What to do at the end of your Tenancy?
If you've received a letter to say your tenancy is coming to an end in the next 6 months, then you have probably found yourself wondering: "what next"?
It needn't feel daunting, we are here to help you to relocate. Below are a few of the options, but please do make contact with us if you're still stuck:
Intermediate Rent
Due to the nature of our funding, our policy sates we cannot offer the same tenant more than one tenancy.
The good news is, Homes for Westminster advertise for several housing associations across Westminster and their available opportunities are listed on their website daily.
You would need to re-register with them to have the opportunity to attend viewings. This is worth doing sooner rather than later.
Remember you can end your tenancy with us at any point by providing us with one month's notice.
Home Ownership:
We may not sell our properties, but we still want to encourage tenants to make the most of their affordable tenancy to enable them to access home ownership.
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Here are our tips for climbing onto the housing ladder at the end of your tenancy:
Homeownership Accelerator Scheme
Dolphin Living are a Housing Association, whom we would highly recommend for those eligible tenants to apply for.
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Their "Accelerator" scheme has helped more than 43 Households to achieve their first permanent home.
Homes have ranged from 1–5-bedroom flats or houses, purchased on the Open Market or
through Share to Buy schemes. Our participants have received grants ranging from £8,000 to
£35,000 towards their deposit.
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Find out more on Dolphin Living Website
Horizon Scheme
If you are an existing Horizon scheme tenant, then we provide you with an incentive towards home ownership at the end of your tenancy. A financial award of £2000 per completed year to a maximum of five years would be provided if you have a had a perfect tenancy and are in the process of buying a property at the end of your tenancy.
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Find out more on our Horizon page.
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Note this is for existing Horizon tenants only.
Savings
Whether a social housing tenant or Intermediate Rent tenant, our aim is to provide you with quality affordable homes because we understand that the market value for properties makes saving almost impossible for the majority.
The sad truth is that over half of Londoners say that they are waiting on inheritance to be able to afford to buy.
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Here are our money saving tips to support you in achieving more with your income and to save for that deposit sooner:
Make your home more energy efficient.
There are a number of ways that you can reduce your energy bills without making drastic changes to the property.
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Skip the luxuries.
Whether it's your daily matcha latte or your weekend takeaway, try and go spend free for a day each week, or more if you have the self-restraint!​
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Save on Fuel
Find the cheapest local petrol station, take smaller and fewer journeys and take advantage of loyalty card schemes.
Removing any excess weight from the vehicle can also be beneficial.
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Cancel Subscriptions
Looking at your online statement can provide you with insight on what subscriptions you are still paying for but do not use. If you use some subscriptions avidly, you may find it cheaper to pay for a year.
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Check what you're entitled to
​Billions of pounds of government benefits and allowances are going unclaimed. You can use this free calculator to find out if you’re missing out.
Compare your Utility Provider.
Use websites Uswitch to compare your energy bill costs and shop around for a better deal.
Keep the change.
Several banks offer current accounts with a "save the change function" you can choose to save all of the change of a £1 on your everyday spending. Some banks also offer cashback on your everyday spending if you put in a certain amount each month. It's worth checking if your current account offers such facilities and if not, some banks even offer a cash reward for switching your current account.
Budget
Setting out what you’re spending and where, can help you see where your money’s going and where you could potentially make changes. You may find you’re overspending at certain online retailers, or you’re still paying for subscriptions you no longer use.
Use 3 months’ worth of bank statements to get a more accurate idea of your spending habits, and make sure to factor in any yearly costs you may have.
Have a look into the 50/30/20 rule.
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Review Your Debts
Evaluate any current credit card balances; identify those with the highest interest and start paying those off first.
Compare interest rates on different credit options and consider transferring the balances to those.
Always try to pay more than the minimum monthly payment and make sure these are paid on time.
