Rentplus Explained.

What Is Rentplus?

Rentplus is a national award winning rent–to-buy scheme. It offers those who are working and who aspire to home ownership the real prospect of achieving their goal of buying their own home, without the need for any initial deposit.

And when they are ready to buy their own home, Rentplus gifts tenants 10% of the sale price towards their purchase.

How Does Rentplus Work

Tenants pay a discounted rent for a minimum of 5 years (at 80% of the open market rent), giving them time to build a good credit rating, and save towards their house purchase. With agreement from Harrow Churches Housing Association (HCHA), tenants may choose to extend tenancies to rent for up to 20 years but have the option to purchase 100% of their homes after 5, 10, 15, or 20 years : this purchase term will be agreed at the start of the Rentplus tenancy. When ready to purchase (after the agreed term), tenants are given a 10% gifted deposit towards their purchase.

Who is Rentplus Suitable for?

Rentplus is aimed at people who are looking to move into home ownership.  You might be renting privately, living with relatives or renting from a housing association or Council.  Rentplus will be especially attractive to couples and younger families who will be able to get a mortgage in 5 to 20 years.

You will need to show that you can save a deposit over a number of years, that you will be able to get a mortgage and that you are committed to home ownership.

Rentplus would be suitable for people who

• are in work or training
• have been saving for a deposit or are able to do so
• have a good credit history

Rentplus will especially suit people who are looking to buy a home but aren’t able to do so yet, as you will get the chance to save up for a deposit while living in your new Rentplus home.  You might be looking to get a better job, training for a career or looking for promotion.

What Type of Home Could I Get?

Rentplus sites may offer a variety of homes, with each site being different.  You may be able to get a home with up to one bedroom larger than your family needs now, although this will depend on availability and whether you can afford the rent.

At the start of the tenancy the rent will be set at an affordable rent, which is 80% of the market rent. This will only be increased by the Consumer Prices Index plus 1% every year. At the end of each 5 year tenancy the rent will be reset to 80% of the market rent again.  There is no deposit required to move into your new home, but you will be expected to pay the normal household bills along with your rent.

Do I Have To Buy My Home or Can I Chose Any Home?

Rentplus is set up to help you buy your home.  You won’t be able to trade or swap with anyone else or buy a different home.

What Happens at the End of the Agreed Period?

We hope that you will be able to buy your home at this point.  We will help you to find a mortgage and support you through the purchase of your home.  If you can’t buy your home you may be able to extend the agreed period, depending on availability.

If we can’t give you any longer in your Rentplus home and you can’t buy your home we will support you to find alternative accommodation.

What If I Want to Buy My Home Earlier Than the End of the Agreed Period?

This may be possible.  If another family is unable to purchase their home you could be given the chance to buy your home instead.

Am I Guaranteed That I Can Stay Until The End of The Agreed Period?

So long as you pay your rent, do not cause a nuisance, look after your home, there are no significant changes in your family circumstances and you don’t breach your tenancy you will be able to remain in your property during the agreed period.  You may, however, leave at any time by giving us 4 weeks notice in writing.

Do I Have The Same Rights As Other Social Housing Tenants?

Broadly yes, you have the same rights.  Your landlord will be responsible for carrying out repairs and looking after any communal areas.  You will need to seek permission from HCHA before doing the following:

• take in lodgers
• run a business from your homes
• keep pets
• make improvements to you home

You won’t have –

• the right to exchange with another social housing tenant
• the Right to Buy or the Right to Acquire

If you are moving from social housing you will be losing some rights.  You should seek advice about this from the CAB or other housing advisor.

Assessment for Rentplus

We will check to ensure that you can afford the rent now and save for a deposit in the future.  We will help you to understand what you will be expected to do to have a Rentplus home and how you can prepare for home ownership.

We will then assess your application, and if you are successful we will offer you a property, with a maximum time as a Rentplus home between 5 and 20 years.

External Links

Rentplus website http://rentplus-uk.com/

 

© Harrow Churches Housing Association

Homes & Communities Agency registration number LO923.
HCHA is a registered society under the Co-operative and Community Benefits Societies Act 2014 No 17410R.

MEDINA HOUSE MILTON KEYNES

SEVEN NEW RENTPLUS FLATS

 

The Development

Medina House is an exciting development of 86 new contemporary flats for sale and includes seven new Rentplus flats offering a choice of rent-to-home buy for people living in Milton Keynes. Medina House is in the centre of Milton Keynes, close to extensive retail facilities and just a 5-minute walk to Milton Keynes train station with excellent commuter links to London.

The flats offer open plan living/dining and kitchen layouts to ensure flow and flexibility of space.  Great attention has been paid to the internal layouts including good quality fixtures, fittings and finishes. The main living spaces have ceiling to floor windows offering great views out over the city.

Harrow Churches Housing Association (HCHA) working in partnership

with Rentplus is proud to offer the first seven affordable rent- to- buy homes within this block at Medina House in Milton Keynes.

 

 

What is Rentplus?

Rentplus is a national award winning rent-to-buy scheme.  It offers those who are working and who aspire to home ownership, the real prospect of achieving their goal of buying their own home, without the need for any initial deposit.

And when they are ready to buy their home, Rentplus gifts tenants 10% of the sale price towards their deposit.

How does Rentplus work?

Tenants pay a discounted rent for a minimum of 5 years (at 80% of the open market rent), giving them time to build a good credit rating, and save towards their house purchase.  With agreement from Harrow Churches Housing Association (HCHA), tenants may choose to extend tenancies to rent for up to 20 years but have the option to purchase 100% of their home after 5, 10, 15 or 20 years: this will be agreed at the start.  When ready to purchase, tenants are given a 10% gifted deposit from Rentplus towards their deposit.

Am I eligible?

These are rent-to-buy homes: applicants must have a local connection to Milton Keynes, either by living or working in the Borough for the last 12 months or with family living in the borough for the last 2 years.  They must be in employment and have aspirations to buy their own home within a 5, 10, 15 or 20- year period.

When the flats are nearly ready for occupation HCHA will request nominees from Milton Keynes housing waiting list for registered social housing applicants and Milton Keynes will nominate people who are eligible for Rentplus and who are registered on the Council’s housing register and in housing need. People interested in Rentplus will therefore need to be registered with Milton Keynes.

How do I apply?

If you have a connection with Milton Keynes either working or living in the borough as described in the eligibility criteria above you can register you interest for this Rentplus scheme with Milton Keynes at www.housing.access@milton-keynes.gov.uk. Alternatively you can register your interest with HCHA by emailing to rentplus@hcha.org.uk.