How Does Rent to Buy Work?
The Rent to Buy in Nottingham system is very simple. Once you have found a property you love, you get to make all the important decision about how to pay it off.
Rather than having to pay a big deposit and take out a mortgage straight away, you pay a small Option Fee (your getting started money) to move in, and then pay installments each month on top of your rent. We use the initial Option Fee, the installments, plus a Special Bonus contribution towards your actual purchase mortgage deposit at the end of the scheme. This is how it works…
- Register your details with Rent to buy in Nottingham using the form on the right.
- Once we have spoken with you and confirmed some details, we'll find properties that match your criteria for you to inspect.
- When you find a property that you like, then you confirm you would like to enter into a Purchase Option Agreement. We agree with you what time period you would like to take the option over (usually 3-5 years) and confirm the Option Fee (getting started) amount, usually 3-5% of purchase price. Together we set the monthly rental and installment payments, that will add up towards your final deposit.
- The relevant option paperwork is drawn up by Solicitors along with an Assured Tenancy Agreement for the duration of the option.
- You move in and are free to enhance and add value to property during the period as any traditional homeowner would.
- At the end of this period you purchase the property at the previously agreed price and any equity the property has gained is all yours!
- As a Tenant Buyer you are not obligated to purchase the home at the end of your option/rental period.
- The Seller is required to sell the Property to the Tenant Buyer, should the Tenant Buyer choose to exercise the right to buy during the option period
How long does it take?
Once all the paperwork is signed we try to arrange a time-scale that suits you. Typically we aim for 4 – 6 weeks, enough time to give notice to your current landlord, arrange things for your move have the utilities connected and be relaxed and organized as you move into your new home.
How much money do I need to start?
You will need some getting started money – you have to pay an option fee up front, normally 3-5% of the agreed purchase price. This fee comes off the final purchase price at the end of the term, or at any point you exercise your option to buy. You will also need 1 month's rent payment, including the installment amount and will need to stay 1 month in advance for the term. The ongoing installments and any additional payments you may choose to make will reduce the final purchase price or form part of your deposit when you choose to exercise your Rent to Buy in Nottingham Option in future years.
What happens at the end of the term?
At the end of the option period you have a choice.
- You can decide to exercise your option to purchase the property
- If you choose to do this, you purchase the property at the price you agreed at the beginning, your Option Fee and monthly Installment Payments will form part or all of your final deposit, you will also retain any additional equity the property has accumulated during the option period, should you choose to purchase
- Remember you always have the right, but not the obligation to purchase so you're always in control
Questions and Answers
We are a small team of people who work solely in the Nottingham market, so we know the area well. Our small size means that you are able to talk directly to a person with the power to act on your concerns and queries and we will always tailor a personal solution to you.
Rent to buy or rent to own is a way of using the rent you pay to buy the house you want, and making sure you've locked in today's low price before it rises tomorrow. Let's face it paying of someone else's mortgage doesn't work. But too often than not owning your own home is just not an option…until now.
Rent to buy in Nottingham provides solutions for people who would otherwise not be able to get on the housing ladder. With us you can rent a property today, and know that you have the option to own it tomorrow – even better than that your rent goes towards owning your home.
With banks lending less and requiring bigger deposits because of the credit crunch, rent to buy or rent to own is proving to be one of the best ways to help buyers achieve 100% home ownership. As a tenant buyer, you get to ‘try before you buy' with a timescale that fits your needs – usually 3 -5 years – and the price is agreed in advance.
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We are a small team of people who work solely in the Nottingham market, so we know the area well. Our small size means that you are able to talk directly to a person with the power to act on your concerns and queries and we will always tailor a personal solution to you.
With banks lending less and requiring bigger deposits because of the credit crunch, rent to buy or rent to own is proving to be one of the best ways to help buyers achieve 100% home ownership. As a tenant buyer, you get to ‘try before you buy' with a timescale that fits your needs – usually 3 -5 years – and the price is agreed in advance.
Rent to Buy in Nottingham specializes in helping people get onto the property ladder. Whether you're a first time buyer who's finding it tough to get a mortgage, trying to recover from financial problems, working on repairing a bad credit score, going through a relationship breakup, you're self employed or you've new to the UK…then we can help you!
Rent to buy in Nottingham provides solutions for people who would otherwise not be able to get on the housing ladder. With us you can rent a property today, and know that you have the option to own it tomorrow – even better than that your rent goes towards owning your home.
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