Frequently asked questions about London Living Rent:
Who is LLR for?
The LLR scheme is for people who cannot afford to buy a property through Shared Ownership or on the open market. The aim is to have the capacity to buy either all or a share of the property at any time within ten years.
How long will my tenancy be?
An initial 3 years Assured Shorthold Tenancy (AST) will be given with an option to renew at the end of the term, for up to ten years.
How is my rent calculated?
LLR rents are based on one-third of average local household incomes, as defined by the GLA.
Will my rent increase?
Rent will increase annually in line with CPI.
What happens if I am unable to buy after ten years?
You will be unable to renew your tenancy and the property will be returned to L&Q.
What happens if my income changes throughout the tenancy?
Should your circumstances change within your tenancy term, you will be required to inform your Property Manager who will advise you accordingly.
Can I upsize or downsize?
Yes, subject to availability, application and prioritisation.
Can I add or remove someone from the tenancy?
Yes, following an initial 12-month period, subject to eligibility and written consent. You will be required to undertake all reference checks again should the household change.
Is there a break clause?
Yes, a 12-month break clause within the three years fixed term AST.
Can the terms in the tenancy agreement be amended?
No, household members who are 18 years and older will be named on the tenancy as joint and several liability, they must also meet the eligibility criteria.
Will my savings be assessed throughout the tenancy?
During the tenancy period, we may from time to time contact you to discuss and review your plans and progress towards saving for a deposit.
Is there a set amount of money I need to save every month?
No, L&Q do not determine a fixed monthly saving as part of the LLR tenancy.
Who is my security deposit protected and registered with?
Your security deposit will be registered and protected by the Tenancy Deposit Scheme (TDS).
When will my security deposit be returned?
You will be contacted by your Property Manager and negotiations surrounding the release of your security deposit within 10 working days of your tenancy end date.
Is there gas in the property?
Most of our properties do not have gas. Where there is no gas at a development, heating and hot water will be supplied by a communal heating system. In these cases, your household will sign up to a fixed supplier who supplies the energy throughout your tenancy.
Is there parking available?
This varies by development. However, most of our developments do not have parking available and due to local restrictions, you will likely be unable to apply for a resident parking permit.
Are pets permitted?
Pets may be permitted with prior written consent. There may be additional charges from our freeholders and third-party agencies.
What happens after my tenancy is up?
When you’re ready to purchase your LLR home, we have a friendly Homeownership team on hand who can help guide you along the next steps. We also have trusted Independent Financial Advisors and Mortgage Brokers who can also assist in your buying journey.