heylo housing

Rent Review

What is the Rent Review?

Every year, your rent is reviewed in line with the terms specified within your lease. 

Any increase to your rent is applied and charged from the 1st of April and we will write to you on, or before the 1st of March to notify you of any changes to your rent, and to confirm the amount your rent will increase by.  Please look out for your letter and do contact us if you do not receive it. 

Do you need us to help make your rent review letter more accessible?

If you require the letter translating into another language, transcribed to Braille or in large print, please also contact us and we’ll be happy to help organise this for you.

Do you have further questions?

For answers to frequently asked questions about the rent review, please see our Rent Review FAQs below.  If you can’t find the answer to your question there, please do call us on 0203 744 0415.

Customer Support Fund

If you have any questions about the changes to your rent or have concerns about paying your rent due to financial difficulty, please follow the link below for our customer support fund page.

Customer Support Fund

Rent Review FAQs

Q. What is my rent and how is it set?
Your rent is a contractual agreement between you, and Heylo, agreed when you first purchased your share in your home.

You pay rent on the unpurchased share of your home, in addition to your mortgage payments on the share that you do own (if you have a mortgage).  Under the terms of your shared ownership lease, your rent will increase each year in line with the Retail Price Index (RPI); your lease will set out how any increase is calculated and when that increase comes into effect.
Q. What is RPI?
The Retail Price Index (RPI) is a measure of inflation, which is the rate at which prices for goods and services are rising. It is published each month by the Office for National Statistics, the independent producer of statistics and the recognised national statistical institution of the UK.  You can find out more about the Office for National Statistics here: (www.ons.gov.uk).
Q. Why is the RPI used and not the CPI?
The Retail Price Index (RPI) is the inflationary measure stated to be used under the terms of your Shared Ownership lease for the annual review of your rent.  The terms of the lease have to be followed so the RPI is used.

The Consumer Price Index (CPI) is an alternative measure of inflation but there are not provisions under the terms of the lease for the CPI to be used instead of the RPI.
Q. How much is my rent going up by?

All customers will see rents increasing by the terms stated in their leases.  The amount you will be paying from 1st April 2024 will be confirmed to you by letter sent to your home address on the 1st March 2024.  


Your Shared Ownership lease explains how your rent is reviewed and increased each year. This is specific to your individual lease and your new rent is calculated using the Retail Price Index (RPI) as published by the Office for National Statistics (ONS).

 

The RPI figures can be viewed on the Office for National Statistics website using this link.

 

You lease will state that the increase in your rent is calculated using the RPI figure from two separate dates.

 

A worked example is below:

 

The RPI for September 2022 was 347.6.

The RPI for September 2023 was 378.4.

 

The ratchet amount is 0.005.

 

The new monthly rent is therefore calculated as: currently monthly rent amount x (378.4/347.6) + 0.005))

Q. How do I pay the rent amount due? 
If you pay your rent via a standing order it is your responsibility to update your standing order with your bank so that the correct charges are paid from 1st April 2024 – this could take a few days so please allow time for this.

If you pay by direct debit we will update you direct debit instruction for you, so you don’t need to do anything; you’ll get a separate letter from our payment partner, AllPay to confirm that this has been done.

If you do not currently pay by direct debt but would like to set one up please call us and we can set that up for you.
Q. When will this change come into effect?
The rent increase will come into effect from the 1st April 2024
Q. Why is Heylo increasing rents?
The terms of your lease say that your rent increases each year in line with RPI.  Linking rent increases to the rate of inflation is included in the standard Shared Ownership lease, and is normal throughout the private rented sector.  Unfortunately, inflation is currently much higher than it usually is, mainly due to a surge in worldwide demand for energy resources, shortages in the supplies of goods and many other reasons. 
Q. I don’t think I can afford this increase.  What should I do?
Please call us as soon possible on 020 3880 7490 to discuss your situation. 
Q. I also pay a Lease Management Fee, do the same increases apply?
As per the terms of your lease, your Lease Management Fee, (sometimes referred to as the Administration Fee) will also increase in line with RPI.  The Lease Management fee is a fee charged for the management of your shared ownership lease, it does not cover any costs related to managing the estate you live on.

