Shared Ownership Rent Increase

Poppy1505

I own 25% of my shared ownership property and the Rent Officer has recommended a rent increase of 33%. This seems steep but I wondered if anyone had any experience of fair Rent increases and challenging this. The housing association have done nothing at all to the property and I've had to pay to have a lot of work carried out such as new kitchen, bathroom and windows as nothing had been done since it was built 40 years ago and it wasn't liveable. I work full time but am concerned about the increase in rent and mortgage too as it's becoming increasingly unaffordable. Any help would be really appreciated.

HampshireH

https://www.gov.uk/shared-ownership-scheme/paying-rent#:~:text=Your rent may go up,go up by is 0.5%.


33% seems exceptionally high. Have a read of the above and check your lease.

Note most shared ownerships are the shared owners responsibility to maintain. What were you expecting them to do? (Some agreement do make large external repairs the freeholders responsibility)

fletcher1985

my house was shared ownership. i had 50% but after 4 years i now have 100% my rent used to increase about £20-£30 per year but that was in 2019. they wont do anything to the house its all down to you. basically you are treated like its your own house even though you pay rent. the best thing to do it try and staircase up to 100% ownership if possible.

i feel shared ownership is a great thing but only if you intend to staircase to 100% eventually because they rent side goes up so fast. my rent ended up costing more then my mortgage was after a couple of years.