Rent and direct debit
If you bought your home on a shared ownership basis, you will pay rent on the part of your home that you have not purchased. This is to finance our own repayments on the loan we took out to provide the property.
How to pay your rent
Your rent is due in advance whether you decide to pay weekly, fortnightly or monthly. We offer the following options to assist you in paying your rent:
- Direct Debit – the simplest and most convenient way to pay is by direct debit. Rent for the full year is divided into 12 monthly payments, which your bank or building society pays direct to Yarlington.
- Over the telephone payments can be made directly from your bank account by telephoning Yarlington and quoting your bank card details and rent account number.
- Online – visit www.yhg.co.uk and select the option from the home page. You will have to go through a registration process, and once this is done you can access the payment system at any time.
How your rent is calculated
If rent is payable you will pay an ‘Assured Rent’. This is calculated by us and is reviewed annually. The date of your review will be shown in your Lease. The way we can alter the rent will also be shown in your Lease and a letter will be sent to you in March each year with the details.
Your first payment
The first payment towards your rent and service charge, will be arranged by your legal advisor at the time of completion of your purchase. Please check the period that this sum covers to ensure there are no missed payments. If you are buying by way of assignment (that is, from a previous owner) the seller may have paid the full month’s rent and service charge to us. If so, your legal advisor will arrange to pay the seller the portion of the month’s rent and service charge which is your responsibility.