How we work out the amount of rent you'll pay
Updated: 24 May 2018
Under equity sharing the rent will be reduced by:
- the average maintenance costs (presently £1,229 per year) and
- the percentage level of equity purchased by the tenant.
The equity rent will be increased annually in accordance with the Rent Scheme. The average maintenance costs deduction will remain the same at the date of the purchase of first equity. Applicants paying rent can apply for Housing Benefit.
If I buy equity in my home what will I have responsibility for?
Upon purchase of equity, leaseholders are responsible for:
- all maintenance and repairs and their associated costs
- payment of rates through Land & Property Services (LPS)
- service charges in flats
- insurance charges
- solicitor and building society valuation fees
- the independent valuer in the purchase of second and subsequent equity at a rate set by the Housing Executive
- the payment of Land & Property Services agency fees where the applicant challenges the valuation of the dwelling in the purchase of second and subsequent equity.