The Rent to Buy scheme is effectively a way you can ‘try before you buy’. It allows you to rent your home at a reduced rate (usually up to 20% lower than average local market rents) while you save up for a deposit to purchase it in the future. We offer a number of fantastic rent to buy apartments and houses, and can provide guidance through the application process.
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To be eligible for Rent to Buy you must:
First, take a look at our available rent to buy apartments and houses online. If you see a property that is available in your price range, then simply register your interest online. You’ll be added to our mailing list and sent further information when available.
Once the development has been released and prices available, you will need to complete the Plumlife online application and return to reservations@plumlife.co.uk. We will then require photocopies of your P60 or past three months wage slips along with information regarding any committed outgoings such as personal loans / HP payments and credit card payments. Once in receipt of this information, Plumlife will carry out an affordability assessment and inform you if you’re eligible and then we can arrange a viewing with the Resident Services Associate where possible or provide you with further information regarding availability in order to reserve “off plan”.
The Rent to Buy scheme allows you to effectively “try before you buy”. The scheme is a government backed initiative that allows eligible working people to rent a home at less than Market Rent while they save for a deposit to buy.
Rent a fabulous property at an affordable discounted rate (usually up to 20% lower than average local market rents) for an initial letting period of five years from when the property was built. Your circumstances might change, placing you in a better position to purchase shares of your home or even buy it outright.
Find out whether Rent to Buy is right for you in our blog post.
With Rent to Buy, you can rent your chosen home at an affordable discounted rate (usually up to 20% lower than average local market rents). Based on this, here’s how much you could save:
Market rate: £1,000 a month
Rent to buy rent: £800 a month
Saving: £200 per month
Total saved after five years: £12,000 (plus any interest you’ve made).
This £12,000 could then be used as a deposit to purchase your home!
A deposit of one month’s rent will be required at least 3 workings days before your tenancy start date along with one month’s rent in advance. The Deposit will be held with Deposit Protection Scheme (DPS) and you will receive a deposit certificate along with the relevant Prescribed Information Form.
In some circumstances, we may be able to offer Shared Ownership as an option to purchase during the initial five-year letting period but we have no obligation to sell and cannot guarantee that this will be an option. If we are unable to offer Shared Ownership as an option on your property, we may have other Shared Ownership properties elsewhere for you to consider. Find out more about shared ownership in our detailed blog.
Under the government Rent to Buy initiative, offering the property as Rent to Buy is an option during the initial five year period which commences when the property is newly built. If the property is relet during the initial five year period, the remaining term will reduce accordingly.
At the end of the five-year initial period, the Landlord will consider the options available which include selling the property at full market value with tenants having first right of refusal or converting the tenancy to market rent.
As a customer you are expected to look after your home but you can report repairs to us as your Landlord through our website, customer portal or by telephone. We also provide an Out of Hours emergency service for repairs when our offices are closed.
Any damage caused to the property or to any shared areas by your household or your visitors will be recharged at the time or deducted from your deposit in accordance with Deposit Protection Scheme conditions, this will also be the case should you wish to purchase the property.
If you go on to buy the property including if purchased through Shared Ownership, you will become fully responsible for all repairs within your property. If you become an owner of an apartment or house that benefits from shared areas on the development, you will be required to contribute to any services charges applicable.
The Home User Guide will be provided when moving into a property and will include how to get the best out of the property, warranties and contact information.
