Shared Ownership Rent

As a shared owner your lease will require you to pay a monthly rent on the share of your home that we own, in addition to any mortgage payment on the share that you do own. The rent helps to cover the costs that we incur in financing the unsold share of the property, it is not intended to cover the cost of providing services under your lease (which is covered by your service charge and management fee).

Your rent amount is set at the beginning of your lease as a percentage of the unsold share (usually 2.75% of the share that you did not buy), and will increase in April every year in line with inflation and the rent review provisions in your lease. We’ll send you a review notice approximately one month before your annual increase is due to take effect, which will tell you how we have calculated the new rent.

If you buy additional shares in your home through the staircasing process, the rent that you pay on the share that we own will be reduced accordingly.

Ground Rent

Leaseholders may also be required to pay an annual ground rent; if this applies to you then the amount and the dates the payments are due will be set out in your lease. You’ll also receive a statutory Ground Rent Notice from us each year when the payment is due. Like shared ownership rents, the ground rent can increase periodically, and the mechanism and timing for any increase will be set out in your lease.