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Rent (Shared Ownership) 2010
ironman1
Posts: 1,125 Forumite
Me and the missus pay half rent and half mortgage on our place in London. The rent is roughly £225 and maintenance £125. Within moving in for 5 months the rent and mortgage both went up about £8 a month each to the figures I mentioned.
I heard from a L&Q person that it may actually reduce this year, which I find hard to believe.
Having never gone through a recession period like this before I don't know what to expect in terms of a rent increase/decrease this year.
Just wondered if anyone had any inside info! I think it would be an unfunny joke if it wasn't at least kept at the same as the previous year, but fully expect a rise.
I heard from a L&Q person that it may actually reduce this year, which I find hard to believe.
Having never gone through a recession period like this before I don't know what to expect in terms of a rent increase/decrease this year.
Just wondered if anyone had any inside info! I think it would be an unfunny joke if it wasn't at least kept at the same as the previous year, but fully expect a rise.
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Comments
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Booooooing0
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Hi ironman1
I own 50% of a property in London too. Your rent seems low to me and your service charge high!
My rent increases are limited to a certain percentage, based on inflation. I think it's the retail price index plus 1% but can't remember. I think most housing associations will have a similar arrangement. I'd check your lease or other documents.
Service charge is another matter - mine have ranged from £37 to £98 a month. Every year there are errors in the schedule which take months to sort. The whole thing is a huge irritant.
Not sure that helps much - basically I'm saying you should be able to get an idea of your rent but the service charge is a guessing game...0 -
Yeah I thought the service charge was high. It's a two bed place in a fairly decent part of London so the rent side i'm ok with but hope it doesn't increase again. Thanks for the reply!0
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Most RSL rents are based on RPI & 0.5%. However, theye are not based on the current RPI but the rate as of last September when RPI was minus 1.4%. This means that a number of housing associaton rents will fall by 0.9% for the new rent year.
This does not apply for rents that are currently under their target rent where the rise can by RPI & 0.5% & £2.
Although this may seem unsual remember a large number of council tenants have had rent reductions during the current financiial year.0 -
The fall in rent is of no surprise.
RSL's are notorious for not ringfencing service charge. Expect it to go up and the level of service you recieve go down."An arrogant and self-righteous Guardian reading tvv@t".
!!!!!! is all that about?0 -
Service charge dropped about £15 per month, rent stayed the same. Surprised to be honest...0
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