RENT, SAVE, BUY
SOVEREIGN NETWORK GROUP
ACTON Ark Soane
SNG is passionate about helping every first time buyer and because it realises it can be tough to raise a deposit, it is offering London Living Rent at some of its developments, which is the perfect way to save and buy Eligibility for London Living Rent is restricted to existing private and social renters with a maximum household income of £60,000, without sufficient current savings to purchase a home in the local area. Where there are multiple customers looking to rent a home who meet the above criteria, priority will be given in the first instance to British Armed Forces personnel, and then on a first come, first served basis. Eight weeks after full market release we may accept applications for any homes that remain available from those living outside of the development host borough. QUESTION TIME Do I qualify for a London Living Rent home? To qualify for London Living Rent you must meet the following criteria: 9 Your annual household income must not exceed £60,000 9 You must live or work in London 9 You must be unable to buy a home, including shared ownership, in the local area 9 You must not own a residential property in the UK or overseas 9 You must meet the minimum income required for your preferred property 9 You must meet lenders' general criteria to obtain mortgage finance. The full eligibility criteria and priority policy for a particular development can be advertised in the listing. How do I register my interest in London Living Rent? You can register your interest by selecting the contact tab on one of the London Living Rent scheme adverts. Here you can find an enquiry form that you can complete. What happens after I have registered my interest? Once you’ve completed our online form, your application will be reviewed by our marketing agent to confirm that you meet the eligibility criteria for the property or development you have expressed interest in. If you meet the eligibility criteria, you will be asked to provide some supporting documentation. You will be referred to an Independent Financial Adviser (IFA) to complete an affordability check. Once you have been approved by the IFA you will be invited to view your preferred apartment. If your viewing is successful, you will be allocated a property. Our marketing agent will complete a reference check on all London Living Rent residents over 18 years old. If you pass this check you will be asked to pay one month rent as deposit and the first month’s rent, sign the tenancy agreement, and move into your new home. How long does it take to complete the process? As we complete a thorough vetting process prior to you viewing the property we can usually move you in within two to four weeks subject to the property’s availability. Juliana Goode, Senior Build to Rent Manager
One bedroom apartment − £1,152.02 Two bedroom apartment – £1,280.02 Three bedroom apartment – £1,400.00
Ark Soane is an important element of the regeneration of central Acton, providing new educational and sporting facilities as well as much needed affordable homes. Sovereign Network Group (SNG) is delivering nine London Living Rent apartments close to the vibrant town centre with its array of shops, busy market and cafes. The development is only 10 minutes’ walk from Acton Town station (Piccadilly Line) and offers wonderful views of the surrounding area. Homes are carefully finished to a high standard with open-plan living spaces, a fitted kitchen with brand new integrated Zanussi appliances and a fullyfitted bathroom – perfect to move straight in to.
networkhomes.org.uk/londonlivingrent
How long is a London Living Rent tenancy? We ask you to sign an assured shorthold tenancy for three years. Usually, you will have a two-month break clause from the 12th month so you can move out after 12 months if your circumstances change. At the end of the tenancy and if you have been a reliable tenant, you will be offered a tenancy renewal. How long can I stay in my London Living Rent home? If you fulfil your obligations as a London Living Rent tenant, you are entitled to remain in your home for the duration of the London Living Rent term. The London Living Rent term is separate to your tenancy term and usually lasts between five to 10 years from the date the development was completed. This term can vary between developments. So, if a scheme with a 10-year term was completed on 1 January 2020, the London Living Rent term would end on 31 December 2029. Can I move to an alternative London Living Rent apartment once my term ends? You can’t move to an alternative if you’ve completed the stated London Living Rent term (usually 5 to 10 years). Are bills included in my rent? Only service charges are included in your rent, you will need to pay for all other bills. Must I save a minimum amount each month? You are the best judge of what amount is affordable for you to save each month. By renting through London Living Rent you benefit from a below- market rent so will have the ability to save based on the minimum income requirement for your London Living Rent home. The more you save the quicker you will raise the deposit required to buy your first home. We are happy to discuss your saving options with you. Must I deposit any saving with you? No, you will need to deposit and manage your savings. How soon after moving into my London Living Rent apartment can I purchase my first share? You can buy the first share after six months as long as you have the deposit
and income to meet repayment obligations. Must I buy the apartment I am living in?
No, as a London Living Rent resident you will be considered a priority applicant (along with other housing association and council tenants) for shared ownership apartments across London.
32 First Time Buyer February/March 2024
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