There are two main charges that you have to pay as a shared owner:
- yearly service charge
- rent
Yearly service charge
The service charge that you pay goes towards the cost of managing and maintaining your block and estate.
Depending on your lease and block this will include:
- day-to-day repairs to communal areas e.g. lighting
- service contracts for TV aerials, lifts, door entry systems, fire safety systems
- communal grounds maintenance
- administration of the services we provide
- buildings insurance premium
- communal lighting and heating utility costs
- the cost of Estate Officers and other staff who deal with leasehold matters
The above is not an exhaustive list.
See our guide to service charges and how they work.
Account Year
Before the start of the account year which runs from 1 April to 31 March we provide you with:
- a letter showing the budgeted service charge for the account year showing what we believe the service charge will be for that account year. You pay an apportioned amount of the total. This is called a service charge estimate
- a letter showing what your rent will be for that account year
Together this will make the total charge you will need to pay.
At the end of the account year which will be 31 March, we check the service charge estimate for that account year against what was actually spent. This is completed by September.
If the estimated service charge lower than what was spent we will send an invoice asking you to pay the additional amount.
If the estimated service charge was higher than the estimate then we place the credit on your service charge account.
On request we can also provide:
- a detailed breakdown of work carried out that is listed on your statement
- details of repairs to your block and estate that were included in your actual service charges
When we need carry out work to your block or estate and your contribution to the cost will be more than £250, we will consult with you on a formal basis.
Rent
Before 1 April each year you will be provided with a letter showing what your rent will be for that account year.
The rent is often referred to as 'subsidised' or 'discounted' because it's lower than the market rent you would pay in the local area. The rent is limited to a % of the value of the share we own.
Your lease and the letter will explain how the rent for that upcoming year is calculated.
When your charges are due
Charges must be paid monthly and are due on the 1st of each month.
How to pay shared ownership charges
We offer several ways to pay your service charge and rent.
Our preferred method is Direct Debit.
Direct Debit
Contact our Incomes Team direct on 01865 249811 and they can set this up for you over the phone.
Direct Bank Transfer
You need to provide your bank with the following information:
- our Barclays Bank account number (30750662)
- our sort code number (20-71-29)
- your 10 digit payment reference number (beginning with 9000)
- The amount you need to pay.
Standing Order
You need to provide your bank with the following information:
- our Barclays Bank account number (30750662)
- our sort code number (20-71-29)
- your 10 digit payment reference number (beginning with 9000)
- The amount you need to pay.
Via our website
Payments can be made using a debit or credit card via our website:
Telephone payment
Our automated telephone payments line is 01865 249811 (select Option 1 to make a payment). Please have your 10 digit payment reference number (beginning with 9000) ready when you use this method.
More information
Full details of all our methods of payment are available via our Ways to make a payment page.
If you are late with payments
Your shared ownership lease says you must pay your rent and service charges for your property.
Paying your rent and service charges is just as important as paying your mortgage.
If you are in any financial difficulties we need to know. We will discuss how we can help you and give you advice.
If you do not pay your service charges, we will initially apply for a county court judgement which will make it more difficult for you to obtain the best deals for utilities, broadband, mobile phones, credit cards loans or mortgages. We will then apply to take back your home.
You will still be liable to pay for the money you owe us, the cost of going to court, and interest for the period your charges have been outstanding
This is a last resort we would rather work with you to come to a suitable repayment agreement.
