FAQs - Rent to Own
What is it Rent to Own?
Rent to Own is a revolutionary new service that allows tenant-buyers to move into their dream home now, but purchase the property at a pre-agreed price within a pre-agreed time frame in the future.
How much will it cost?
After viewing the property you will need to pay a commitment fee to secure the property and can normally move in within a week. We agree the figures and draw up all the legal paperwork.
Do I still need to pay rent?
Yes. The tenant-buyer then pays rent as a normal tenant would but in addition will pay a “top up”. The top up is paid into a secure client account with full client protection and fidelity insurance so there’s no need to worry about the deposit.
What is the monthly “Top Up”?
The monthly top up builds up an amount which goes towards the mortgage deposit when the tenant-buyer comes to purchase the property at some point in the future. They can buy the property in a week, one year or at any other point within the agreed time period.
Is the purchase price fixed?
Yes. The purchase price is fixed before the tenant-buyer moves in. This does not alter within the agreed time frame under any circumstances.
Who will value the property?
We always get a RICS valuation, so we know the current market value and agree a fair increase in the purchase price, normally 4% each year of the option. This is based on historical house price data over the last 25-30 years so we know it’s a reasonable amount.
When I can buy my rent to own?
The time period is always between 5-10 years and both the Landlord and tenant-buyer agree the time period before the tenant-buyer moves in. After the agreed time frame you should have enough top up saved in our client account to purchase the property. They will normally have between 10-20% deposit of the agreed purchase price saved up.