Paying rent - shared owners
As a shared owner, you pay rent on the share of the property we own. If you have bought 25%, you will pay rent on 75% of the property’s value. You will be informed of the monthly rent that you need to pay in advance.
Service charges are your share of the cost of managing, providing services and carrying out repairs to the communal parts of your block or estate. As a shared owner, the amount you pay does not depend on the proportion of equity you own. Find out more about paying services charges here.
Your lease will set out the basis of assessment of the rent and the method by which any future increases will be calculated. Different housing associations use different approaches. Some may link it to movements in the Retail Price Index (RPI), others may have a fixed percentage increase each year. You should make sure that you understand how your rent may increase from year to year before you complete the purchase.
Payment of rent is a condition of your lease and if you do not pay the amount due, you will have to pay late payment fees or interest charges. If you continually fail to pay the rent, we may decide to apply for possession or forfeiture. This is a very serious step and will result in you losing your home including any equity/deposit that you put into the property.
Paying your rent
Your rent is due on the first of each month. You can request a statement from us by calling the Contact Team on 020 8354 5500.
Paying by Direct Debit
The easiest way for you to pay is by Direct Debit. You can set up a direct debit over the phone with your income officer. Once it has been set up, your rent will be automatically paid from your bank account without you having to do anything. Your rent account will be credited on the same day that the payment leaves your bank account.
Direct Debits are easy to manage as you do not have to tell your bank if your rent goes up. They can also help you to budget your expenses.
If you start to pay your rent by Direct Debit and pay for a minimum of three consecutive months, we will automatically enter you into a quarterly draw to win £250.
Other ways to pay
You can also pay your rent:
- At a PayPoint or Payzone store using an Octavia swipe card with cash or a credit card.
- By allpay - call 033 0041 6497 with your allpay reference number and debit/credit card. Allpay is available 24 hours a day, 7 days a week.
- By debit or credit card over the phone – call our contact team.
- By recurring card payment - call our contact team.
- By standing order: you can set this up at your bank with the following details - Sort Code: 40-06-09, Account 00724556, Account Name: Octavia Housing. Please ensure that you include your tenancy reference number with the payment so our finance team can post the payment onto your rent account.
- By Housing Benefit – at present these payments are usually paid directly to us by the housing benefit office.
- By Universal Credit - under this system, payments will usually be made to you and you will need to make the payments to us.
- By cheque – write your address and tenancy number on the back of the cheque and post it to us.
- By bank transfer: you can set this up at your bank with the following details - Sort Code: 40-06-09, Account 00724556, Account Name: Octavia Housing. Please ensure that you include your tenancy reference number with the payment so our finance team can post the payment onto your rent account.
If you receive other benefits, work part-time, or have a low income then you may be able to claim Housing Benefit from your local council to help you pay all or some of your rent (if only part of your rent is paid by Housing Benefit, you are responsible for paying the difference). The rules about who can claim are complicated, but your Octavia income account manager will be able to give you advice.
To claim Housing Benefit you need to complete a Housing Benefit claim form. Most councils will ask you to complete this online. You can also get a claim form from your local council Housing Benefit Office. You will need to inform the Housing Benefit Office of any change in your circumstances (for example if your income changes, you start a job, or you have a child) and provide them with any paperwork about your claim on time.
Universal Credit is a benefit for people of working-age who are on a low income or unemployed. It combines six existing means-tested benefits including Housing Benefit. People on Universal Credit will receive a single monthly payment for their living and housing expenses. They will then have to make a payment to Octavia for their rent.
If you receive Universal Credit, it is your responsibility to inform the Department for Work & Pensions of any changes to your rent. You can do this quickly by completing the 'To-Do' item in your online claim which is titled 'Confirm your housing costs'. Failure to complete the To-Do item within 1 month of the change may result in you being underpaid Universal Credit.
Difficulties with paying rent or service charges
If you are having difficulty paying your rent or service charges, please contact your income account manager.
It is always better to tell us in advance if you have any problems as we can direct you to our financial inclusion team and other specialist advisers who can help.