Rent And Service Charges
Find out what insurance responsibilities belong to you, and which are covered by Redwing with guidance to help protect your home and belongings.
Paying Your Rent And Service Charges
As a shared owner, you’ll usually make two separate payments. The first, is rent on the share of your home that you don’t own and the other is services charges, where applicable.
Your rent and service charges help us manage and maintain your home and shared areas within the development.
What Shared Owners Need To Know
Paying Your Rent
Rent is charged on the share of the property that remians in Redwing ownership
The amount you pay will be outlined in your lease agreement and reviewed in line with the terms set out within that lease.
To make managing payments easier, many shared owners choose to pay by Direct Debit.
What Are Service Charges?
Service charges help cover the cost of maintaining and managing shared areas within your development.
Depending on where you live, this may include:
- Grounds maintenance.
- Cleaning communal areas.
- Building maintenance and repairs.
- Building insurance.
- Lighting in communal spaces.
- Lift servicing.
- Health and safety checks.
Not every development is the same, so service charges can vary from property to property.
How Are Service Charges Calculated?
Each year, we prepare a service charge budget based on the expected costs of providing services to your development.
This budget helps us to estimate the costs for the year ahead and calculate your monthly service charge payments.
At the end of the financial year, we’ll compare actual costs against the budget and explain any adjustments that may be required.
Why Can Charges Change?
Service charges can change from year to year for several reasons, including:
- Changes in supplier or contractor costs.
- Increases in utility prices.
- Additional maintenance requirements.
- Changes to services provided.
If your charges change, we’ll always explain why and provide information about how those costs have been calculated.
Managing Your Account
You can manage your account, view balances, setup and Direct Debit and keep track of payments through The HUB.
Frequently Asked Questions
Our frequently asked questions provide you with answers to some of the most common questions on rent and service charges for shared ownership.
What's the difference between rent and service charges?
Rent is paid on the share of the property that you don’t own. Service charges help cover the cost of maintaining and managing shared areas and communal services.
Why do I pay service charges?
Service charges help cover the ongoing costs of keeping your development safe, maintained and well managed.
Can my service charges change?
Yes. Charges are reviewed each year and may increase or decrease depending on the actual cost of delivering services.
How will I know if my charges are changing?
We’ll contact you and provide details of any changes, along with information explaining how those charges have been calculated.
What happens if I'm worried about making a payment?
Please contact us as soon as possible. The earlier we know about a problem, the sooner we can discuss the support and options available.
Need More Information?
We know rent and service charges can sometimes feel confusing, especially if you’re new to Shared Ownership. If you have any questions about your account, payments or service charges, our team is here to help.