How We Set Rents
Loreburn is committed to keeping rents as low as possible whilst providing good value for money for tenants. As a non-profit making charitable organisation, any surpluses we make are reinvested in our existing housing, help fund new services and provide new affordable housing for rent.
Our policy for rent setting is based on the size and type of home you occupy. So the charge for a 1 bedroom flat with no garden will be considerably less than the charge for a 4 bedroom house with its own garden. From 4 April 2016, rents are charged on a weekly basis.
Annually, the Management Committee considers our loan and debt position, our maintenance commitments, cashflow analysis and other costs before proposing a rent level. They do this in order to ensure the Association is financially stable and viable. Tenants are consulted on the proposed rent levels every year and after receiving their views and considering their feedback, the Committee make a final decision about what the rent levels will be for the following year.
Depending on where you live, in addition to your rent, you may also pay a service charge based on the actual costs of the services we provide you with. Service charges are reviewed each year taking into account the actual costs, the projected costs for the coming yer and any surplus / deficit carried forward from the previous year. This is called a Variable Service Charge and means charges can go down as well as up on an annual basis. Loreburn also add an administration fee of 10% to the charge.
Our aim is to keep service charges affordable whilst providing value for money. Service charges can include items such as:
- Communal grounds maintenance
- External and internal communal lighting
- Communal TV aerials
- Cleaning communal areas such as stairs and landings
- Communal window cleaning
- Communal heating and lighting
- Maintenance of unadopted footpaths / roads and parking bays
- Building insurance for sharing owners / owners
How your service charge is calculated will depend on where you live and the services that are provided.