London Living Rent
Your stepping stone to Shared Ownership
What is London Living rent?
London Living rent is a type of intermediate, affordable housing for Londoners who want to buy a shared ownership home, but need time to save up a deposit.
Rent is kept below market rent to allow London Living Rent tenants to save for a deposit to buy that home on a Shared Ownership basis.
London Living Rent homes are offered on tenancies of a minimum of three years and up to ten years, with the expectation that the tenant will save up a deposit and buy their home on a shared ownership basis during their tenancy. Funding for the London Living Rent scheme is secured for the first ten years that the property is built. If the home isn’t purchased by the end of this ten-year period, the tenancy ends and the tenant must move out, while the property is sold separately via shared ownership.
RHP are expected to touch base with their tenants regularly (e.g. every six months) to remind them that they should be saving and thinking about buying their home on a shared ownership basis.
Due to the expectations on purchasing the property during the tenancy period, London Living Rent tenants are considered ‘shared owners in waiting’. As a result, there is strict affordability and other eligibility criteria that must be met to qualify for a London Living Rent property.
These are:
- You live or work in London.
- You either have a formal tenancy (for example, in the private rented sector) or live in an informal arrangement with family or friends as a result of struggling with housing costs.
- You have a maximum household income of £60,000.
- You do not own any other residential home.
- You must be unable to currently buy a home (including through shared ownership) in your local area.
For customers interested in London Living Rent properties, they are advertised on Homes for Londoner, share to buy and also on our agent Red Loft's website.