London Living Rent

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.

Find out which areas are currently offering London Living Rent

Who is eligible for London Living Rent?

Unlike open market sale or rental properties, there are some restrictions on who can apply for London Living Rent. This ensures that we can prioritise households who will benefit from the scheme the most.

If you are interested in renting an LLR property, you must meet the following criteria:

  • You must already be renting in London
  • Your household income cannot exceed £60,000
  • You don’t currently own your own home
  • You are currently unable to buy a home (including through Shared Ownership) in your local area

Additional priority will be given to the following households:

  • Families with children
  • Those who are leasing a social rented property
  • Those who live or work in the borough
  • MOD personnel

How do I apply for a property?

You can register your interest on any of the homes available through the London Living Rent scheme. You will need to fill out a registration form, and if successful you will be invited to view the properties once they are launched.

What happens when I want to buy my home?

You can purchase your home at any time within the 10 year subsidised letting period. We encourage you to purchase a minimum of a 25% share as soon as it is affordable for you to do so.

We will monitor your tenancy on a regular basis to see how you’re saving and whether you are in a position to buy. When you think you are ready to buy, we will refer you to an independent financial adviser to check your circumstances and provide more information about starting the purchasing process.

Other schemes available at L&Q

In addition to London Living Rent (LLR), L&Q also offer another scheme called Intermediate Market Rent (IMR). The IMR scheme is similar to the LLR scheme and is available on some L&Q properties both inside and outside of London.

 

* Terms and conditions apply for the London Living Rent scheme.