Q: How do I enter the Rent now, Buy later Programme?

A: You will need to either call us or complete the tenant / buyer application form on the contact page. Completing the tenant / buyer application form will save time on the phone. Once you have completed your application form online and submitted it to us we will acknowledge it and call you back to let you know whether you are eligible for the Programme.

Q: How much will the Programme cost me?

A: You will need:

Q: What about falling house prices?

A: House prices are falling at the moment and it is generally considered a good time to buy property when this happens. If house prices continue to fall there will be a 'floor price' which will be written into the contract. If the value of the property is below the agreed sale price Home Solutions are obliged to sell to you at the 'floor price'. However, in the long term property prices will increase again. History shows us that house prices double every 7 10 years.

Q: What sort of referencing do you do?

A: We obtain references from your current employer and require you to show us:

Q: What obligations do I have?

A: You will be obliged to adhere to the terms of lease option document. You will be aware of what these are before you sign any documentation. As a tenant with an Assured Shorthold Tenancy agreement you will be obliged to pay your rent on time. If you do not pay your rent on time you forfeit your upfront option payment and your right to buy the property. You will also be obliged to maintain the property and undertake any repairs.

Q: What obligations do Home Solutions have?

A: Home Solutions are obliged to adhere to the terms of the lease option document. We are obliged to sell the property to you and cannot sell to anyone else unless you break the terms of the contract. We are obliged to return the option payment to you under the terms of the contract.

Q: Who will be my landlord?

A: Your landlord will be Home Solutions. We are members of the National Landlords Association and Residential Landlords Association and you will be issued the Assured Shorthold Tenancy (AST) agreement which protects you from eviction.

Q: What happens if I change my mind after I have signed the Rent now, Buy later agreement?

A: You can change your mind at anytime before you have signed the lease option agreement. You can still change your mind after you have signed the lease option agreement but you will forfeit your upfront option payment.

Q: Can I re-decorate?

A: Yes you can, but you must let us know what you plan to do, and obtain written consent from us. The property is going to be your home so we want you to make it feel like it is your home.

Q: Can I make structural changes?

A: No this is not possible, and can only be done once you have bought the property.

Q: Who does maintenance and repairs?

A: As you will be the owner of the property in the future it makes sense that you carry out all minor repairs maintenance. You must use a certified electrical engineer for any electrical work carried out and a certified gas engineer for any gas works carried out. Documentation must accompany all works and be forwarded to Home Solutions. If something major such as a replacement boiler is needed this will be the responsibility of Home Solutions

Q: What about insurance?

A: You are required to have insurance for your contents and cover against damage to the landlord's fixtures and fittings. Home Solutions will have insurance to cover the building.

Q: Is there any rental deposit?

A: No, we do not charge tenant / buyers deposits.

Q: What happens when the time comes for me to buy?

A: Once the agreed time under the lease option agreement is reached we will ask if you are ready to proceed with the sale. This is usually about 3 months prior to the expiry date of the lease option document, as this gives sufficient time to get the paperwork processed. If you are, then we would start processing the paperwork to ensure the sale. You will need to have a mortgage in place and be ready to proceed. If you have changed your mind and no longer wish to purchase the property we ask that you let us know as soon as possible. There may be the possibility that you can continue renting the property but you would forfeit your upfront option payment and any future right to buy the property.

Q: What happens to the Assured Shorthold Tenancy agreement once I have bought the property?

A: As you will be the owner of the property and standing in the place of the landlord your Assured Shorthold Tenancy agreement is to yourself so in legal terms 'your interest have merged' and there will be no further rent to pay. Therefore the agreement can be disposed of as it is no longer needed.

Q: Will I need my own solicitor?

A: Not at the beginning, but you are entitled to appoint a solicitor if you wish to check any of the details. Our solicitor will be happy to co-operate with your solicitor although we do ask that any charges that our solicitor makes be paid by yourselves respecting this matter. When you are ready to purchase the property it would be a good idea to get a solicitor as you will need conveyancing and a mortgage deed. You will also be responsible for Stamp Duty Land Tax if the sale price falls within the amount on which it is charged.

Q: How do I arrange a mortgage?

A: The mortgage market is very turbulent at the moment due to the credit crunch. It is not, and never has been, possible to arrange a mortgage in advance. When the time comes to purchase the property the worst of the credit crunch may have passed and it would then be easier to obtain a mortgage. However, Home Solutions can help verify your track record of payments and you will already have partly saved towards a deposit due to the upfront option part of your payment. We work with specialist mortgage brokers who can help you when the time comes for you to buy.

Q: What happens if I have poor credit?

A: We can work with you and with our mortgage brokers to help you repair your credit whilst you rent the property before you buy. Usually, the poorer your credit the longer it takes to repair. This may influence the length of time between renting the property and buying it. If your credit is good you may want to purchase in 2 years time but if it is poor it maybe be sensible to wait 5 years.

Q: This sounds too good to be true is it?

A: This Programme has been designed to give a win-win solution for everyone involved. Normally Home Solutions would be renting the property on a buy-to-let basis but the current market has allowed us to be more imaginative in our approach to property.