Rent to Buy is an affordable way to buy your first home. The scheme allows people who wish to become home-owners the option to get onto the UK housing Ladder with 100% homeownership. The scheme will
- Give you the opportunity to rent an affordable newly built home that you can buy in the first five years from the property first being let. If you have not completed the sale by the 5th anniversary of moving in you will not be able to buy, but may remain in the home as a tenant and continue to pay rent for up to 20 years.
- Help you build a mortgage deposit whilst you pay rent - as you pay your rent, you will also be 'saving' for a mortgage deposit. 50% of the rent you pay will count towards a discount off the final purchase price. You can accumulate up to 10% of the property value as a discount when you buy
- Mean that you buy the affordable home outright, this is not a shared ownership scheme, you buy 100% of the property
- Let you rent the home as an "assured short-hold" tenant, which will determine your rights as well as your responsibilities. More information on Private Renting
- You are entitled to end the tenancy any time you wish to, by giving appropriate notice to us The terms of your tenancy will be stated in the Assured Short-hold Tenancy Agreement you sign at the beginning of the tenancy.
- The properties will be let unfurnished. You will be responsible for providing carpets, curtains light fittings and garden finishes if applicable. When you are offered a home, you will have the opportunity to view the property and its fixtures and fittings before you make a final decision.
- This must be their only or main home with the intention to purchase in five years and cannot be sub-let
- QSH or Pace Trustees Limited will value the property and will let you know the valuation. This will be the price they will sell the property to you and they will let you know the discount you have accrued for a mortgage deposit through the rent you have paid. As part of your tenancy agreement for the home, there will be a 'minimum option price' noted. QSH and Pace Trustees Limited will not sell the property for less than this amount.
- Allow you to continue to rent the home if you decide not to buy.
- If you decide not to purchase, you will not receive the discount value, it only counts towards the purchase of the home. If you decide to leave, you will forfeit any discount you have accrued. It will pass to the next tenant of the home.
About the properties
The properties are owned by two companies called QSH (Quality Social Housing) and Pace Trustees Limited but will be let and managed by Kirklees Neighbourhood Housing. They will be let and managed differently from council properties.
Before you submit an application form or register interest you must meet the following criteria, and provide evidence to support your application.
You are eligible to apply if you can answer YES to ALL the following
- You have lived or worked in Kirklees for more than 12 months and intend to settle in the Kirklees area
- At least one member of your household is in employment
- Have a good tenancy record and can provide references
- Have maintained a clear rent account on this tenancy for 12 months and have no rent arrears
- Have not been served with a legal notice (in regard to a tenancy) in the last 12 months
- The proposed tenant(s) have no unspent criminal convictions
- Have the correct leave to remain in the UK
- The new home will be your only or main home with an intention to purchase in five years. (The exception to this is if you have to move out of your matrimonial home due to relationship break down and you cannot afford to buy a new home without help)
- Have a total household income that will allow you to access mortgage funds in the future. Eligibility thresholds will vary between developments, depending on the value of the property.
It is critical that the potential occupiers can afford both the rent and a mortgage in the future.
Initial income thresholds for each property will be based on you having a household income of at least four times the annual rent due for the property.
For example, if the monthly rent payment due is £500 PCM, you will need a household income of at least £24,000 to be eligible for the property (£500 x 12 x 4 = £24000)
You must NOT have any outstanding debts greater than £15,000
You will need to provide the following information as part of your application
- Information about your immigration status
- Names and dates of birth for everyone on the application
- Your National Insurance Number
- Details of all the places you have lived in the past 3 years
- Details of any homes you have owned or have any interest in
- If you live in a rented home, you will need to provide a landlord reference demonstrating a good tenancy record and clear rent account
- Proof of current address - this could be either a current and valid driving license, a utility bill, bank statement, benefits letter or employment letter from the last 3 months displaying your current address
- Proof of employment - wage slips - please upload at least 3 months of up to date wage slips
- Proof of income and expenditure - Bank statement
- Proof of identity that demonstrates leave to remain in the UK.
- A Disclosure and Barring Service (DBS) check that shows that the proposed tenant has no unspent criminal convictions.
To do this, you will need to provide a Disclosure and Barring Service (DBS) certificate for each adult who intends to be named on the tenancy that has been carried out within the last 12 months.
You may have a current DBS check for your job, if so, providing it is less than 12 months old, this will be acceptable.
If you do not have a current DBS check, you can get one by applying online for a basic disclosure . The cost is £25.00 per applicant and you will need a 'basic' check for each adult applicant. Please be aware, it can take up to four weeks to receive a response.
You can also upload further optional documents such as
- Statements from Employer
- Proof of regular benefit payments
- Proof of other income
- Statements of Accounts/Tax returns for Self-employed applicants.
We advertise all our current available rent to buy properties on the news section of this site.
If you would like to be updated when we do have properties available, please contact us to be added to our mailing list.