Rent to Own T&Cs
These declarations must be made by everyone applying for a Rent to Own tenancy. In these declarations reference is made to OwnCo Homes Limited (a wholly owned subsidiary of Northern Ireland Co-Ownership Housing Association Limited) of Moneda House, 25-27 Wellington Place, Belfast, BT1 6GD, Telephone 028 90327276 and email hello@co-ownership.org
About me
1. I understand that I am responsible for all the information that I am giving in my application, including information about other people.
2. I have read and checked all of these declarations.
3. In the case of joint/multiple applicants, I confirm that I have the consent of and I am entitled to disclose information about my fellow applicants.
4(i). I declare that the answers and information given in respect of this application are correct and true. I will read and check every answer. I understand that OwnCo Homes Limited ('OwnCo Homes') may check any information contained in or referenced in my application against any information which is in the public domain (in any format and on any platform).
4(ii) I understand that any fraudulent, false or misleading statements and/or omissions in respect of my application or if I make a vexatious application this may be sufficient grounds for cancelling my application and agreements entered into with OwnCo Homes and that:
a. I will make good any loss which OwnCo Homes may suffer by relying on information given at any time in respect of this application, and
b. I will not be permitted to make another application for Rent to Own or for any Co-Ownership products for twelve (12) months from the date of cancellation of this application.
4(iii) I understand that if my application is withdrawn or cancelled other than in accordance with 4(ii) above then I will not be permitted to make another application for Rent to Own or for any Co-Ownership products for three (3) months from the date of cancellation of this application.
5(i). I understand and agree that once I have submitted an application for Rent to Own, I will be required to make contact by phone and pay an assessment fee of one hundred pounds (£100) and that this is non-refundable. If the matter proceeds, I will be required to pay a down payment of two thousand five hundred pounds (£2,500) together with a holding deposit equivalent to one month’s rent. Full details of this are available on our website at www.co-ownership.org
5(ii). I am aware that I am solely responsible for any fees/costs incurred by me in connection with this application. Examples of such fees are any broker fees/arrangement fees/valuation fees/legal fees (this is not an exhaustive list). I will also be responsible for any fees/costs incurred by OwnCo Homes as a result of my withdrawal of an application. This is without prejudice to any other rights or remedies that OwnCo Homes may have, depending on the situation.
6. I agree that I will send to OwnCo Homes such additional information as may be required by it to enable the further processing of my application as soon as possible and within the time limit specified by it. Failure to do this may be sufficient grounds for cancelling my application.
7. I am at least eighteen years old and resident in the UK. I acknowledge that where I am married, a civil partner or part of a couple living together or intending to live together in a property then the application must be in the joint names of myself and my spouse, civil partner or partner.
8. I understand that OwnCo Homes does not give financial, taxation or legal advice. If I need advice I must consult my own professional adviser.
About my application
1. I know that I must advise you at once in writing of any changes in my contact details or in my circumstances that might affect my application. This may result in any Decision in Principle or final offer being changed or withdrawn, depending on the nature of the change in circumstances.
2. If I want to appoint or change any representative or anyone acting for me I must notify you in writing.
3. I understand that if there is more than one applicant named on the application OwnCo Homes will only send documents/correspondence/emails/text messages in connection with the processing of my application to the residential address/email/mobile telephone number/address of the first applicant.
4. I understand if my application is successful OwnCo Homes will correspond with me at the address of the property applied for following commencement of the tenancy in whatever format it may decide.
5. I understand that it is up to me to keep in regular contact with OwnCo Homes. OwnCo Homes bears no responsibility for any failure or delay in the delivery of text messages/email and/or post.
6. I accept that OwnCo Homes may withdraw, revise or turn down my application for Rent to Own at any stage without stating a reason.
7. I am aware that Rent to Own is a pilot initiative and as such will be subject to periodic review. As a result, if I change my mind about this application or it is turned down and I make another application later on and any changes have been made to Rent to Own, my application must be dealt with in line with the rules and regulations in place at that time.
8. I am aware that this application, my Decision in Principle or final offer which may be issued is not assignable or transferable to anyone else.
9. I understand that, where any documentation provided by me or in connection with the processing of my application is originally in a language other than English, OwnCo Homes may obtain a translation of the contents into English for the purpose of dealing with the information.
10. I understand that OwnCo Homes will retain a limited range of equal opportunities information for monitoring and statistical purposes and that this information will be separate from my other details and form no part of the dealings on my application for a Rent to Own tenancy.
11. I am aware that in processing any application to Rent to Own and in the administration of any tenancy agreement or option to purchase OwnCo Homes may use its agent Co-Ownership Housing and that any instruction/correspondence given by a representative of Co-Ownership Housing will have the same effect as if it were given by a representative of OwnCo Homes.
12. I am aware that all Rent to Own applications are subject to criteria, valuation, contract, title and funding. Any Decision in Principle or final offer is not a contract, nor is it intended as such.
