Rent explained
Paying your rent is the most important aspect of your tenancy with irwell valley homes. Your rent is used to pay for the following services:
- Repairs to properties
- Re-improvement works to properties and neighbourhoods
- Housing management services
- The building of new homes
How much rent should I pay?
You will be informed of how much rent you need to pay when you sign up for a property. If there are any changes to your rent and/or service charge, you will be informed in advance in writing.
53 week rent year
In 2019/20 there are 53 weeks in the rent year. If you pay us monthly you will need to work out your monthly payment, here’s how to do this:
*if you are on an agreement to repay arrears you will need to include this amount when working out your monthly payment*
Why are there 53 weeks in this rent year?
There are 365 days in a year, and 366 days in a leap year. However, as the calendar year is split into 52 weeks of 7 days, this only equals 364 days, creating a ‘spare’ day each year. The means that every 5/6 years there is a 53 week year to account for these ‘spare’ days.
When should I pay my rent?
Your rent is due weekly in advance, on a Monday. You can choose to pay weekly, fortnightly, four weekly or monthly, but you must pay in advance.
How we set your rent
We set our rents in-line with the Government’s guidance. In 2016 the Government made changes to the way housing providers set certain rents, these changes require us to reduce some rents by 1% a year for 4 years.
There are however a number of exceptions which allow rent to be increased for one year or longer. We will use the formula relevant to your tenancy when setting your rent, in-line with these guidelines.
Secure Rent Tenancies
(Lettings made before to 15th January 1989)
If you your tenancy started before the 15th January 1989 then you are likely to have a secure rent tenancy. This means that you have strong rights and you will pay a fair rent that’s lower than the market rent. We will review your rent every two years taking into consideration any improvements made, inflation and any known increases in costs.
If you qualify for formula rent then we will decrease your rent by 1% every year on your review date.
Assured Rent Tenancies
(Lettings made after 15th January 1989)
If you have an assured tenancy you will qualify for formula rent meaning that we will reduce your rent by a rate of 1% per year. However, certain homes don’t fall under the rent formula. For example, market rent properties will be adjusted by a fixed percentage in-line with the Government’s guidelines.
Supported Housing
If you live in supported housing you will qualify for the 1% cut per year.
Affordable Rent
Affordable Rents are set at up to 80% of the average private rent for an equivalent property of that size and location. If you have an affordable rent property your rent will decrease by 1% every year.
Shared Ownership
We annually review rent levels for shared ownership tenancies in-line with individual lease agreements. If you have bought your home through our shared ownership scheme, your rent will not qualify for the social rent formula.
Intermediate Market Rent and Market Rented Properties
For intermediate market rent properties the rent is set at a level that is no more than 80% of the average private rent for an equivalent property of that size and location.
For market rent properties the rent is set at a level that is no more than 100% of the average private rent for an equivalent property of that size and location.
We carry out annual rent reviews and any increases will be limited to CPI plus 1%. The rent levels for newly let properties will be based on a new valuation of the property.
Appeals
If you hold a secure tenancy you may appeal to the rent assessment committee at the rent service (www.voa.gov.uk) or the general enquiries helpline 03000 501501.
If you hold an assured tenancy you can contact us by emailing us at contact@irwellvalley.co.uk or calling us on 0300 561 1111.
Service charges explained
If you live in a property that shares facilities (such as a block of flats or independent and community living), you will probably be paying a service charge.
We will only ask you to pay a service charge when it is fair to do so.
Examples that may require a service charge:
- Maintenance of communal areas.
- Care-taking costs.
- Lift maintenance.
What we promise
- We will always make sure service charges represent good value for money.
- We will clearly show the cost of providing the service which is being charged, to every customer who benefits from it.
- We will always consult with our customers to make sure you agree that our approach is fair.
- If we ever need to increase a service charge, we will give you a minimum of 28 days notice in writing.