As a resident with a London Living Rent, Rent to Homebuy or UpToYou tenancy, you may consider buying your home. This guide explains who is eligible, how much it costs and how to proceed.
- London Living Rent (LLR)Funded by the Mayor of London, LLR is a government-backed scheme that enables you to rent a home at a discounted rate, sometimes up to 50% less than a similar property on the open market.
This helps you to save additional money each month, which can go towards buying a home through Shared Ownership.
Find out more about LLR on the LQ Homes website.
- Rent to Homebuy and UpToYouThese two schemes work in a similar way to LLR and allow you to rent at a discounted rate while you save for a deposit.
These currently aren’t available for new customers, but some of our current residents may be on such tenancies.
All three schemes provide the opportunity to buy your home when you’re financially able to – whether that’s outright or via Shared Ownership.
Buying your home – eligibility criteria
To be eligible to buy your LLR, Rent to Homebuy or UpToYou home, you need:
- to be living in an L&Q rented home with an LLR, Rent to Homebuy or UpToYou tenancy
- a household income equal to or less than £90,000*
- to have lived in your home for the initial three-year tenancy (LLR only)
- to have lived in your home for at least six months and passed the initial tenancy period (Rent to Homebuy and UpToYou only)
- enough funds to buy the home**
- to be adhering to the terms and conditions of your tenancy
- to not be in any rent or service charge arrears or linked to any antisocial behaviour
- to not be overcrowded and the home must meet your current needs
- to meet our home ownership criteria
*You would be expected to buy your home outright if you earn more than £90,000.
**You need to have enough funds to cover the cost of buying your home and at least a 5 to 10% deposit. This is required by most mortgage lenders to put towards your share.
How much will it cost to buy your rental home?
It’s a good idea to get some financial advice before taking the next steps to buy your home.
We have a panel of independent financial consultants who can help you assess if you can afford it:
We estimate that buying your home will cost between £5,000 and £10,000. This does not include the money you’ll need for a deposit on your mortgage – which is usually 5% to 10% of the amount you are borrowing.
You'll also need to consider the following costs:
- legal fees
- the mortgage arrangement fee
- the survey or valuation fee
- Stamp Duty Land Tax (SDLT)