Buying your first home is thrilling, but the hurdle of saving for a deposit can be daunting. Network Homes has a solution – London Living Rent, funded by the Mayor, designed to ease the path to shared ownership.
The London Living Rent Process Simplified
Discover how London Living Rent works in four simple steps:
- Find Your Perfect Home
- Explore London Living Rent properties tailored to your needs.
- Rent at a Discount
- Enjoy discounted rental rates, making it easier to save for your deposit.
- Save for Your Deposit
- Build up your deposit during your discounted rental period.
- Buy Shares Through Shared Ownership
- When you’re ready, purchase shares in your home at your own pace.
Extended Savings Period
Renew your discounted rental contract for up to 10 years, gradually building your deposit.
Eligibility Criteria
Ensure you qualify for London Living Rent:
- Income Limit: £60,000
- Location: London residency or employment
- No Current Homeownership: Unable to buy a home locally
- Financial Stability: Demonstrate ability to pay rent and save for a deposit
Priority Policy
Priority given to military personnel and specific applicant groups in the first eight weeks post-development release.
London Living Rent FAQs
Do I Qualify?
Check if you meet London Living Rent criteria:
- Annual income under £60,000
- London residency or employment
- No current homeownership
Registering Interest
Learn how to register online and find eligibility criteria through London Living Rent scheme adverts.
Process Timeline
Move in within 2-4 weeks after a thorough vetting process.
Tenancy Details
Sign a three-year assured shorthold tenancy with renewal options.
Duration of London Living Rent
Stay in your home for the full London Living Rent term (5-10 years), subject to fulfilling obligations.
Buying Your First Share
Purchase your first share after six months with the necessary deposit and income.
Alternative Apartments
As a London Living Rent resident, you’re a priority applicant for shared ownership across London.
Financial Considerations
Understand bills, savings, and deposit details:
- Bills not included in rent
- Save based on your affordability
- Manage your savings independently
Homeownership Transition
No obligation to buy the apartment you’re renting; priority for shared ownership options.
London Living Rent offers a unique pathway for first time buyers, providing affordable rentals and a clear route to shared ownership. Start your homeownership journey today.
Ready to embark on your homeownership journey? Explore more in the latest issue of First Time Buyer Magazine. Read for free here.
