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What is shared ownership of newly built properties?

April 26, 2017built newly ownership properties Shared

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What is shared ownership of newly built properties?

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You are helped to buy a share (for instance 50%) of a newly built property within reasonable travelling distance of your workplace (if any are available) and you pay a reduced rent to a registered social landlord who will own the remaining share of the property. You can increase your share in the future when you can afford it and you may even buy outright. If you sell the property, the percentage of the proceeds you receive is equal to the percentage of the property you own. If you stop being a key worker, you will no longer be eligible for help. You can ask the zone agent for more information.