FREQUENTLY ASKED QUESTIONS
Below, you’ll find answers to some of the most common questions we receive. If you don’t find the answer you’re looking for, feel free to contact us directly, and we’ll be happy to assist you.
You will pay a monthly charge for the property, for a minimum of 5 years. After that, you will purchase the home for an agreed price which will be below market value.
No. This approach is not suitable for the unemployed, because at the point of purchase you will need to secure a mortgage.
Yes, absolutely. The minimum term of our contract is 5 years, allowing you time to rebuild your credit without having a landlord breathing down you neck.
Yes. This concept is designed for people who have had to struggle and are in debt. You could be in an IVA or even been bankrupt.
Simple, we make a new contract, extending the time.
The standard length of the contracts are 5 years minimum and 10 years maximum. Although, these can be extended when we reach the end of the 10 years if needed.
Yes, absolutely. The minimum term of our contract is 5 years which is also the term of an IVA, so by the time you come out of the IVA, you will be eligible to get a mortgage on the home. Perfect timing, as if by magic!
Circumstances change all the time. You are renting now, which is dead money. With this method, you are investing your money, when you come to purchase the property at the end of your term, the property will be heavily discounted, which will make your situation much more appealing to the bank and therefore easier to purchase.
Unfortunately, this would break contract and you would no longer be the owner. You would still reside in the home, but you would become a tenant and no longer have the option to buy at the end of the term.
You will pay a standard deposit of £4,000. Which will cover the fees associated with getting our deal set up. It also shows me that you’re committed and serious about your future.
Yes. However, the full £4,000.00 must be received before we exchange contracts.
Each monthly charge will be assessed based on the property it is associated to. For example, a 2-bedroom terraced would be cheaper than a 4-bedroom detached.
If you happen to lose your job while in contract, do not worry. The only way you will breach the contract is if you do not pay the monthly fee.
The property will be discounted by approximately 25% of its market value.
Right now, you are renting your home. Your landlord or landlady can increase your rent or evict you at any time. This method protects you from that. You will have 5-10 years of not having a landlord controlling whether you have a home or not. The control is completely with you. Only you can exit the contract or break the contract.
That’s fine. Ask yourself, where will you be in 10 years? If the answer is “still renting”, then yeah this is most probably for you.
Only if somebody exits or breaks their contract, will I do a standard rental. The idea of Lillie Rae is to help as many people as possible to get onto the property ladder.
You are. In theory, you are the owner, you must take control of building insurance, maintenance, decoration etc. The home is yours as if you have already bought it.
Yes, just like any contract, there are terms and conditions. However, there isn’t any hidden fine print, everything is very straight forward. You pay per month, you maintain, you buy it for a discounted price. It’s that simple.
This concept is designed for anybody. However, each applicant will be assessed before being added to the list. If you are currently renting and want to eventually get onto the property ladder, perfect. If you own your own home but struggling to keep up every month or worse, you have got into unmanageable debt, perfect. If you are studying and trying to create a better life for you and your family, please get in touch.
I want to help those that need it the most and those who are actively trying to better themselves.
Simply, go to the “Am I Eligible” section, fill in the questionnaire. If you are eligible for this, you will be displayed with a questionnaire to fill out, which will provide me with detailed summary of you position and why you would be a perfect candidate. After you have submitted the form. I will get in touch with you if you are eligible, please be patient, because it is only myself dealing with every application. Although I want to help everybody, I am not a millionaire so unfortunately, I can only deal with a couple of people at a time.
Many people find themselves trapped in a vicious cycle, seemingly without any way out. I was once among those individuals. However, I am determined to alter that perspective and offer optimism to those who feel confined in their lives.