Paying rent on a share of your home
Our shared ownership customers pay rent monthly for the portion of the property which they do not own.
Shared owners who purchase more shares in their properties will pay proportionally less rent.
Once you have staircased to 100% ownership or if you bought your property outright, you no longer need to pay rent.
L&Q also offer properties to rent to people wishing to aspire to Low Cost Home Ownership/ Rent is normally at 80% of market rent and these residents pay rent monthly as agreed in the tenancy agreement.
Ensuring that rent is paid on time is vital to us as this money is used to repay loans L&Q takes in order to provide the shared ownership part of the property.
We prefer you to pay by direct debit as stated in shared ownership leases and tenancy information booklet. We collect this on the first banking day of every month.
On the rare occasions when this proves difficult, we can be flexible and accept payment by standing order, credit or debit card, cheque, postal order and payment via internet banking. (Please contact us for further information).
L&Q Direct is responsible for setting up rent accounts and organising the rent statements which we send out quarterly to all our customers.
If you have queries regarding your account or statement, please contact us and we'll do our best to help.
We increase rents once a year in accordance with the terms of your lease or letting agreement. We'll send you a letter at least 30 days before the increase takes place. In this correspondence we'll inform you of the new rent and when we'll collect it. Please contact us if you need clarification.
Find out more about paying rent in the rent section of our website.