Do I have to buy a share of my home?
No, you can remain as a tenant.
What does 'subsidised rent' mean?
It means your rent is calculated to be 80% of the rental value of similar homes in your area. L&Q receives funding from the Regulator of Social Housing to ensure that rent remains below similar homes from private landlords.
Does it matter how much I earn?
IYour household income must be £64,300 or less. You are not eligible for Shared Ownership if your household income is above this. If your income is above this and you still wish to purchase the home, you may be able to do so outright. You will still benefit from the 5% discount
If I want to buy part of my home, how will I finance it?
You’ll need to get a mortgage from one of the high street lenders. We’ll arrange for you to get expert advice from an independent financial adviser.
What does '5% equity free' mean?
If you have been renting your home for six months or more and you go on to buy a share, we’ll give you 5% of the home for free.
What if I want to buy more of my home?
What if I rent a home and then want to move out?
After the first six months you can move out whenever you choose with four weeks notice ending on a Monday.
What if I own part of my home and want to move out?
You can sell either the part of your home you own and the new owner will rent the remainder from us or sell it as a whole.
Can I sublet my home?
No. These homes are not available for buy to let and it will be a condition of the tenancy agreement that you are not allowed to sublet. These homes are designed to help people get on the property ladder.
What do I do if I'm interested?
What are the next steps in buying my UpToYou Home?
What happens if the property price is less than the reserve price?
If the property price is less than the reserve price, we are unable to sell you the home at this time. We would however reassess the market conditions in the next six months to see if values have risen.