How is it calculated?
The amount of rent you pay will depend on the value of your home and your share of it. The Department for Communities sets the annual rent charge which is currently 2.5% of the value of the Co-Ownership share of your home e.g. if your home is valued at £120,000 and you own 50% the annual rent is £1,500 or £125 per month.
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:
If there is ground rent due on your home we will add this into your rent. Please be aware that you should pay any management company or service charges directly with them.
Rents are reviewed annually in April linked to the Retail Price Index. If your rent is going to change we will let you know this in advance.
Common questions about rental payments
- How do I pay?
Your rent is payable in advance on the first of each month. Co-Ownership will collect your rent via Direct Debit on the 10th of each month unless you have arranged to pay it another way. All new customers joining Co-Ownership are required to pay their rent by Direct Debit.
Please contact us if you would like to change your rent payments to Direct Debit.
- What is the Rental Exchange?
We work with Experian to enhance your credit report by adding your rental payment data into the Rental Exchange.
Through the Rental Exchange, making your rent payments on time will show on your credit report and help improve your potential for a mortgage.
Equally, if you do not make your payments on time, this could negatively impact your credit report.
- What happens to my rental payments when I join & leave Co-Ownership?
We work out your rent based on the days that you have been with Co-Ownership. If you join in the middle of the month your first Direct Debit payment will include the rent due for the partial month and for the month ahead. If you are leaving Co-Ownership we will refund any rent due directly to your solicitor.
- I'm having difficulty paying my rent
If you are having any difficulty paying your rent please contact us as soon as possible on 028 9032 7276 or firstname.lastname@example.org