Rent to Buy Scheme (RTBS) Information Brochure The White House, Glenfinnan, PH37 4LS

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1 Rent to Buy Scheme (RTBS) Information Brochure The White House, Glenfinnan, PH37 4LS Glenfinnan Rent to Buy Scheme 1

2 The Rent to Buy Scheme (RTBS) An exciting opportunity to rent, then buy a home in the popular community of Glenfinnan. The home is detached, with 4 bedrooms (one en suite), living room, kitchen/diner, 2 bathrooms, garden and off-street parking. The Highlands Small Communities Housing Trust has been working with The Scottish Government and the Highland Council to bring forward another phase of this innovative housing scheme which will provide many new homes in various rural communities. The project is being managed by The Highlands Small Communities Housing Trust (HSCHT), a registered Scottish Charity (SCO 27544). Please read on to find out how the Rent to Buy Scheme may help you. HSCHT, March 2016 (This document is based on Scottish Government, New Supply Shared Equity Scheme Information Brochure. Crown Copyright 2012, which has been adapted by HSCHT to explain the RTBS in detail) Glenfinnan Rent to Buy Scheme 2

3 Contents 1. What is the Rent to Buy Scheme (RTBS) and how does it operate? 2. Who is it for? 3. What are the benefits? 4. How do I know if I am eligible? 5. The home 6. Are there any special conditions? 7. Do I have to pay any fees? 8. Mortgage Finance 9. What else do I need to know? 10. How do I apply? 11. What happens if my circumstances change? Glenfinnan Rent to Buy Scheme 3

4 1. What is the Rent to Buy Scheme and how does it operate? The Rent to Buy Scheme (RTBS) aims to help people who wish to become home owners by allowing them to rent a home for around 5 years whilst saving up for a deposit. The RTBS aims to help people who are on modest incomes to become home owners in rural communities by returning a cash-back loyalty sum to the tenant at the end of their rental period if they purchase the property (at a price fixed now). This sum is used towards the deposit required to secure a traditional mortgage. The tenant then becomes the owner! If you can afford to rent a home but do not have access to sufficient savings for a deposit to purchase a new home just now, the RTBS may be able to assist you. 2. Who is it for? The Rent to Buy Scheme aims to help mainly, but not exclusively, first time buyers who wish to own a home, such as people living in social housing; private rented housing; or with relatives. But it can help others too. For example, it may be able to help you if you are looking for a new home after a significant change in your household circumstances. If you currently own your home or part-own a property you will need to sell your interest in that property to make you eligible for the RTBS. HSCHT has the right to allocate the homes in accordance with availability and eligibility. We are expecting to receive a lot of applications for the scheme. To qualify for a Highlands Small Communities Housing Trust (HSCHT) home, we prioritise those who are either, (i) (ii) (iii) (iv) (v) (vi) living in the area where the homes are located, have immediate family there, work in the area, or have a need to live there. Those currently living out with the area who can add social and economic benefit by moving to the area. Those who can release a social rented home We will also look at your finances to check that you can afford to proceed with the scheme and that you are unable to compete on the open market in your area. Glenfinnan Rent to Buy Scheme 4

5 3. What are the benefits? There are numerous benefits with the RTBS and some of these are highlighted below. The Scottish Short Assured Tenancy Agreement allows you to rent your home on a 6 monthly basis for up to 5 years. The rents are initially set at the Scottish Government recognised Local Housing Allowance. This is typically less than the market rent and is reviewed annually. The End User Agreement means that you have the right and the option to purchase the home at the end of the rental period. A reservation fee is payable to secure your allocation. The house price is set now. This means that if house prices increase during the rental period, you will not have to pay any more. (Although it is unlikely, please be aware that house prices could fall and you will still have to pay the agreed price for the home if you choose to purchase it). The homes are provided at typically 20% discount from the market values for homes in each area. Please see the examples below of how much you could potentially save with the RTBS. Example based on a house with a market value of 240,000. Example 1 (based on a 5 year rental period) Discounted price of the new home now (typically 23% discount) 184,000 Cash back amount IF you purchase 10,580 Amount of funding still required after cash back 173,420 Benefits of fixing the house price now is: If a house costing 184,000 now rose by 1% in value per year over 5 years, it would cost 193,386. As HSCHT are able to fix the house price now this could potentially save 9,386. Benefit of renting for 5 years is: If you bought the home now for 184,000 and had a capital and interest repayment mortgage you could potentially save on interest by joining the RTBS. Benefit of renting with RTBS: If you paid the market rent for the home (e.g. 850 per month), this could potentially save 9,000 over the 5 years at a reduced rent of 700 per month. Please note that the above example is for illustrative purposes only. It shows the potential benefits and savings and whilst they can be added together in certain cases, it is unlikely that every benefit and/or saving would apply to each applicant. Glenfinnan Rent to Buy Scheme 5

