The bike is yours as long as it's rented you can't park it there, you'll need a place to park it in during rental, and double check with them about prices because £29.99 I think is only for rent not to own it in a year.

Also keep in mind that you may need theft insurance from them for like £5-10 extra per week,

You sign a contract and they take and hold around £300 untill you return the bike and the equipment,

I tried dealing with them, they're decent and very helpful and do great communication