13. I understand that any Decision in Principle or final offer will be subject to:
a. All applicants named in all respects continuing to meet the current criteria of Rent to Own;
b. Verification to OwnCo Homes' satisfaction of the details provided;
c. The condition/valuation/title to the property and the condition/title of the housing development of which it forms part (where appropriate) being acceptable to OwnCo Homes;
d. Our solicitor being in a position to certify the legal title to OwnCo Homes as good and marketable;
e. Satisfactory financial searches against all applicants;
f. All applicants entering into a tenancy agreement and an option agreement with OwnCo Homes. These documents will be in the terms as available in the examples available on our website. However the terms may be subject to amendment (for instance, some extra details specific to the legal title to the property you have chosen);
g. There being no change in any applicants financial or other circumstances before completion of the purchase;
h. Any directives and/or requirements issued by the Department for Communities or its successors or by any other external body or organisation to which OwnCo Homes is answerable;
i. OwnCo Homes being able to comply with all legislative requirements and the requirement of any law enforcement agency;
j. OwnCo Homes having adequate funding available to finance the purchase of a property of the applicant's choice;
k. OwnCo Homes receiving the down payment of two thousand five hundred pounds (£2,500) together with a holding deposit (equivalent to one month’s rent) when required.
14. I understand that if my application is successful then a Rent to Own tenancy can only start when OwnCo Homes has bought the property from the vendor and has given to the applicant the keys to the property. We strongly recommend no one makes any arrangements to vacate their current accommodation or terminate any tenancy they may currently have unless, and until, the property has been purchased through Rent to Own and they have been given a date when their tenancy will start. Any arrangements any applicant may make or any fees or costs incurred in acting on any Decision in Principle or final offer letter are a matter for an applicant and not for OwnCo Homes.
15. I understand that at the time of my application OwnCo Homes or its agent will share my personal data with a credit reference agency to access my credit report so that it can assess my financial standing to check if I am suitable for Rent to Own.
16. I understand that OwnCo Homes may carry out searches against my name in the Bankruptcy Register and the Enforcement of Judgements Office and use credit scoring methods to assess my application and to verify my identity, and may approach credit reference agencies about me who will supply credit information, as well as information from the Electoral Register. The agencies may record details of the credit search conducted whether or not this application proceeds. Credit reference agencies may treat people applying together as financially linked. Credit searches and other information provided to OwnCo Homes and/or the credit reference agencies about me and those with financial links to me may be used by OwnCo Homes and other companies if credit decisions are made about me. In addition to its use in the evaluation of this application and the management of any subsequent tenancy agreement or option to purchase, this information may also be used for debt tracing and the prevention of money laundering.
17. I do not own property in Northern Ireland or elsewhere and have no outstanding settlement arrangements from the sale of any property.
18. I am not bankrupt, or subject to an individual voluntary arrangement and it is more than 3 years since any bankruptcy or IVA has been discharged.
19. I understand that following completion of the tenancy OwnCo Homes will report my rental payment information to Experian’s Rental Exchange. In the event that I do not pay my rent on time I understand that my credit report may be negatively impacted.
20. I understand that if I have been a tenant in the 12 months preceding the date of my application, OwnCo Homes may approach my current or previous landlord or either of their agents for a reference or information concerning that tenancy.
21. I understand that OwnCo Homes or its agents may approach any employer named in my application, or in any supporting documents submitted to OwnCo Homes, for confirmation of income detailed in the application. If I have declared any income from self-employment in this application, I understand that OwnCo Homes or its agent may approach my accountant or bookkeeper for confirmation of that income. OwnCo Homes or its agents may also contact any parties named in the application or any supporting documentation submitted to OwnCo Homes.
22. I agree that OwnCo Homes’ liability (if any) regarding any breach of confidentiality or data protection shall be limited to the assessment fee actually paid by me in the event that the matter does not proceed to a tenancy. In the event that the matter does proceed to a tenancy any such liability (if any) shall be limited to a maximum of the amount of rent paid by me to OwnCo Homes (less any rebate I may become entitled to) during the 12 month period immediately before the date on which any breach occurred.
23. I understand that any application submitted to OwnCo Homes will be retained by them or their agents for an appropriate period whether or not the application is successful.
24. I am aware that OwnCo Homes is committed to carrying out business fairly, honestly and openly and adopts a zero-tolerance policy towards bribery.
About Rent to Own properties
1. In order to proceed the property must be acceptable to OwnCo Homes, as the buyer. OwnCo Homes’ decision whether or not to purchase a property will be final.
2. Incentives are excluded from the value of the property. An incentive is anything which may be considered as a benefit to an applicant connected with the purchase of the property. I must declare any incentives to OwnCo Homes. I acknowledge that not all incentives will be acceptable to OwnCo Homes.
3. I am aware that it is up to me to satisfy myself as to the price value and condition of the property which will be the subject of a Rent to Own tenancy.
4. I acknowledge that the tenancy agreement and option to purchase will be legally binding contracts. While Ownco Homes aim to be clear and fair in the information that it gives me, I am free to obtain independent legal and financial advice should I wish to do so.
Reference: DR2/211201.5