What is London Living Rent?
London Living Rent is for middle-income households who are currently renting and want to build up savings to purchase their home. With London Living Rent, tenants rent their home from L&Q at a subsidised rate – helping them to achieve their savings goal sooner.
All successful applicants sign a three-year fixed-term Assured Shorthold tenancy with L&Q. Towards the end of your fixed-term tenancy, you will be given the option to purchase your home at its full market value through Shared Ownership or outright sale, depending on what you can afford.
If you are not ready to purchase your home after three years and need more time to save, you are able to extend your tenancy with L&Q at the subsidised market rate for up to 10 years.
Tenants who wish to buy a Shared Ownership home after three years, but would prefer to buy in a different area, may also be given priority to buy at other Shared Ownership schemes across London.*
The Greater London Authority (GLA) describes the scheme in more detail.