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Shared Ownership is an alternative option whereby the purchaser buys a share of the property (25% to 75%) at a more affordable price, with the option to buy a bigger share at a later date. A member of the team will provide you with the required information and guidance on how to sell your share and will confirm the fees payable as outlined within your lease. We will then arrange for the required end of tenancy inspections to be carried out. You must ensure that the property is returned to us in the same condition as when you moved in and that your rent account is not in arrears. Should you proceed to buy your home, we will require an Agreement in Principal from your mortgage lender, confirming that you’re able to secure a mortgage.
Located in the northern portion of the state, Birmingham is a robust city with much to offer its residents. When in doubt, look for a Birmingham lawyer who understands rent-to-own agreements so they can make sure that you are protected. Our local rent to own homes are move-in ready, in good neighborhoods, and often freshly updated.
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All future payments will then be collected directly by Longhurst Group via a monthly direct debit on the first of each calendar month. All applicants will be required to complete an application and be assessed to ensure that they are suitable for the scheme and that they cannot currently afford to buy outright on the open market. Applicants will be subject to affordability, Right to Rent, Credit References and Landlords checks. There are no restrictions on what property size you can apply for under Rent to Buy. The neighborhood of Forest Park is a mix of residential streets dotted with restaurants, bars, and small businesses for neighborhood shopping, along with parks and walking paths.
If you are ready to take a step toward homeownership in Birmingham, consider looking for rent-to-own properties to invest in. There are a few basic steps you can take so you can easily find a home and enter an agreement with the owner. Learn about the Birmingham real estate market to understand who is buying and who is selling right now. If you search “rent-to-own homes near me” you may come up with dozens of results or only a few. This is because the housing market changes the likelihood that people will choose this option.
Top 4 Reasons to Live in Birmingham, Michigan
West Midland Railways operates eight major train lines, primarily for commuters. Cashless travel is available, making it convenient for travelers using the system either regularly or just for the day. Via is a new app offering ease of use for those seeking to travel with a car on demand. This hail service makes getting from place to place easy for those preferring a private car to get them to their destination. Birmingham Jefferson County Transit Authority is the operator of nearly 50 bus lines on the Metro Area Express that stop in the downtown area, near tourist attractions, and all other major areas of the city. Old fashion trolleys are also available through BJCTA, and give riders some of that retro flair that only a trolley can.
The median sale price for homes for the past 12 months is approximately $176,000. There are plenty of apartments available in Birmingham, ranging from the converted old homes to brand-new high-rise apartments. Outside the city center, there are apartments and homes for rent that cover the price spectrum from $200 to $2,000.
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During the five year time period, customers will have the option to use the deposit to purchase the property through a traditional sale or under a Shared Ownership scheme. A service charge is the payment collected to cover any external or internal communal costs, such as gardening, external/internal lighting, pavement/road repairs. The Tenancy Agreement will set out the responsibilities of both Longhurst Group as your landlord and yourself as our customer. This will include your liability for ongoing rent payments and the upkeep of the property.
After this time, you will need to contact us and complete a Tenancy Termination Form, giving no less than one month’s notice to end your tenancy. If you’re unable to buy your home, you’ll need to inform us six months before the end of the five-year term, to allow you adequate time to secure alternative housing, before the end of the tenancy term. If you live in a house, you will be able to buy the freehold of the property.
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As one of the few housing providers in Birmingham to offer this scheme, Pioneer Places is excited to deliver this option to all those struggling to get on the property ladder. Check out Birmingham, MI rent to own homes for sale, which may include auction properties, for sale by owner, and more. Check out Birmingham, AL rent to own homes for sale, which may include auction properties, for sale by owner, and more. If you’re tired of renting, and you want to own a home… but your credit or lack of a full deposit hold you back from qualifying for a normal mortgage… a “rent to buy” may be a great fit for you. Available with Zero Deposit Option This stunning, detached 3 bedroom house would make the ideal home for a professional, working family looking for a spacious, well presented long term home. This well-lit studio apartment is available in the West Two development.
The rental amount is set at 80 percent of the current open market rental value, including any service charge payments . With Rent to Buy, you can move into your new home now, renting the property on an Assured Shorthold Tenancy basis for a period of five years. During this time, you’ll pay a reduced rent of just 80 percent of the full open market rent value. You can purchase your home from us on a Shared Ownership basis during years one to five, or on an outright basis at the end of the five-year term. However, in a buyer’s market, when supply is high and demand is low, a homeowner might be more willing to accept renters if it means they will buy the house in a few years. The seller will be able to make some rental income and won’t have to worry about listing the property after the designated period.
This is because your purchaser will need to enter into an agreement with us to continue to pay the service charge and their solicitor will require a Management Pack from us. If you decide not to purchase the property or are unable to purchase the property due to your current circumstances, we can choose to serve notice to end the tenancy agreement’ under the terms of the Option Agreement. Under the terms of the Option Agreement, prior to the end of the five year term, we may agree to sell a share in the property to you on a shared ownership basis .
Job opportunities in Birmingham are diverse in both industry and presence. The University of Alabama is a major employer in the area, as are Baptist Health Systems and AT&T. Small businesses provide many jobs within the city as well, reflective of the growth of small businesses in cities all throughout the country. A big draw among professionals, Oxmoor is a neighborhood in Jefferson County with a population of nearly 5,000.
It’s up to the homeowner to decide what percentage of the rental income goes toward the purchase of the house. During this five-year period, the buyer will also have time to build up their credit scores and can potentially secure a mortgage because they require less money from the bank. This occurs when a potential buyer agrees to rent the home for a period of time before buying it from the homeowner. During this period, the buyer pays rent to bring down the overall cost to buy the house.
This makes the purchase more affordable to the buyer, while the homeowner is able to bring in a little rental income along the way. The inventory will be relied upon should you move out of the property and a check out inspection is required. Should any damage or issues be identified, over and above general wear and tear, the costs will be deductible from the security deposit, along with any rent and service charge arrears. You will be required to a sign a Rent to Buy Option Agreement, along with your tenancy Agreement, before you move into your home. The Option Agreement sets out the terms and conditions should you decide to purchase the property either during or at the end of the five-year rental period.
If your circumstances change and you’re no longer able to fulfil the Rent to Buy agreement, we would strongly advise that you contact us at the earliest opportunity. These will be calculated in line with the details stipulated within your Tenancy Agreement and will be checked to ensure that they do not exceed 80 percent of the open market value. The Tenancy Agreement is a legally binding contract between yourself and your landlord. It is important to remember that any breach of the agreement could lead to further action being taken to end the tenancy.
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