FAQs
Rent to Buy
Frequently Asked Questions:
What's the catch?
With a limited number of rent to own properties you need to be quick, we insist that you are working, that you have been saving towards your own home and you are looking to buy your own property. As you can imagine, we generate a lot of interest for our properties and we want to make sure we find someone who is going to complete the transaction. We may ask you for a video testimonial to entice other home buyers.
What's in it for you?
We find that people who rent to buy pay their rent on time and look after the property. They realise it will be their home and treat it that way. We have less maintenance and all payments are made on time which allows us to focus on buying more properties and putting more people into their own rent to buy home.
What if I can't get a mortgage?
Normally we ask - what you would like to see happen? You could continue to rent the property, move out or put it on the market and sell it to someone else. If the property has gone up in value - this increase is yours to keep.
What if the house price goes down?
If the house price goes down, you could choose not to buy, and move out (you would lose your 3-5% deposit and rent credit.) As pointed out it would be cheaper than buying a house and selling it. If you can't sell a mortgaged house, the bank would repossess it and bill you for any losses for seven years, ouch! Although we think house prices will increase, you need to understand this risk and be comfortable with it. You might want to continue renting it!
How much would it cost me if I bought a house with a mortgage and sold it because I decided to rent instead?
It would cost you at least 10% of the purchase price plus monthly mortgage payments, estate agent fees and insurance while your house is on the market waiting to sell.
Surely I'll have to pay for a survey to check the house is in order?
Most of our properties have already been surveyed and this is made available to you, saving you money. You're welcome to instruct your own survey. In addition, having owned the property previously we have repaired anything that could only be discovered by living there. We have our gas boilers regularly serviced and a safety check carried out every twelve months. Some rent to own properties have had an electrical check completed too.
Do you use solicitors?
Yes, they handle all the paperwork to make sure it is legal and that the house sale goes through properly. We can suggest some that are familiar with our processes and are therefore quicker or you can use your own.
I don't have a deposit saved, is this a problem?
Yes and no. Ideally you will have a deposit saved which will make it easier to get a rent to own home. We have some innovative solutions for those without an initial payment. Fill out the contact us form and we'll see what we can do.
My question isn't here?
Nest Egg Homes always welcome feedback so we can improve our service to you. If you have a question that isn't answered here please click here or the contact us page and send us your question. We're a friendly bunch so feel free to call the office and ask away!
Are there any other costs I'll need to bear in mind?
Yes, there's an rent to own application fee of £150 to get the paperwork in your name instead of ours. If you wish to use your own solicitors they will charge you a fee. This usually costs about £300-£500. You will need your own contents insurance but if you're already renting your likely to already have this.