Who sets the Co-Ownership rents?
The Department for Communities sets the rent payable when you purchase your property as well as annual rent increases under the exercise of its powers conferred through Article 8 of the Housing (Northern Ireland) Order 1992.
The same rent calculation applies to everyone, but the amount payable will vary depending on the value of your property and the amount of your share.
How rents are set
Currently the rent charge when you purchase your property is calculated at 2.5% annually of the value of the unowned equity in your property. In other words it is determined by the share you have not yet bought. For instance – if you own 75%, the rent is calculated on the other 25%.
You can also find example monthly rents in our applicant information pack or work these out for yourself using our repayments calculator.
If there is any ground rent to be paid on your property, this will be added onto your rent and taken care of in your monthly payment to Co-Ownership.
If there are any management company or service charges, you must pay these directly when demanded.
Once you have moved into your property rents are then regularly reviewed. This usually takes place once a year, for an increase to take effect in April. You will receive one month’s advance notice of any change.
Rent increases are linked to RPI (the Retail Prices Index). RPI is the general purpose domestic measure of inflation in the UK.
Paying your rent
Rents are payable at the start of every month in advance.
If you find you are having difficulty keeping up with your payments – contact us.