How it works
HOW IT WORKS
- Tenants pay market value rent for up to 20 years, with an option to purchase at any time from year 2, up to year 5 of the tenancy. If they decide to take up the purchase option, 50% of the rent paid to the date of purchase will count towards a deposit up to a maximum of 10% of the market value on day of purchase.
Creating a deposit and building up credit history is typically the major barrier to first time buyers - this arrangement tackles both.
If, however, circumstances or personal choice means the tenants decide not to buy, by year 5, they still have the security of renting for a further 15 years; the choice is entirely their own.
This fantastic development is the result of a pioneering partnership between QSH, Plymouth City Council and South Devon Rural Housing Association (SDR). Plymouth City Council sold the building to QSH as part of its plan for Empty Homes initiative. The building has since under-gone quite a transformation, into 11 tastefully converted apartments. SDR are managing the building and tenancies on behalf of the Landlord, QSH.