Rent Types Explained!

Rent Types Explained!

Here at Space Property, we offer a range of different rent types on our properties to suit people in all different situations. Whether you’re struggling to rent on the open market, want to save for a deposit or can rent on the open market, we have something for everyone!

Affordable Rent Scheme

The Affordable Rent Scheme  is a government run scheme that are offers properties at 80% of the open market value. The scheme is aimed at those who are unable to rent on the open market.

There are certain criteria you must meet in order to be eligible for an Affordable Rent property. To qualify, you must:

  • Have a household income of no more than the average for your area, and more than 30 times the monthly rent amount (see individual properties for specific details)
  • Be able to pass a credit check
  • Be in permanent employment
  • Not be in receipt of Housing Benefit/ Local Housing Allowance
  • Have the funds available for: one months rent in advance, administration fee and the bond3bed-kitch-edit

The Affordable Rent Scheme has a simple online application form to fill out, and we determine which applicants are successful based on a point scoring system to identify those who are most in housing need. After you have been offered a property, you can then view your new home and reserve. We offer this scheme on many new build homes, so you can live in a brand new home!

Here is current Affordable Rent property we have available on a new build site in Upton near Pontefract; a three bedroom home  with driveway and garden for only £496pcm!

Market Rent

Market Rent properties are available to anyone in permanent employment and who meet the minimum household income (30 times the monthly rent). These properties are perfect for those who can afford to rent on the open market.dining

We offer market rent on a variety of homes from new to old, city centre to suburbs, so there’s something to suit every taste! One of our current market rent properties is this stunning two bedroom apartment in Chapel Allerton, Leeds with separate kitchen, lounge and dining rooms, patio area, white goods, ensuite and parking, all for just £800pcm!

 

Match Deposit Scheme

The Match Deposit scheme is a one of a kind scheme. Not only will it help you move into a  property, we will contribute towards your deposit to purchase your new home!

The Match Deposit scheme offers you the opportunity to:

  • Move into one of our properties immediately
  • Rent it at a low affordable rent whilst making savings toward a deposit
  • Have your savings matched by Yorkshire Housing, helping toward a deposit

You are expected to save at least £520 per annum towards your deposit and we will ask to see proof of your savings every year. Yorkshire Housing will match your deposit up to £5,200 to purchase the property.

To qualify, you must:

  • Be a first time buyer (or returning to the market)
  • Not be earning more than £45,000 in your household
  • Unable to buy a home because you are unable to raise a deposit
  • Over 18 years of age
  • Able to secure a mortgage if you had a deposit
  • Not have your name on a mortgage and own no other property

This is a fantastic opportunity to livekitchen1 in lovely home with a low rent whilst saving money to purchase you’re own home! This scheme is only offered on a select number of developments, mainly in the York area, but is a great help to get on the property ladder in quite an expensive area.

We currently have one property available on this amazing scheme; a modern two bedroom apartment just 5 minutes from York city centre, close to Monks Cross Shopping Centre. This will go quickly, so don’t miss out!

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What to consider when looking for a home to rent

What to consider when looking for a home to rent

There are many factors that go into choosing the right rental home for you, some of which you may not have considered! Even though you’ll be renting not buying, you’ll still be living in this home for a considerable amount of time, so it has to be right for you. Here’s a few things to think about before deciding on a rental home.