6 4. How do I know if I m eligible? We will assess all applications to ensure that applicants can afford the monthly rental payments and that they are likely to secure a mortgage for the home in 5 years time, based on their current circumstances. The home must be your permanent residence and the home you are allocated should be suitable for your current housing needs, where your finances permit. We would refer you to paragraph 8 with regard to mortgage finance. Glenfinnan Rent to Buy Scheme 6

7 5. The home. 4 double bedrooms (one en suite) Detached home with garden and off street parking Open Market value 240,000 Selling Price 184,000 Purchasers Equity share 77% (*Rural Housing Burden applies, see over) Cash back 10,580 Monthly rent Reservation Fee Early access possible from April While we believe the above to be correct at the time of printing, please note that the above specification may be altered by HSCHT prior to renting the property. Glenfinnan Rent to Buy Scheme 7

8 6. Are there any special conditions? Yes. There is a *Rural Housing Burden attached to the Title of the home. This is a means of protecting the original discount offered on the home. If you buy the home, you will have full title to the property. Although, as the home sale price is discounted the title has a Rural Housing Burden attached which means that the HSCHT holds a pre-emption right. Whilst you can pass the home onto your children, if you decide to sell it there is a right of pre-emption which gives HSCHT the option to buy it back for the previously agreed equity share. Please see an example below for your information. Full details will be provided to successful applicants. Example 2 (Year 2026) Julie and her daughter have purchased a home through the RTBS. Julie has been offered a new job in Yorkshire and has decided to move. Typical open market house value in 2016 (100%) 240,000 Original discounted house purchase price (77%) 184,000 Equity share 77% House price increase over 10 years 10% Open market house price value in 2026 (100%) 264,000 Amount HSCHT can buy back the home for (77%) 203,280 Increase for Julie ( 199,045 minus 184,000) 19,280 (Plus any capital amounts she has repaid & less legal fees) Alternatively, Julie could consider transferring the home to her daughter. Glenfinnan Rent to Buy Scheme 8

9 7. Do I have to pay any fees? Successful applicants will have to pay a non-refundable Reservation Fee of 500 to secure their allocation. As this fee is non-refundable, we would strongly recommend that you speak to your bank or financial adviser to discuss the affordability and availability of a mortgage. Whilst it may be advisable to engage a solicitor now, when the home is purchased applicants are required to appoint a solicitor to act on their behalf to complete the work involved in buying a home. The solicitor s fees are the responsibility of the purchaser. HSCHT s solicitor will deal with its interest in the scheme. When you take out your mortgage, there may be arrangement fees or valuation fees which you need to pay to the lender at the time. 8. Mortgage Finance While HSCHT will conduct a financial assessment to make sure that the house is not sold to someone who is unlikely to be able to afford the rent, we cannot and do not carry out any kind of mortgage assessment or arrangement. It is the responsibility of the purchaser to ensure that they have the appropriate finances in place to fully fund the purchase. HSCHT can give some advice as to the banks that we commonly work with and are familiar with the Rural Housing Burden model. However, HSCHT cannot be held responsible for Banks changes of policy and for mortgage products which were available at the outset of the scheme being subsequently withdrawn. As already stated, we strongly recommend that you take financial advice before entering into any commitment under this scheme in order to be satisfied that the appropriate mortgage products will be available to allow you to complete any purchase. Glenfinnan Rent to Buy Scheme 9

