3 Bedroom Terraced House Let in BASINGSTOKE, RG22
Blackdown Close, Buckskin, Basingstoke
Rent To Buy Scheme Comes To Basingstoke : This is an opportunity to rent this house now and to be able to purchase it within a five year period for a fixed price of £145,000. Interested? Read on for more information.
The Rent To Buy scheme has been designed to allow people who can't obtain a mortgage in the short term, but will at a later date or those who do not yet have sufficent deposit. This scheme allows the purchaser to prepare over a 3 to 5 year period to obtain the deposit and mortgage by spreading these payments over a number of years while renting the property.
Put simply, the tenant/buyer pays £4000 for the option to buy the property within the next five years for the fixed price of £145,000. As well as paying the rent of £750 there is a monthly top up of £175 per month. Both the option fee and monthly top up are eventually used as the down-payment on the house to be able to secure a mortgage.
Because we want the scheme to succeed as much as the tenant the scheme is open to anyone who will meet the affordability requirements of being able to obtain a mortgage of £130,000.
Advantages For The Tenant/Buyer:-
The tenant/buyer will live in the house as if it was their own and make it a real home.
The tenant/buyer has a fixed final house price and rent, up to the end of the 3 to 5 year agreed period.
The tenant/buyer is not tied in and can simply walk away from the deal at any time.
The tenant/buyer will eventually own 100% of the property without any shared equity.
If the property increases in value during the period of renting, the tenant buyer takes 100% of the benefit of this uplift, as the sale price is fixed at the beginning, at £145,000.
Other Information Which The Tenant/Buyer Needs To Know:-
To be able to keep the costs down with this scheme the Buyer will be responsible for the maintenance of the property. However a new kitchen, bathroom and boiler has been fitted so these should be fairly low.
The up front fee and top up payments are non-refundable if the tenant does not take up the option to buy. However, the contract is fully assignable, meaning the tenant/buyer can sell the option onto another person.
The contract needs to be drawn up using solicitors. However we will pay for the cost of the buyers solicitor if you elect to use one of our panel solicitors which we have agreed a discounted price. Legally both parties need to use different solicitors to give fair representation.
Rent to Buy schemes have been successfully been used in Australia and North America for many years. They are becoming more popular in the UK, numbers growing all the time.
Are You Interested????:-
If you are interested please contact us to discuss this property or others we are currently refurbishing without obligation.