Frequently Asked Questions About Rent to Buy

What is the application process?

Stage 1 - Confirming Who You Are

The items listed below are carried out by all letting agents; the difference is our acceptance criteria are not based on your history but on your current position. If you have had trouble in your past it does not mean that you have trouble today. Our program can accept all candidates, including those that have faced bankruptcy, voluntary arrangements, or have had their homes repossessed. All we ask is that you do not hide anything on your application form. Our target is to accept 100% of all candidates.

This fee is used as follows:

  • Legal check that you are allowed to live in the UK. (Statutory requirement)
  • The taking up of references and credit checks (an application is not reliant on a good credit check)
  • Police check. (required by the insurance company)
  • Income check.
  • Dedicated advisor to help you through the whole process.

Stage 2 - Finding Your Home

  • Identifying the type of home you are looking for and the location you desire.
  • Have our team find suitable properties for you.
  • Arrange property viewings for you.
  • Work with you to until we find you the home that you want.

Stage 3 - Legal Paperwork and Moving In

  • Legal fees for drafting and writing your the tenancy agreement.
  • Legal fees for drafting and writing your purchase contract.
  • Legal fees for drafting and writing the partnership agreement between yourself and Buy by Renting.
  • Providing a dedicated legal specialist to help you complete the paperwork.
  • Having a representative on move in day to bring you the keys to your new home and explain where all the services are and any other items that relate to your new home.

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What are my responsibilities?

Unlike a standard tenant you are now buying your home. Therefore you have the same responsibilities as any homeowner. You are responsible for the maintenance and upkeep of your property. The only difference between yourself and a standard homeowner is that your building insurance will be paid from the rent and not by you.

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Can I redecorate my home?

Yes, this is your home now and you are free to decorate the home to your own personal taste. You can hang pictures where you like, change flooring, install a new bathroom, re-paint or anything else that you would like to do. Don't forget the better you look after and improve your home the more valuable it will become. 100% of the added value of the property will go to you.

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The Questions You Shouldn't Have to Ask

Can I smoke in my house?

Yes, it's your house.

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Can I have pets?

Yes, it's your house.

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Can I rent a room out?

Yes, it's your house.

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Can I use Airbnb?

Yes, it's your house.

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Can I redecorate?

Yes, it's your house.

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Can I change my garden?

Yes, it's your house.

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Can I change my locks?

Yes, it's your house.

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Can I put in an alarm system/CCTV?

Yes, it's your house.

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Can I put up a satellite dish?

Yes, provided it is allowed by planning and local regulation.

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Can I extend the property?

Yes, you will need to provide us with copy's of approved planning permission.

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Can I put a hot tub in the garden?

Yes, if you like you can put in a swimming pool if there is room (subject to local authorities permission)

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What happens if I would like to move house?

You are able to move house at any time. You can either move into another Buy-By-Renting house and transfer your equity into the next house or you can exit the program entirely and take your equity out in cash. Each case is individual and we will work with you to find the best solution for you.

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Can I have a Buy-By-Renting house with my friend/friends?

Yes, up to 4 people can share the ownership. There does however need to be 1 person that takes responsibility for the day to day running of the property and paying of the rent.

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Can I have more than one Buy-By-Renting home?

Yes, subject to you being able to afford to run both properties. We require that you have successfully made your payments for at least 1 year on your first home until you are able take on a second home.

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Can I use Buy-By-Renting to buy a holiday home?

Yes you can. Your Buy-by-Renting home does not have to be your primary residence.

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Can I use Buy-By-Renting to buy a home for my child/children?

Yes you can, you can either buy it with the property being in you children's name or buy it in your own name and allow your children to live in it. This also applies to other family members.

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What type of property can I buy?

You can buy homes and apartments through our program, unfortunately we cannot accept mobile homes.

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Financial Questions

Can I change my monthly payment?

Yes, in your account online you will be able to see your current plan, and how any changes in monthly payments will effect your term.

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Can I make a one off capital payment.

Yes, at any time you are able to make a payment of £25 or more which will go directly to buying more of your home.

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Can I see how much of my house I own?

Yes, this information is available 24/7 online in your personal account section.

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Can I see how long it will be until I own 100% of my home?

Yes, this information is available 24/7 online in your personal account section.

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Can I rent out a room to someone to help pay my monthly payments?

Yes, there has to be an approved contract between you and any person that is renting part of your home.

If there are any questions you would like answered that have not been covered in the above please ask us directly here.

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Can someone else make a payment on my behalf?

Yes

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How can I pay my monthly payment?

You can pay your monthly payment in cash, by cheque, bank transfer or credit card.

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What happens if I lose my job or become ill?

We would strongly suggest that before you move into your new home you insure against redundancy or ill health. Our advisors will be pleased to help you arrange this inexpensive cover. In the event that you do not have this cover we will work with you to find a solution and our system has the ability to allow for payment holidays. The best thing is to always tell us of any potential problems as soon as possible so that we can work with you to overcome them with the minimum stress possible.

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What happens if I die?

Unlike banks and building societies we do not insist that you have life assurance. However, term assurance is only a few pounds per month and we strong advise that this cover is in place. Once again our specialist advisors will help you put this cover in place.

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What costs do I have to pay to buy my new home?

You only have to pay your application fee. All other charges, for example; surveyors fee, and conveyance fee are included in the purchase price of the property.

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How much deposit do I have to put down?

On many properties no deposit or a very small deposit are required. However preference is given to members who have some deposit available.

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