We have a secure tenancy with a Housing Association and are looking into a 25% shared ownership for the house as our circumstances have recently changed and do not want to lose our home.
My question relates to rent. With a secure tenancy we pay a low monthly rent. Do any of you know whether this rent agreement is likely to change, and therefore increase to standard market value as a result of going into a shared ownership? Or is the secure rent value likely to remain in place for which we would pay 75% of the current rent value?
Of course this is best answered by discussing this directly with the Housing Association in question – but this is something we would like to understand before we approach them.
Thank you very much!