancies run for at least three years. The amount of rent you will pay depends on where you rent in London. Across London, the average monthly rent for a two bedroom London Living Rent home is around £1,077 a month – almost three- quarters of the median market rent (based on 2023/24 Mayor of London published rents). Once a year, the Mayor of London publishes updated benchmark London Living Rent levels for every neighbourhood in the capital. These are based on a third of average local household incomes and are adjusted for the number of bedrooms in
36 First Time Buyer February/March 2025
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