What is Rent Before You Buy?

This is a scheme where you rent a Westpoint Home for a period of up to 24 months. At the start of the lease Westpoint Homes will also agree a purchase price with you for the property you are renting. We will allow the lease to be extended after 6 months and this will be renewed every 6 months to a maximum of 24 months. At the end of the lease Westpoint Homes will allow you to purchase the property at this pre-agreed price and also give you up to 6 months’ rent as cash back.

What are the advantages to me of Rent Before You Buy?

Rent Before You Buy is geared towards ”would-be” purchasers who would ordinarily buy, but wish to delay a purchase decision without giving up the apartment they want in the short term. It gives you the time and breathing space to make a better informed purchase decision in 6, 12, 18 or 24 months. You also benefit as a result of Westpoint Homes’ willingness to honour the pre-agreed sales price for the apartment for up to 24 months.

What is the amount of rental?

The amount of the monthly rental will be the rental which would normally be charged by a leasing agent for one of our properties. You will also pay an extra months’ rental as a deposit at the beginning of the lease. This will be refunded to you at the end of the lease period if the property is in an acceptable condition.

What happens when I decide on Rent to Buy?

You will be given an appointment with one of our Panel Approved Mortgage Brokers who will advise you on your mortgage options. You will then have a meeting with our letting agent to sign your short assured tenancy agreement for 6 months.

What happens at the end of 6 months?

Either you buy at the pre-agreed price and enjoy the benefit of 6 months’ rent back or you commit to a further 6 months rental agreement. At the end of this further 6 months agreement you can renew the lease twice. After 24 months Westpoint reserve the right not to extend the rental period.

What happens if I decide to purchase?

You would then buy at the pre-agreed price and enjoy the benefit of 6 month’s rent back (+ your deposit refunded).

What happens at the end of 24 months if I decide not to purchase?

You would then vacate the property as a result of the short assured tenancy agreement expiring. As with any rental agreement, the property is inspected and if it is in an acceptable state you will be refunded the 1 month’s deposit payment. If any repairs are required you will be refunded the deposit minus the cost of repairs.