  • Location – do you want city centre, suburban or rural? Do you want somewhere close to work, family and friends? Location is such an important factor, just as important as the property itself, so make sure you really think about where you want to be. Tip: we have a range of homes in various different locations to suit all lifestyles and preferences.
  • House type – do you want a stylish apartment or a family home? How many bedrooms do you need? Are you living alone or sharing? Tip: we have both apartments and houses, most 1, 2 and 3 bedrooms, some new builds and some converted properties in listed buildings.
  • Facilities – does the house come with white goods? Or do you already have your own? Do you want an ensuite? Would you like a garden or balcony? What is included in the property? Tip: all of our properties come with a fitted oven/hob, and the majority also have washer/dryer and fridge/freezer, as well as carpets and blinds.
  • Local amenities – are there shops and convenience stores nearby? Do you want to be close to restaurants and bars? If you have children are there good schools? Is being near a gym and leisure facilities important to you? Do your research into the areas around the properties you’re considering. Tip: We always locate our properties in areas that are close to local amenities to ensure tenants have everything they need within a reasonable distance.
  • Transport – are there good transport links such as trains and buses? Do you want to be near the stations or is it not a key factor for you? If you have a car, is there parking? Tip: many of our properties have parking unless they are city centre, and all have great transport links.
  • Children and pets – there can sometimes be limitations if you have children or pets and some places, especially apartments are unsuitable. Tip: all of our houses allow children and pets, but most apartments do not allow them for safety reasons. Consider this when deciding on your house type.
  • Criteria – some rental properties will have criteria applicants need to meet; do you match the criteria specified if any? Tip: as we run government schemes including Affordable Rent, Market Rent and Match Deposit, these come with a list of criteria, such as income and employment, to ensure we are helping people who need it.
  • Budget – do you have a strict budget? Do you have money for the deposit? Can you afford bills on top of the rent amount? Tip: many of our homes are on the Affordable Rent Scheme, meaning the rent is 80% of the average market rent of that area. For these properties the deposit is equal to one months rent.
  • Visualise – whilst physical factors are essential, so are emotional responses, it needs to feel like your home; can you visualise yourself living here?

When you view a property there are also a few things to look out for and check – damp, mould, size, gas or electric, lights, water, security, neighbours and views from the property. Once you have decided on a property or been offered one, move fast as good rental homes go fast! Once you move in, make sure you do a property inventory, and ask these essential questions from Money Saving Expert:

  1. Where’s the mains water stopcock?
  2. Where’s the fuse box?
  3. Where are the gas and electricity meters?
  4. Which days are rubbish and recycling collected?
  5. Are there instruction manuals for any electrical items?
  6. Who supplies the gas and electricity?
  7. Where is the thermostat?
  8. What’s the landlord or letting agent’s number?
  9. Where are the TV aerial and phone line sockets?
  10. Which provider supplies the home phone and broadband?

Affordable Rent Scheme: Part 2- Application Tips

Today we have the second part of our Affordable Rent Scheme guide by our Lettings Administrator Ellie, giving you tips on the application process and answering frequently asked questions.

  • Read the eligibility criteria through carefully. You will only be able to apply for properties available on the Affordable Rent Scheme if you meet all of the criteria listed on the advert.
  • Make sure you select the scheme, housing association and development name when filling out the application form. We will not be able to see your application on our systems if you do not select the correct scheme, housing association or development name on the first page of the application form. This information is available on the advert, listed below the link to the online application.
  • Provide as much detail as you can when filling out the online application form, including the address of your employer and your income. If you work for a company which has a head office elsewhere please provide details of the local branch where you work. There is also an ‘Additional Information’ section on the application, and any information you feel we need to consider should be listed there.
  • Please be patient. We know there’s nothing worse than waiting, but many of the properties we offer are extremely popular and we usually receive a number of application forms. We want to make sure we give all the applications our full consideration and, as you can appreciate, this takes time. You will hear back as to whether you have been allocated the property or not, but we cannot give a set time for when this might be.
  • If you are eligible, keep applying! You may not be successful this time round but we do offer a number of both new build and re-let properties which are all advertised on www.spaceproperty.co.uk

FAQs

Can I apply if I’m in receipt of Housing Benefit?

We can accept Housing Benefit but we cannot take it into consideration when assessing your household income.

Can I apply if I’m a student?

Undergraduate and postgraduate students are not eligible to apply for this scheme as you need to be in permanent employment with a taxable income to be eligible.

Can I view the property?

Viewings are only offered once all the applications have been reviewed and the property is allocated. If you are allocated the property, you will be offered a viewing and after this you will need to pay a reservation fee which covers the cost of the credit check.

Is there a fee to apply?

There is no fee for filling out an application form online but, if you are allocated and after viewing wish to reserve it, you will need to pay a reservation fee of £170 (single applicant) or £220 (joint applicants). This fee covers the cost of the credit check and admin costs.

Will I hear if I haven’t been allocated the property?

We will email you to let you know the outcome of your application, even if you haven’t been allocated the property this time.