10 9. What else do I need to know? Please be aware that if you are not able to purchase the home as agreed the tenancy agreement will end and you will have to move out of the home. We have consulted with Murchison Law, Inverness for the appropriate legal advice regarding the Rent to Buy Scheme. They will be happy to speak directly to your solicitor if required. You can contact Murchison Law on HSCHT will provide anonymous statistics to the Scottish Government as requested by them. This will include information on applicant s income but not personal details. Please note that the cash back sum is provided only if you purchase the home. (This is because the purpose of the cash back incentive is to provide the cash deposit lenders typically require.) The property is available to rent for around 5 years only as HSCHT has to repay the development funding provided by the Scottish Government from the house sales. In some cases, the rental term may be less than 5 years, depending on the completion of the homes. Prior to allocating the homes HSCHT will appraise applicant s financial situation and assess their ability to pay the rent and the mortgage. HSCHT is a registered Scottish Charity no. SCO and a Company Limited by Guarantee (SC ). Our Memorandum and Articles of Association allows us to provide assistance, including grants and financial help to people who need affordable housing. HSCHT s Landlord Registration number is /270/ HSCHT has taken care to ensure the accuracy of this brochure, it cannot be held responsible for any errors or omissions. Glenfinnan Rent to Buy Scheme 10

11 10. How do I apply? To apply for the Rent to Buy Scheme please contact Morven Taylor at HSCHT E: T: The process is outlined below: 1. Complete HSCHT s application form. 2. Provide HSCHT with the supporting documents listed on the enclosed form to prove that you can fully fund your rental payments and in due course, your mortgage. Please return the form and documents by the specified date otherwise your application may not be considered. 3. HSCHT will assess the applications and allocate the homes according to the allocations policy. All applicants will receive a letter to let them know if they have been successful or not. 4. Successful applicants will be sent a letter and a reservation form, which they need to return to HSCHT with the reservation fee. 5. HSCHT will instruct their solicitor to provide successful applicants with the short assured tenancy agreement, the end user agreement and other associated paperwork for the home. You will be required to sign up to the RTBS at this point, and whilst not essential you are advised to take advice from your own solicitor on all aspects of the scheme. 6. You will be kept up to date as to when the home will be ready for occupation. 7. If you have paid a reservation fee and decide not to continue with the rent to buy scheme, the fee will be retained by HSCHT and the home reallocated. Glenfinnan Rent to Buy Scheme 11

12 11. What happens if my circumstances change? If your circumstances change for any reason then HSCHT will make every effort to work with you before and during your tenancy to address any concerns or difficulties which you may have. At the outset of the process we assess the risks and you would be unlikely to be offered a home if HSCHT did not think it was affordable for you. Below are some examples of what may happen if your circumstances change. Example 3 Davie and Lynn are renting a home under the RTBS at 690 per month. Unfortunately, Davie lost his job and the family were unable to pay the rent. They were worried about becoming behind with their rental payments. They contacted HSCHT and were advised to make a claim for housing benefit. They could claim housing benefit up to the rental amount, and they were able to keep up to date with their payments. Before the purchase date Davie managed to secure a new job and continued with the RTBS as planned. (In the event that Davie s unemployment had continued into year 5 and due to receiving benefit payments they were unable to secure a mortgage, they would have had to move out of the home. HSCHT would assist where reasonably practical to help to find them suitable alternative housing by liaising with key housing partners). Example 4 Tommy and Rachel are renting a home and they have to move away to Peebles to help look after Rachel s Mother. They have been renting their home for 3 years through the RTBS and they give HSCHT 2 months notice to end their tenancy. In this case, they are not eligible for a cash back payment as they were not able to buy the home. But, they did get the chance to rent a home for 3 years at an affordable rent. HSCHT will then advertise for a new tenant to take on the home. Glenfinnan Rent to Buy Scheme 12

13 12. House Plans Please note: no appliances are provided, apart from the hob and the built in oven. No warranties or guarantees are provided for these appliances. Please note that these sizes should not be used for measuring floorings. Allocated tenants will be provided with an opportunity to measure the home shortly before moving in. Glenfinnan Rent to Buy Scheme 13

14 Location plan Glenfinnan Rent to Buy Scheme 14

15 Viewings by appointment only Glenfinnan Rent to Buy Scheme 15

16 Please contact us if you have any questions or would like more information, we ll be pleased to help you. HSCHT Ardross Terrace Inverness IV3 5NQ Glenfinnan Rent to Buy Scheme 16

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