RENT, SAVE, BUY
COUNCIL AND HOUSING ASSOCIATION HOMES Some local councils and housing associations advertise Rent to Buy homes. Check the shared ownership scheme service or with your local council or housing association for more information. There may be extra eligibility requirements to apply. BUYING A HOME You can use the deposit you’ve saved to buy any home, including those available using an affordable homeownership scheme. IF YOU WANT TO BUY THE HOME THAT YOU ARE RENTING You may be able to buy the home that you’re renting if your landlord agrees. If your landlord decides to sell while you’re a tenant they must
give you the option of buying your home first. The price you pay will be the property’s market value. This may be more or less than when you first rented your home. Check with your landlord whether buying the home you’re renting is an option. BUYING THE HOME YOU'RE RENTING THROUGH SHARED OWNERSHIP You may be able to buy the home you’re renting through the shared ownership scheme if: 9 Your landlord agrees 9 You’ve saved enough deposit to buy a share 9 You can get a mortgage 9 You meet the shared ownership eligibility requirements.
Check with your landlord whether buying the home you’re renting through shared ownership is an option.
Step one Find a London Living Rent or Rent to Buy home that is suitable for you
Step two Rent the home at a discount
Step three Save the discount for your deposit
Step four Buy shares in your home through shared ownership
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