New Model Of Shared Ownership
This government scheme is for those who are renting a new home delivered throughout the Affordable Homes Programme 2021-2026.
This means if you have rented a brand-new home from us since April 2022, and that home was built using grant funding from the Affordable Homes Programme 2021-2026, you may have the right to shared ownership. Your Housing Advisor will have discussed this with you when you signed your tenancy agreement.
How does it work?
Shared ownership is a more affordable way to buy your own home. Under the new model, you buy an initial percentage of the home, between 10% and 75%, and pay a reduced rent on the rest of the value. You can then buy more of the property when you can afford it; this is called “staircasing”.
What's different about the new model?
The new model of shared ownership is quite different to traditional shared ownership:
- The minimum initial stake has been reduced from 25% to 10%
- An ability to staircase in 1% increments will apply
- A new 10-year period during which providers must support shared owners with the cost of repairs and maintenance has been introduced
- The introduction of standard 990-year leases on all new shared ownership homes
For more information on the new model for shared ownership, get in touch.