The lease management fee has been reviewed in line with the increase in RPI from September 2022 to September 2023. The RPI for September 2022 was 347.6.

The RPI for September 2023 was 378.4.

The new lease management fee is therefore calculated as: current lease management fee x (378.4/347.6).
Q. I pay a service charge or estate charge, do the same increases apply?

Heylo do not set your service charge.  This is done by the managing agent for the estate that you live on. 

If service charge or estate charges is applicable to your property we will use the most recent budget and demands from the management company on your development to calculate the monthly recharge.

The figure reflects your share of the management company's estimated cost to provide services on your development or estate.

Your monthly payment is 1/12 of the current annual budget set by the management company.

You may receive demands from and make payments to the management company directly.  If this is the case there will be no recharge or payment due to Heylo as part of your monthly charges and you should continue to pay the management company directly.

If you have any questions about the services being provided by your management company or details or what your payment cover, please contact them directly in the first instance as they will usually be best placed to answer any queries.  You can also raise these queries with us, but we may need to refer them to your managing agent first for a response.

Q. How much is my Buildings Insurance?
The buildings insurance policy for your home is provided by Heylo under the terms of your lease. The monthly premium that you pay is 1/12 of the annual premium for your home as set by the insurance company. We have recently tendered the buildings insurance to ensure that we are obtaining the best value in terms of premiums, cover and excess payable.

If you live in a flat, it is likely that the buildings insurance for your home is covered by the management company for your development and is included in the service charge you pay. If you require clarity please contact the management company in the first instance as they will usually be best placed to answer any queries. You can also raise these queries with us, but we may need to refer them to your managing agent first for a response.
Q. Will there be an increase in the Ground Rent I pay?
In some instances if you live in a flat, you may also have a Ground Rent charge to pay. Ground Rent is a charge issued by the freeholder of the land on which your property is built. This is usually an annual charge which is collected by Heylo and paid to the Superior Landlord of the block that you live in. The monthly charge that you pay is 1/12 of the annual Ground Rent.
Q. The rent increase is affordable to me, but I’m concerned about the wider rising cost of living and its impact on my household budget.  What can I do?
We recognise that many costs are going up at the moment and this is leading to a squeeze on household budgets.  Practical help and support is available, and we recommend contacting the following organisations:

StepChange – 0800 138 1111 

Citizens Advice Bureau – 0344 411 1444

Money Advice Service – 0300 500 5000

Turn to Us – 0808 802 2000

National Debt Line – 0808 808 4000
Q. What is the Heylo Resident Hardship Fund?

A resident hardship support fund has been set up to support our customers who are experiencing short term financial difficulty.  Further details on eligibility and how to apply can be found below:

 

Customer Support Fund | heylo housing

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heylo and heylo housing are trading names of heylo housing group limited (HHGL) (registered in England and Wales with company number 11104403) and its subsidiary companies. The Registered Office of each of the group companies is 6 Wellington Place, 4th Floor (Ref: CSU), Leeds, LS1 4AP. 

hhRP is a private limited company (Companies House Number 06573772) and is a for profit Registered Provider (registration number 4668) regulated by the Regulator of Social Housing. hhRP Registered Office is 6 Wellington Place, 4th Floor (Ref: CSU), Leeds, LS1 4AP. 

ResiManagement Limited (Companies House Number 08155459) is the managing agent of (and under common control with) the HHGL and its subsidiaries (the “Heylo Group”), and is authorised to carry out services on the Heylo Group’s behalf. The author of this letter is an employee of ResiManagement Limited unless stated and authorised to carry out services on the heylo groups behalf. ResiManagement Limited Registered Office is 6 Wellington Place, 4th Floor (Ref: CSU), Leeds, LS1 4AP

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