London Living Rent terms and conditions

To be eligible for a London Living Rent home:

  • You must currently be renting in London
  • Your household income must not exceed £60,000
  • You must be able to provide one month’s rent in advance and six week’s rent as security deposit which will be held in accordance with Section 213 Housing Act 2004 in an authorised deposit protection scheme
  • You must be able to pay the rent without recourse to housing benefit
  • You must be unable to buy a home currently including through shared ownership in your local area
  • You must be able to show proof of your ability to save towards owning your own home
  • You must provide 3 months’ bank statements if employed and 6 months’ bank statement if self-employed
  • You must provide 3 months’ payslips or, if self-employed, a full year’s accounts / A302 form
  • If not self-employed, you must be employed on a permanent contract or on a temporary contract with at least 3 years remaining
  • You must be 18 or over
  • You must have more than 6 months leave to remain in the country
  • You must provide satisfactory references
  • You must be available to sign up to the tenancy within 28 days of the property being available, subject to the property being ready for occupation. Otherwise the property may be offered to someone else

Please be aware that where properties are oversubscribed, L&Q and/or the local boroughs will be able to set additional priorities which may affect your eligibility for a London Living Rent property.

 

You will not be eligible if:

  • You have a household income of more than £60,000
  • You have had rent arrears in the last 12 months or you are in breach of your current tenancy
  • You have an adverse credit history
  • You have ever had a county court judgement registered against you or if you have failed to meet the repayments on a loan
  • You own a home in or outside the UK or are currently named on a mortgage
  • Any false information is discovered on your application form
  • You do not have leave to remain in the country
  • You are under the age of 18
  • You are not currently a named tenant on a valid tenancy agreement

 

If eligible:

  • You will receive a rent to buy product which aims to assist you to save towards owning your home within a maximum period of 10 years.
  • You will receive an initial assured shorthold tenancy of 3 years on L&Q’s standard terms with a ward specific rent level calculated by the Greater London Authority.
  • You will have a right to purchase your home on either a shared ownership basis (provided that you satisfy the eligibility criteria for purchasing shared ownership properties) or outright at any time within the 10 years. If you do not purchase your home within the 10 years, L&Q will have a right to sell your home to another eligible household.
  • You must advise us immediately if there is a material change in your personal circumstances.
  • You must comply with such other terms and conditions as L&Q may reasonably make or as may be relevant to the London Living Rent as a product and/or your home.