Paying and viewing rent - shared owners

If you need financial advice or support due to Coronavirus (COVID-19), please view our guidance here 

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.

Your rent

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 and viewing your account

Your rent is due on the first of each month. You can view your rent account and all transactions at any time through our mobile app, My Octavia.

You can also 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:

  • Using My Octavia, our mobile app.
  • 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, Bank Address: Octavia Housing, HSBC, 90 Baker Street, London, W1U 6AX. 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, Bank Address: Octavia Housing, HSBC, 90 Baker Street, London, W1U 6AX. Please ensure that you include your tenancy reference number with the payment so our finance team can post the payment onto your rent account.

Housing benefit

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 

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. Please see the Welfare Reform and Money Advice section of our website here for more information. 

Paying your service charge

Your lease will determine the way you are billed for your service charges. There are two types of billing, either annually in arrears or by monthly instalments on account.

We collect service charges in line with the clauses laid out in your lease. At the start of the financial year we do not know what repairs will be needed or costs will be incurred in your building or estate. For this reason, we include an estimate of your service charge to help with the cost of possible repairs and regular contracts (for example for cleaning the shared areas). For most of our leases, we send out bills for all yearly service charges using estimates of costs. Our financial year runs from April to March. You will receive an estimate of the following year’s charges in February each year.

We will work out how much we actually spent providing services to your property and to the estate in the previous financial year and send you details of the charges. If the amount is higher than the estimate we sent to you, you must pay the difference within one month. If the amount is lower, a credit will be put on your account. If you do not owe us other money, we will refund this credit to you on request. 

You have the right to inspect the costs included in the service-charge accounts. We will usually arrange for access at our head office. We may charge you if you want to make a copy of any invoices. You will need to contact your income account manager to make an appointment.

Difficulties with rent or service charge payment

If you are having difficulties paying your rent or service charge, 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 specialist advisers or in special circumstances, come to an agreement on future repayment.

My Octavia app

View your rent account any time

020 8354 5500

Ask for the homeownership team

Tell us online

If you do not have a My Octavia account you can still contact us online via a blank form here.