North Star welcomes residents of Darlington Housing Association - Find out more
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With Rent to Buy, you can move into your new home now, renting the property for a period of up to five years. During this time, you’ll pay a reduced rent of 80 percent of the full open market rent value. You can purchase your home from us on a Shared Ownership basis during years one to five, or on an outright basis at the end of the five-year term
After 1 year, you have the option to purchase a share of the property and continue to rent the rest of it. This will be based upon your affordability and in the future you can choose to buy more of your home through a process called staircasing.
How does Rent to Buy work?
Am I eligible for rent to buy?
All applicants applying for Rent to Buy will be financially assessed and required to enter into a Rent to Buy Option Agreement, confirming their intentions to use the benefit of the five-year reduced rent period to help them save towards a mortgage deposit. This will be monitored and assessed on a yearly basis throughout the five-year term.
To abide by the statutory requirements for renting property in the UK, all applicants over the age of 18 will be subject to the following checks:
FAQ’s
Q: Do I have to buy the property at the end of the tenancy?
A: Before you proceed with your tenancy, you will confirm your intentions to purchase the property in the future when financially possible.
Q: How long can I live in a Rent to Buy Home?
A: Typically, a tenancy agreement with us under the Rent to Buy initiative will be 5 years, but will be reviewed annually to reassess your financial circumstances.
The home you are renting will be available to buy outright after the 5 year period and as the tenant you will have first refusal to buy the home. After 12 months we would agree to you purchasing a share of the property (typically between 25-75%) and you would continue to rent the remainder of the property. You can then continue to purchase further increments of the property until you have staircased fully to 100% ownership.
If you decide to purchase the home, it will be at the current market value at the time of proceeding to buy, not from when you initially started your tenancy.
If or when you decide to end your tenancy, we will ask you to give us one calendar months’ notice as a minimum. This will need to be given in writing.
Q: Who is responsible for maintenance and repairs to the property?
A: North Star Housing Group will provide a maintenance and repairs service under the terms of your tenancy agreement
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