We know how hard it is to save for a deposit and many first time buyers really struggle. But with SO Flexi you rent one of its new homes for much less than the market rate. That makes it easier to save up for a deposit and when you’ve saved enough, you can simply buy the home you’re already renting with SO Resi shared ownership. Or if you’d prefer, you can choose to buy a different shared ownership home or buy on the open market
There are two SO Flexi options – London Living Rent and Rent to Buy.
What is London Living Rent?
Backed by the Mayor of London, London Living Rent is designed to help people living or working in London to save for shared ownership while they rent. Rents are often up to 40% less than for similar homes on the open market and tenancies run for at least three years.
The amount of rent you will pay depends on where you rent in London. Across London, the average monthly rent for a two bedroom London Living Rent home is around £1,077 a month – almost three-quarters of the median market rent (based on 2023/24 Mayor of London published rents). Once a year, the Mayor of London publishes updated benchmark London Living Rent levels for every neighbourhood in the capital. These are based on a third of average local household incomes and are adjusted for the number of bedrooms in each home. In most boroughs, this will be a significant discount on the market rent.
There are also some one-off costs before you move in.
Am I eligible for London Living Rent?
To apply for a SO Flexi home with London Living Rent, you’ll need to:
- Live or work in a London borough
- Have a household income of less than £67,000
- Meet the indicative minimum income and affordability requirements for the home you are interested in. These will depend on its current value, and an assumed future purchase of 25% of your home Be able to pay some rent in advance and provide the equivalent of one month’s rent as a tenancy deposit
- Be unable to afford a similar home in the local area, either through shared ownership or on the open market Have the right to rent – proven by possession of British/EU/EEA Citizenship or a valid UK residency visa
- Have a formal rental tenancy in place, or live in an informal arrangement with family or friends as a result of struggling with housing costs
- Be willing to agree to save an affordable amount every month towards your deposit while you are renting a SO Flexi home.
You are not eligible if you:
- Already own a property or are in the process of buying
- Already have a deposit to buy through the shared ownership scheme or on the open market
- Have an adverse rental history and are not able to get a good reference from your current landlord – for example because of rent arrears or other tenancy breaches
- Have a history of bankruptcy, county court judgments (CCJs) or Individual Voluntary Agreements (IVAs)
- Require a guarantor.
- If you receive Housing Benefit or Universal Credit, your application will be considered on an individual basis.
What is Rent to Buy?
Rent to Buy is designed to help people living outside London to save up a deposit to buy a home. After you have saved a deposit, you can buy the home you’re living in or any home on the open market.
Rents are often up to 20% less than for similar rented homes on the open market and tenancies are at least two years. You pay a monthly rent, which includes a service charge. There are also some one-off costs before you move in.
Am I eligible for Rent to Buy?
To apply for a SO Flexi home with Rent to Buy, you’ll need to:
- Have a household income but you can’t currently save for a deposit
- Meet the indicative minimum income and affordability standards for the home you are interested in. These will depend on its current value, and an assumed future purchase of 25% of your home
- Be able to pay some rent in advance and provide the equivalent of one month’s rent as a tenancy deposit
- Be unable to provide afford a similar home in the local area, either through the shared ownership scheme or on the open market
- Have the right to rent – proven by possession of British/EU/EEA Citizenship or a valid UK residency visa
- Have a formal rental tenancy in place, or live in an informal arrangement with family or friends as a result of struggling with housing costs
- Be willing to agree to save an affordable amount every month towards your deposit while you are renting a SO Flexi home.
You are not eligible if you:
- Already own a property or are in the process of buying
- Have an adverse rental history and are not able to get a good reference from your current landlord – for example, rent arrears or other tenancy breaches
- Have a history of bankruptcy, county court judgments (CCJs) or Individual Voluntary Agreements (IVAs)
- Already have a deposit to buy a home through shared ownership or on the open market
Require a guarantor. - If you receive Housing Benefit or Universal Credit, your application will be considered on an individual basis.
Coming Soon: Summer 2025
SOUTHALL – SO Flexi Southall
A selection of one, two and three bedroom apartments is part of a smart new development nestled in the established residential area of Beaconsfield Road.
These apartments offer bright and spacious open-plan living with stylish fixtures and fittings, a private outdoor space and shared rooftop decks for spending time with neighbours and friends in the summer months. Kitchens come with integrated Zanussi appliances and there is provision for BT and satellite broadband, an audio/video entry system and useful cycle storage.
Vibrant and diverse, the West Ealing district of Southall is best known for its rich cultural heritage and strong sense of community. Its strong South Asian influence is reflected in colourful shops, restaurants and cultural festivals. Great schools attract families, and the new Elizabeth Line offers quick and easy transport.
Southall Park with its gardens and play areas is just a few minutes’ walk from home, with strategically placed gym equipment, tennis courts and sports pitches to appeal to fitness enthusiasts. A thriving high street and market just moments away put shopping, socialising and some of London’s top foodie haunts within easy reach.
PECKHAM – SO Resi Peckham
SO Resi Peckham will be a collection of contemporary one, two and three bedroom apartments with 81 of the homes available through shared ownership and 32 homes available with London Living Rent through SO Flexi. Nestled within a beautifully designed development on the ever-evolving Old Kent Road, the majority of apartments are dual aspect, flooding your home with lovely natural daylight. The open-plan kitchen/living/dining room is spacious and kitchens come with integrated Zanussi appliances. Balconies leading from the main living space and bedrooms mean you’ll benefit from your own private outdoor space.
SO Flexi Peckham is a car-free development, so it has its own cycle storage in a secure, purpose-built store. There is also a very convenient Aldi store on the ground floor.
There is plenty to see and do in the local area too – bordering Brimmington Park, with its outdoor gym, walking trails and playpark, and near to Burgess Park, which offers a BMX track, sports centre, tennis courts and playparks plus a fishing lake. There are plenty of pubs and restaurants to enjoy and live entertainment at The Music Room on the New Cross Road. Transport options are extremely good with both tube and National Rail services. Perfect for commuters, it takes just 24 minutes to reach London Bridge and 32 minutes to Canary Wharf.
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.