RENT, SAVE, BUY
LONDON LIVING RENT AND RENT TO BUY WITH SO FLEXI Affordable housing provider SO Resi (part of Metropolitan Thames Valley Housing) offers London Living Rent through its dedicated SO Flexi brand. SO Flexi offers you an alternative way to get on the property ladder allowing you to rent at a reduced market rent to save for your deposit, and then buy your home (or another home if you prefer) Kevin Sims, Director of Sales & Marketing at SO Resi, comments, "Renting in London and the South East is an extraordinarily expensive affair, and many tenants don’t have enough money at the end of the month to put towards saving a deposit to buy a home. London Living Rent and Rent to Buy offer a chance to bridge the gap between renting and homeownership, unlocking the chance to get on to the property ladder for hundreds of ordinary renters. The scheme allows tenants to secure a medium-term fixed rental contract with us, at a discounted monthly rate, with a view that the buyer will use the tenancy period to build up a deposit and buy the property with shared ownership at the end of the term. It offers a chance of a stable tenancy, with guaranteed outgoings, and a chance to build up their savings and buy."
CASE STUDY
Tia Costell , 25, who was previously spending half of her income on a tiny one bedroom flat in Brentford, has just moved into a two bedroom apartment at SO Flexi Acton using London Living Rent, and hopes to buy her first home in three years. Tia has agreed a three-year fixed tenancy and is paying £1,250 in rent per month. She says, “I cried when I moved into the apartment. For the first time in my life, I have a place that I can afford to live in, and a realistic plan to get on the property ladder. I’m saving £250 on rent alone each month – for a bigger place! – which is going straight into my savings account to build up my deposit. I could never have saved that kind of money living in my old flat.” Tia, a self-employed hair and make-up artist, underwent a thorough financial assessment to reserve the apartment. “With London Living Rent you have to demonstrate that you can’t afford to buy the property now, but would be able to in a few years. I knew my earnings made me mortgage-eligible, but I didn’t have enough savings to buy with shared ownership – so London Living Rent will help me to get into a financial position to put down a deposit.” Tia has agreed a financial plan with SO Resi to build a 5% deposit over the course of three years. “My minimum 5% deposit goal is £9,000, so I agreed to save £3,000 each year with SO Resi – that’s really achievable for me. I have agreed to check in with SO Resi each year to make sure that I am still on track. I’d completely written off the idea of owning my own home before this. I found out about London Living Rent through a Christian YouTube influencer, and it has really changed my life."
ACTON SO Flexi Acton
The final few apartments are remaining at SO Flexi Acton in the Acton Park conservation area, available with London Living Rent. Within walking distance are a range of shops, restaurants and green spaces, while excellent travel connections from Acton Main Line and East Acton station offer quick access into central London.
Each apartment benefits from its own balcony or terrace, alongside communal green outdoor space with play equipment. Every home features carefully designed interiors to maximise space and natural light, and integrated Zanussi appliances to kitchens. All homes also benefit from covered secure cycle stores. Applicants must live or work in the Acton area.
soresi.co.uk/soflexi/acton
*Minimum annual household income of £44,500 is required
SOUTHALL SO Flexi Southall
CHESTERFIELD SO Flexi Clay Cross
Coming soon – launching early 2025 SO Resi Southall will offer 89 studio, one, two and three bedroom apartments through London Living Rent. Just a four-minute walk to Southall station on the Elizabeth Line, these apartments feature residents' shared amenity terraces on the ground, fifth and sixth floor, plus a play area. There are also cycle parking spaces and a car club membership to be provided free for three years for each first occupier.
Coming soon – launching autumn/winter 2024 Launching later this year, this development features 32 three and four bedroom houses available using Rent to Buy. Clay Cross in Derbyshire is famous for playing a part in the industrial revolution and being the home of George Stephenson, who became known as the father of the railways in Victorian times. The local high street has a range of familiar brands and there is a large supermarket less than a mile away. A short drive will take you to the charming town of Chesterfield with its bustling markets and independent shops. It is also home to the largest church in Derby, affectionately named St Mary’s Crooked Spire.
32 First Time Buyer October/November 2024
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