How does it work?

8 steps to Rent to Own

1. Apply online!: Apply online at co-ownership.org, then call us to pay your £100 non-refundable assessment fee. We’ll also need you to email your supporting documents and ID.
2. What we'll do: We will then assess your application which will include a credit check with Experian and reviewing your overall affordability.
3. Property selection: Once you have received your Decision in Principle, which outlines the maximum property price you can search for based on your affordability, the house hunting can begin! Your potential new home will have to meet all of our property requirements. To read our property requirements click here.
4. Down payment: Before our solicitors start their bit, you pay us a down payment of £2,500 and a holding deposit equivalent to 1 month’s rent.
5. The legal bit: At this point we pay a reservation fee to the developer. Before we sign the contract to buy the property we ask you to sign a Tenancy agreement and an Option to Purchase agreement.
6. Property completion: We will collect the keys and inspect the property to ensure it has been completed with the turnkey specification agreed.
7. Move in!: You can move into your new home to begin your tenancy at an agreed date after completion. We will meet you at your new home to confirm the snag list and to complete a full inventory.
8. Plan to buy your home: Throughout your tenancy, a member of the team will contact you to ensure that you are on target to purchase the property by the end of the 3 year tenancy.

Buying your home

At any time after year 1 and before the end of year 3 you can purchase your home from us. The house will be sold for the current market value or the price that was paid when we bought it from the builder (whichever is more).

At the end of the tenancy you will receive the following:

Return of your tenancy deposit (provided you have kept to the terms of the Tenancy agreement)
Return of your £2,500 down payment to be used towards a deposit
20% of the rent you have paid up the point when you buy your home to be used towards a deposit
You can then decide to purchase your home through a full mortgage or Co-Own. Your ability to get a mortgage with a particular lender will be dependent on your own circumstances and their lending criteria. Any application to Co-Own will be subject to the usual Co-Own criteria and the same method of application as any other applicant.

All houses purchased through the Rent to Own are subject to funding, contract, title, inspection, and valuation by an external valuer. All purchases are subject to the applicant having signed a Tenancy agreement and an Option to Purchase agreement in respect of the property.