RENT, SAVE, BUY
SO FLEXI If you’d love to buy a home of your own, but are finding it hard to save up for a deposit, SO Flexi could be the answer
With SO Flexi, you rent one of our new homes for much less than the market rate. That makes it easier to save up for a deposit.When you’ve saved enough, you can simply buy the home you’re already renting with shared ownership. Or, if you’d prefer, you can choose to buy a different shared ownership home. There are two SO Flexi options – London Living Rent and Rent to Buy. Before you sign the paperwork for your SO Flexi Home, you’ll need to pay some upfront fees. These include: 9 A reservation fee of £250. You pay this after your financial assessment is successful, to secure the home you have chosen 9 Your deposit. This is paid once successful references have been received. The deposit is equivalent to one month’s rent and is paid into a Deposit Protection Scheme 9 One month's rent. You pay this when you sign your tenancy agreement and are preparing to move into your new home. The amount you pay will depend on your moving date. We will let you know how much this will be in advance. Monthly costs Once you have moved into your new SO Flexi home, you’ll need to pay your monthly rent on the date agreed within your tenancy. You are also responsible for the costs of running your home including utility bills, council tax and contents insurance. Your future rent payments will be made by Direct Debit. Your tenancy agreement will be reviewed once a year, the rent increasing in line with the consumer price index calculation in your tenancy agreement. 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 under £60,000 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 your tenancy deposit 9 Be unable to afford a similar home in the local area, either through shared ownership or on the open market 9 Have the right to rent – proven by possession of British/EU/EEA 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
SO FLEXI CAMBOURNE SO Flexi Cambourne is a collection of two bedroom Rent to Buy maisonettes available in Cambourne, Cambridgeshire. Situated just nine miles west of Cambridge and just over an hour from King’s Cross Station. This new development offers easy workday links with plenty of scope for weekend adventures – surrounded by a nature reserve and independent eateries, shopping centre and the opportunity for activities. Stansted airport is a 38-mile drive or four miles to Cambridge airport. One, two, three and four bedroom houses will be available through shared ownership.
SO RESI ACTON SO Flexi Acton is a collection of 52 one, two and three bedroom London Living Rent apartments available in East Acton, West London. Homes come with stylish fully-fitted kitchens, an en suite to selected two bedroom apartments, private balconies and there is useful cycle storage and lovely communal outdoor space. The Great Western Rail main line connects Bristol Temple Meads with London Paddington, through Hanwell, Ealing Broadway and Acton Main Line. From East Acton station on the Central Line it takes 30 minutes to Tottenham Court Road.
Register your interest at soresi.co.uk
Register your interest at soresi.co.uk
There are also some one-off costs before you move in.
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 one 9 Already have a deposit, meaning you are eligible for shared ownership and able to buy now 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 judgements (CCJs) or Individual Voluntary Agreements (IVAs). What is Rent to Buy? Rent to Buy is designed to help people living outside London to save for shared ownership while they rent. Rents are often up to 20% less than for similar homes on the open market and tenancies are at least three years. What does it cost? You pay a monthly rent, which includes service charge. For example, the monthly rent on a one bedroom flat in Slough, valued at £300,000, would be £880 pcm, based on 80% of a market value rent of £1,100.
Upfront costs Before you sign the paperwork for your SO Flexi Home, you’ll need to pay some upfront fees. These include: 9 A reservation fee of £250. You pay this after your financial assessment is successful, to secure the home you have chosen 9 Your deposit. This is paid once successful references have been received. The deposit is equivalent to one month’s rent and is paid into a Deposit Protection Scheme 9 One month's rent. You pay this when you sign your tenancy agreement and are preparing to move into your new home. The amount you pay will depend on your moving date. We will let you know how much this will be in advance. Monthly costs Once you have moved into your new SO Flexi home, you’ll need to pay your monthly rent on the date agreed within your tenancy. You are also responsible for the costs of running your home including utility bills, council tax and contents insurance. Your future rent payments will be made by Direct Debit. Your tenancy agreement will be reviewed once a year, the rent increasing in line with the consumer price index calculation in your tenancy agreement.
36 First Time Buyer February/March 2024
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