2 Bed Flat, Chandlers Drive, DA8

Can you afford to pay monthly rent but can’t get a mortgage to buy your home? Then Rent this flat Now and Buy it Later!

This is an opportunity for first time home buyers to get on the property ladder. This two-bedroom, first floor flat in Erith, London Borough of Bexley with beautiful, serene and direct view of Thames River is available on Rent-to-Buy basis, which means you can rent it now and buy it later at the agreed fixed price.

Rent this river view apartment with lease extended to 166 years now for £1,100 per month and buy it between November 2017 and November 2019 for £235,000 (regardless of how much its value has appreciated) making it a great opportunity for first time home buyers to be able to get on the property market. 

Benefits of Renting Now and Buying Later:
– Future purchase price and rent are fixed till November 2019, so you pay the fixed agreed purchase price when you are ready to buy your home rather than the appreciated value of the property.

– You are free to update your home and you benefit from any future capital appreciation.

– You own your home 100% when you are able to get a mortgage to  complete on the purchase.

– You have the opportunity to build up equity in your home before you even get a mortgage.

–  You can sell your right to buy your home if you choose to and you benefit from any future capital appreciation. 

Features:

Hallway:
Wooden entrance door. Storage heater. Fitted carpet. Airing cupboard housing water tanks. Textured ceiling.

Lounge:
5.05m x 3.38m or 16’6″ x 11’1″ lounge overlooking Thames River with bay window to the front and window to side. Electric heater. Fitted carpet. Entry phone. Arch to kitchen.

Kitchen:
2.46m x 2.06m or 8’0″ x 6’9″ kitchen fitted with  vinyl flooring and white goods has window to side. Range of wall and base units with work surface. Stainless steel sink unit with mixer taps. Tiled splash back. Textured ceiling and Extractor fan.

Bathroom:
Three piece bathroom suite comprising: paneled bath with mixer taps, low level water closet and pedestal wash hand basin. Tiled floor and part tiled walls. Textured ceiling. Dado rail. Extractor fan.

Bedroom One:
4.57m x 2.8m or 14’11” x 9’2″ double bedroom. Part-glazed wooden double doors to Juliette balcony with direct view of Thames River. Fitted carpet. Textured ceiling.

Bedroom Two:
2.87m x 2.16m  or 9’4″ x 7’1″ single bedroom. Window to front overlooking Thames River. Fitted carpet. Textured ceiling.

Parking:
1 allocated parking space

Energy Performance Certificate Band Rating:
Current band C (69-80) with a potential for band B (81-91)

• New Fridge/freezer
• New cooker/oven
• New Washing machine
• Electric heating
• Close to Erith train station
• In London Travel Card Zone 6
• Private letter box with key
• 166 years lease

Payments Required:
(1) Holding Deposit:
After viewing and you decide to rent the flat so you can buy it later, you will be required to pay £75 Holding Deposit to reserve the flat while references and credit checks are carried out on all adults that will live in the flat. After obtaining satisfactory references and checks, the Holding Deposit will be treated as part of the first month rent. However, if the reference or credit report are unsatisfactory your money will be refunded to you less £20, being the cost of carrying out credit check and referencing.

(2) First month rent: You will be required to pay the balance of your first month rent of £1,100 in advance before moving in. 

(3) Down payment: You will be required to pay £750 along with your first month rent as down payment for the flat before moving in. Down payment covers the cost of fixing the rent and purchase price till November 2019. It goes 100% towards the purchase price of your home and it is non refundable.

Within three months of moving in, you will be required to pay the balance of £750, to make up the required £1,500 down payment before you get the Rent-to-Buy Agreement that gives you the option to buy your home at the fixed price. Without the Rent-to-Buy agreement, you are an ordinary tenant with no right to buy the flat. 

Please Note: (1) The down payment is not a security deposit. It is a non-refundable payment that goes towards the purchase of your home, i.e. it is credited 100% towards the purchase price of your home.

Just as down payment made to exchange contract with a seller in traditional home purchase is non refundable, in the same way down payment is non-refundable in a  rent to buy home purchase.

If you can’t or decide not to complete on buying your home, you are free to sell your right to buy it and you could make profit if your home has appreciated in the value, otherwise you will lose the down payment paid.

All applicants will be required to provide the following:

(a) Proof of identification - Valid passport or biometric Residents Permit

(b) Proof of current address - Bank or credit card statement or utility bill issued within the last three months. [Mobile phone or council tax bill not accepted]

(c) Last three months pay slips

(d) Last three months bank statements