Lease for Life
Lease for Life provide affordable housing on long term leases, working with low to average income households helping to improve their lives through sustainability and security.
Many people on what is considered a good wage, are struggling to find long-term affordable housing, unable to meet the stringent requirements to qualify for a mortgage, yet they are considered ’œtoo well off’ for a local authority to provide permanent housing. As such, they are caught up in the unsecured housing trap and are forced to rent on six to twelve months tenancy agreements. These tenancies are inherently less stable, more temporary and much more costly than owning your own home.
Lease For Life are building a portfolio targeting property in London that delivers solid rental returns for landlords while still delivering long-lease, affordable housing to tenants at 20% under market value. We are purchasing all types of property, a high proportion are ex-local authority due to their economic value against the local areas attractive rental yield. By delivering this reduction in rents we are able to make a very positive impact on these households by giving them the ability to control their living environment. Removing the anxiety and stress related to moving regularly and/or ever-increased rentals, dealing with poorly maintained property or lack of decent living standards. There is a hugely positive impact on children and their education when they are secure in their homes long term, and parent/s have more expendable resources and can offer their children more support and encouragement. This in turn also supports small businesses in the local area that our tenants can now afford to work for.
As Lease For Life properties are removed from the local authority responsibility, they will have the costs of property maintenance and any related issues removed from their hands, giving them more spending in other areas. They will also see increased revenues from working family members encouraging small business growth in the local areas. As our rentals are much lower than the market rate, there will also be a reduction in the housing benefits claimed.
Lease for Life Impact Report