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How the scheme works

How do I pay for the works?

Works are financed through an equity reversion mechanism. This means that the homeowner swaps a percentage of the equity in their home for an agreed package of repairs and services. Then, when the homeowner chooses to sell their home they repay the same percentage of their equity (or the cost of works if greater) to LRS.

Is the scheme right for me?

As a Social Enterprise, London Rebuilding Society’s aim is to find a solution that works for you, not to make a profit. That’s why we arrange for an independent agency to provide you with financial information and explain the range of housing options available to you - so you make a supported and informed decision about improving your home.

LRS:
  • Organises Financial Capability Coaching with an independent agency
  • Provides an independent survey and valuation of your home
  • Based on that survey, provides a schedule of costed works agreed by you
  • With your agreement, appoints and oversees a project manager and builder from our approved panel
  • If necessary, arranges suitable alternative accommodation and storage for you while the work is being carried out
  • Organises and manages all works
  • Organises any support services you might need once you have moved back home.
The homeowner:
  • Agrees to the works to be carried out and the cost
  • Meets and approves the contractors to be used
  • Signs a ‘promise to pay’ called an Equitable Mortgage, which simply means that when they finally come to sell their home they will pay LRS the same percentage of the equity.

 

 

 

 

 

 

 

 

 

 

 

 

Quality Works

We get it right first time because our contractors carry out works to the highest standards. All works and furnishings are top quality, low maintenance, durable and guaranteed. After the project has been completed we can ensure that your home:

  • Meets or surpasses Decent Homes standards - A Government target for all local authorities
  • Attains the highest possible Energy Efficiency rating - Most properties we work on are rated G (the lowest rating) after completion of works we can ensure that your property will attain a rating of C+ (generally the highest possible rating for most properties which are not new-builds)
  • Is free from all category 1 and 2 hazards - In accordance with the Housing Health & Safety Rating System (Housing Act 2004).

Our Contractors

We work with a group of contractors, all of whom are carefully vetted, work to Decent Homes plus standards and specialise in working to meet the specific needs of individual homeowners. You can meet and choose the contractor who is right for you.

For references please contact the contractors directly:

Tefnut Builders Ltd: tefnut@yahoo.com

G2 Design & Build Ltd: g2build@g2building.co.uk

A E Charman Ltd: 01342 324696

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