Rent to HomeBuy

Rent to HomeBuy is a government scheme that helps people move from renting to owning a home. It allows you to rent a property at a discounted rate while you work towards buying it in the future through shared ownership, as long as you continue to meet the eligibility criteria. 

With Rent to HomeBuy, you rent a home at approximately 80% of the market value for up to five years. The expectation (although not an obligation) is that this period of paying a reduced rent gives you the chance to save a cash deposit, so you can buy your home at a later date. You are free to purchase a share of your home (subject to contract and conditions) at any point during your tenancy.

 
When you get to the end of the five-year fixed term period, you may be served notice if you haven’t already purchased a share of your property. The opportunity to stay on as a tenant after the five-year fixed term is never guaranteed and should not be expected.

• You’ll pay a reduced rent on the property which makes it easier to save.  
• You can settle into your new surroundings knowing that you’ll have the option to buy the home you’re renting.
• As a tenant, your property will be fully managed by us until you purchase, and we’ll help you through the purchasing process if you decide that’s what you want to do. 

To be eligible, you must: 

• Live and/or work within the Borough of where the property is located.
• Be permanently employed with consistent income.
• Pass a credit referencing check - We will not be able to consider you if you have a County Court Judgement (CCJ), IVA or have declared bankruptcy within the last six years.  
• Pass a Right to Rent check - You will need to have the right to rent in the UK for the duration of the tenancy.
• Be able to show that you will have sufficient income to be able to save towards a mortgage deposit – You will be referenced against the full market rent as opposed to the discounted rate.
• Have a combined household income under £80,000 a year. A household can be one person, or you and a partner, or you and a friend.  
• Must not be an existing homeowner unless you are in the process of selling/separating. 

We will provide a copy of the Tenancy Agreement during the application process to give you time to read and understand the commitment you are entering in to. We will also be happy to answer any general questions you may have.  

The Tenancy Agreement will set out the responsibilities of both Thrive Homes as your landlord and yourself, as our customer. This will include your liability for ongoing rent payments and the upkeep of the property. It will also outline when you may need to contact us, for example, if you need to gain consent to keep pets, alter the property
(including decorating), or if there is any change to your household
details/occupants.   

The Tenancy Agreement is a legally binding contract between yourself and your landlord. It is important to remember that any breach of the agreement could lead to further action being taken to end the tenancy. 

The Option to Buy Agreement sets out the terms and conditions should you decide to purchase the property either during or at the end of the tenancy period.  

There may be certain circumstances which would result in Thrive Homes being unable to sell the property to you for example:  

• If the current value of the property is less than the original value stipulated in the Option to Buy Agreement. 
• If there is any outstanding rent due on your account.
• If you no longer meet the affordability requirements.  
• If there has been a significant breach of your tenancy agreement.

No, your rent will be reviewed annually. This will be calculated in line with the terms of your Tenancy Agreement and will be checked to ensure that it does not exceed 80% of the open market value.   

Rent payments will be collected monthly in advance by direct debit in line with theTenancy Agreement obligations.

Thrive Homes will require you to pay a security deposit, which is calculated at five weeks’ rent. This will need to be paid prior to you moving into your home along with the first month’s rent. 

The deposit will be held by My Deposits 
An independent Deposit Protection Scheme, and you will be issued with the relevant information and deposit protection certificate within 30 days of receipt.  

When you move into your home, our independent clerk will arrange and undertake a full handover inspection with you, an inventory will be completed, meter readings, and photographs will be taken.   
This inventory will be used if you decide to move out of the property without purchasing and would be used to assess the property at your checkout inspection.

Should any damage or issues be identified - over and above general wear and tear- the costs will be deducted from your security deposit, along with any rent arrears.  

If you proceed to purchase your property, the security deposit will be returned to you in full within 14 working days of your purchase completion.  

Your property will be provided with flooring, window treatments (blinds or curtains) as well as white goods (washing machine, fridge, freezer, oven, hob, extractor hood & dishwasher). These items will remain the property of Thrive Homes and the ownership of these items will transfer over to you, should you purchase the property.   

If you would like to carry out decorating or other works to the property, you will need to notify us in writing beforehand, this includes putting nails in the walls etc. If you choose to leave the property without purchasing, it will need to be returned fully to its original condition.

Under the terms of your Tenancy Agreement, you will need to seek our permission if you wish to keep pets at the property. We will not unreasonably withhold permission.

As a tenant, it is your responsibility to keep the property in good order and as your landlord, Thrive Homes is responsible for maintaining the property under the terms of the Tenancy Agreement.

  
When you move into your home, you will be provided with a handover pack, which will include instructions on how to report a repair or property defect to us. You also have your own responsibilities within the Tenancy Agreement to look after the property and keep it in good order.  

Thrive Homes will not be held responsible for costs relating to damage caused to the property by customers or visitors.

We have an in house Home Ownership team who will be able to assist you with purchasing a share. Once you confirm you would like further information, we will put you in touch with our dedicated Home ownership team. 

If you decide not to, or you are unable to purchase the property during the tenancy period, you may be served notice to vacate by the end of the tenancy term as this tenure type no longer benefits you.

If your circumstances change (income, occupants, contact info, credit, affordability etc) please contact us at the earliest opportunity to discuss this. 
Thrive Homes will also carry out an annual inspection, where we will assess the property condition, your plans to purchase, and any change of circumstances. This is known as a Homeplan visit and you must permit access for this in line with the terms of your contract.

Yes, you will be able to end your tenancy agreement after the initial six months by providing two months’ notice to us in writing. We will arrange for the required end of tenancy inspections to be carried out.   
You must ensure that the property is returned to us in the same condition as when you moved in, subject to fair wear and tear, and that your rent account is not in arrears.

Rent to HomeBuy customers are not eligible to apply for any of the following
schemes: 

• Statutory Right to Buy 
• Statutory Right to Acquire
• Voluntary Right to Buy 

Please contact our customer service team who will direct you to the
appropriate department. Email: enquiries@thrivehomes.org.uk