Rent to Own Housing Bill

A BILL TO make provisions for ease of entry into the housing market for first home buyers and the fiscally deprived.

BE IT ENACTED by the Queen’s most Excellent Majesty, by and with the consent of the Lords Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:-

Section 1: Definitions & Terms

1. Council House in this case means: Any House or Dwelling owned by the HM Government or Local authority.

2. Resident in this case means: The individual(s) whose primary dwelling is the referenced Rent to Own Home

3. The fund referenced in Section 2)2)b) will be named: “Deposit Fund”.

Section 2: Function

1. 25% of Council Houses, including those built after the passing of the act will be designated as a Rent to own Home.

2. The rent paid by the resident of the Rent to Own Homes will be split two ways

   a. Half will be paid to the owner of the Rent to Own Home

   b. Half will be paid into a fund with the purpose of paying the deposit on the Rent to Own Home.

3. A resident of a council house can only put the deposit referred to in 2)b) towards their current Rent to Own Home.

4. If a resident of a Rent to Own Home changes residence they will:

   a. Be able to use their previous Deposit Fund on their new Rent to Own Home.

   b. Not be entitled to any of the Deposit Fund if they change residence to a not designated as a Rent to Own Home.

5. When the resident has a deposit fund large enough to secure a mortgage they will be able on place a mortgage the Rent to Own home.

6. When Section 2)5) is activated, the resident will be fully entitled to spend their Deposit Fund on their Rent to Own home.

7. Local authorities will have the power to freeze the Rent to Own Home scheme in their respective area, as long as approval is granted by the Department for Communities and Local Government.

8. When the price of rent is set on a Rent to Own Home, its involvement in the Rent to Own Housing Act. 2017 shall not be taken into account

1.For Every two rent to own homes sold, one new council home will be built, taking into account, section 2)1)

9. For every rent to own residence sold, two new council homes shall be built, taking into account, section 2)1)

3. Extent, commencement and short title

(1) This Act extends to England and Wales.

(2) This Act comes into force at the expiry of the period of 3 months beginning with Royal Assent.

(3) This Act may be cited as the Rent to Own Housing Act 2018.

This bill was written by the Right Honourable /u/Toastinrussian MP. PC on behalf of the 16th Government.

This division ends 3rd February.

Division! Clear the bar.