If you’ve got a question, then it’s possible we’ve already answered it on this page.
Help to Own lets you rent a quality new-build home. As you make your monthly payments you build up a Loyalty Premium, which at 20 years you can use to take a further tenancy of 5 years leading to the option to buy your home for £1 (assuming no deductions and you have kept to the terms of the agreements) or take as cash if you leave the scheme anytime before the end of the 20 year period.
Anyone who is creditworthy – meaning the monthly rental cost of the property is no more than 40% of their total household income. Applicants should not already own a property or have a deposit in excess of 10% of the value of the property they want to rent. Property values can be found here.
Yes. Under the Help to Own scheme, you enter into a tenancy agreement to renting your home for 20 years with the option for a further tenancy of 5 years. There are options to buy the home.
After 25 years assuming you have kept to the terms of the tenancies and the option agreement, you’ll get the option to own the home for £1.
You can leave the scheme at any time by giving 3 months’ notice (all tenants must sign the notice).
You will have a 20 year tenancy agreement with an option to extend for a further 5 years.
Homes come with fitted kitchens and bathrooms. They are centrally heated, have double glazing and are energy efficient in their design. Homes are ready painted in white ready for you to make your choice of floor coverings and furnishings at your cost.
If eligible for the Help to Own scheme, you will pay a £1,000 application fee to cover the cost of processing your application, plus you will also have to pay the cost of a Solicitor to register your tenancy at the Land Registry. Help to Own will offer a panel of solicitors for you to choose from or you can use your own.
For some applicants there may also be a small Stamp Duty payment required, based on current Stamp Duty land Tax thresholds. This will be calculated and explained to you as part of the application process.
We undertake an independent evaluation and will let you know what your rent will be before you pay the application fee. This is your base rent.
There is also a monthly service charge which covers the maintenance of the common areas on the development as well as buildings insurance for your home.
Your rent plus service charge is what you will pay every month. All energy costs and any council tax are your responsibility. In short you will have all the responsibilities of a homeowner.
Your annual rent increase will never be more than RPI or 1.75% (whichever is higher) and the majority of that increase goes into your Loyalty Account.
The monthly service charge and buildings insurance will also be assessed annually.
The majority of your annual base rent increase goes into your Loyalty Premium. At the end of the initial tenancy you can use your Loyalty Premium (assuming there are no deductions) to take a tenancy for a further 5 years. At the end of that tenancy, provided you have paid all the rent payable throughout the 25 years, you have the option of buying the home outright using your Loyalty Premium plus a £1 option fee. You can take the Loyalty Premium as cash if you leave during the first 20 year period.
You are responsible for keeping to the terms of your tenancy agreement, this includes maintaining your home.
You will be responsible for maintaining of your home. Help to Own’s new build homes are also covered under a 10 year NHBC warranty (or equivalent).
You will pay a service charge each month to cover the cost of maintaining the common areas of the development.
You are allowed to make cosmetic changes to your home. The property will be checked twice a year to ensure that changes are within the terms of the tenancy agreement.
You will be covered by the Help to Own Insurance scheme for buildings cover, which is included in the service charge you pay every month.
You are responsible for the insurance of the contents of your home.
You can leave the scheme by giving three months’ notice (all tenants must sign). There are also options to transfer to a different Help to Own property, subject to availability, if you want to stay in the scheme.
Yes, with our permission.
No (but you will be able to take in a lodger).
*NOTE: The Help to Own scheme is in development and the information provided on this website is subject to change.
To be part of the Help to Own scheme tenants are responsible for keeping to the terms of their tenancy agreements and option agreement. Copies of all agreements will be provided prior to payment of your application fee and you should take legal advice at your own cost before signing.
You as the tenant are responsible for the maintenance of your Help to Own Home for the first 20 years; if you don’t do this we will carry out the repairs and you will have to pay us back; checks will be carried out regularly.