0843 313 1629
Rent now <em>Buy later</em>
Rent now <em>Buy later</em>
Rent now <em>Buy later</em>

About us

Prince Bishops Homes provides a wide range of quality properties to rent across County Durham in the north east of England.

Tenants have direct access to Prince Bishops Homes’ staff, who can quickly deal with problems without the delays normally experienced with a letting agent. Our portfolio consists mainly of new build property and is maintained to the highest standard.

We also provide an innovative “rent to buy scheme” where tenants who have lived in a property for four years can take an option to purchase their home and share in any increase in value over the rental period. This could be used as a deposit when purchasing the property.

Prince Bishops Homes is a subsidiary of one of the North East’s largest property companies. The group owns around 7,000 properties for rent and employs around 200 people, including its own trades men who provide a 24/7 repair service and specialists in all aspects of housing.

Our properties

Rent now, buy later — Understanding the Rent to Buy Scheme

This scheme is designed for those individuals who wish to purchase a home but cannot afford a mortgage or access funding.

The scheme provides opportunity for the resident to acquire the property after occupying the home for 4 years by giving a discount which can be used as a deposit when applying for a mortgage.

The process

  • 1.  On commencement of tenancy you will be notified of the initial price of your property.  This will be approximately the current value of the house.

  • 2.  After living in the property for four years you can apply (in writing) to Prince Bishops Home to purchase your home.

  • 3.  Prince Bishops Homes will then value your home. If you are unhappy with the valuation you can, at your cost, have two alternative independent valuations carried out (by valuers approved by Prince Bishops Homes).  The highest of these two valuations will then be used as the valuation price for your home.

  • 4.  Prince Bishops Homes will then offer to sell the house to you at the valuation price less 50% (discount) of the difference between the initial price and the valuation or at the initial price if this is greater than the valuation.

  • 5.  The discount cannot exceed 20% of the initial price.

  • The resident does not have to participate in the scheme and there is no penalty or additional rent charge to be included.

Some finance examples of the scheme

Initial price is £100,000

Valuation is £120,000

Difference between valuation and initial price is £20,000

Discount at 50% = £10,000

You can purchase the property for £110,000

Initial price is £100,000

Valuation is £160,000

Difference between valuation and initial price is £60,000

Discount of 50% = £30,000 is reduced to £20,000 as cannot exceed 20% of initial price i.e. 20% of £100,000 £20,000

You can purchase the property for £140,000

Initial price is £100,000

Valuation is £90,000

Valuation is less than initial price therefore initial price applies with no discount

If you wish to proceed you can purchase property for £100,000, but you do not have to purchase

Latest News

  1. Housing Minister unveils North’s first ‘Build to Rent’ scheme

    6 November 2014

  2. New Chairman appointed at Prince Bishops Homes

    22 October 2014

  3. Development of luxury apartments at Gateshead hospital site gets underway

    26 June 2014

Get in touch

0843 313 1629
enquiries@princebishopshomes.co.uk

Greengates House,
Amos Drive,
Greencroft Industrial Park,
Stanley,
Co. Durham,
DH9 7YE

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