Your rent
Market rents are set according to the local rental market at the start of your tenancy.
Rent for shared ownership properties is calculated using a formula specified in your lease. Increases are based on a combination of the Retail Price Index or Consumer Price Index plus a percentage specified in your lease. Your lease will include all relevant details.
All rents are reviewed each year with any increases coming into effect from 01 April. You will receive at least one months’ notice of an increase.
Your service charges
All leaseholders pay a service charge, for shared owners this is in addition to their rent. Your lease details the services we provide to your property, and the proportion of the charges that you will need to pay. The service charge contributes toward the costs incurred in providing services and maintenance to your building if you live in a block of flats, it may also cover the costs for the estate you live in to be maintained. These charges may include such things as the grounds maintenance of communal/neighbourhood areas, cleaning, lighting and communal repairs.
Service charges are set to cover actual costs incurred in the provision of the service. Costs are divided between all customers who benefit from the service and are set to recover actual costs incurred; we do not make a profit from these charges.
Initially, we estimate what these charges will be. This is based on previous actual costs, as well as any expected increases or decreases, including inflationary costs. They are then adjusted after the end of the charge year, once actual costs are known. Any additional cost (underpayment) is then charged, or credit (overpayment) returned.
For further details on service charges please read our Service Charges Guide.
Housing Benefit & Universal Credit
If you receive Housing Benefit and this is paid to us by your Council, we will inform them of the new charges each April and they will tell us what your new entitlement will be. Your housing benefit office will write to you to confirm the details of your new award.
If you receive Housing Benefit and this is paid to you by the Council, you must inform them of the change in your charges.
If you are claiming Universal Credit you must inform the Department for Work and Pensions of the change to your charges on or after the first Monday in April each year.
