The fee for Co-Own for Over 55s is paid in two stages:
- Assessment fee: £100 is payable when you apply and we assess your financial position.
- Property fee: £475 is payable when you upload your property details, this covers your valuation fee and most of the legal fees involved in purchasing your new home.
The amount of rent you pay will depend on the value of your home and your share of it. The yearly rent is set at 2.5% of the value of the Co-Ownership share. That’s £25 for every £1,000 we own.
For example, if we have invested £24,000, your monthly rental payments to us will be £50 per month (2.5% of £24,000 divided by 12 months).
Some other things to note about rent for Co-Own for Over 55s:
- Rent is charged from the day of completion in the month that you become a co-owner and continues until the property is sold or you buy us out. At that point, rent is charged for the number of days you are a customer in that month.
- Rent is set and reviewed annually by the Department for Communities. Current rent is increased in line with inflation.
- Rent is due at the start of each month, payable in advance by Direct Debit, and includes any ground rent due.
- Through Experian’s Rental Exchange, making your payment on time will show on your credit report. Equally, if you do not make your payments on time, this could negatively impact your credit report.
This table shows examples of how much monthly rent you could expect to pay depending on the price of the property and the share you hope to buy. For the full rent table please click here.
Now that you have read about Fees and Rent, we recommend that you read about the property criteria. If you have any questions give us a call on 028 9032 7276.