Lettings agent and property investor Russell Short is to run training courses on Rent To Buy schemes.
Such schemes are aimed at potential buyers who cannot raise a large enough deposit to purchase a property in the current climate. Instead, they rent the property for a period of time, typically three years.
At the same time as paying rent, they pay an additional sum towards their deposit. Generally speaking, they put down a 1-3 % deposit when they take the accommodation and pay the remainder over and above the rent over 36 months.
Short says that Rent To Buy schemes have been widely used in the States but have never really taken off in the UK. He has himself used the idea and says: “Personally, I think it is a great opportunity for agents to start selling again, improve their income and keep them ahead of the game.”
The training course takes place over one day and aims to show agents how to structure a deal successfully, with advice on the law and mortgage lending compliance. A legal pack including contracts is also included.
Anyone interested should email Russell@propertypartnersonline.co.uk
Rent to Buy schemes finally to take off?
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Comments
Hey Mr Brightmove.co.uk. Why don't you leave off for a little while eh? Your inane comments on EVERY single story on EAT are really irritating to those trying to follow important debates. Your site is terrible and has no properties on it. Rather than spending 2 hours a day clogging up EAT with banality why don't you spend some money on web design and try to establish a proper portal.
This could be a life-line for struggling builders? I have met a few in Peterborough who have been discussing such schemes over the last month or two. I say "anything to help" the market!
On my travels I have noticed a number of appealing shared ownership schemes designed to help first time buyers.
The principles of this scheme have merit, It will be interesting to see how it develops, it could potentially increase the level of sales, at least at the lower end of the market.