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What is shared ownership?

April 26, 2017ownership Shared

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What is shared ownership?

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Under shared ownership for Hounslow key workers, successful applicants buy a share in a property from a Housing Association (RSL), and pay rent on the remaining share. The amount of share purchased varies from scheme to scheme but usually starts at 25%. Over time, applicants can buy extra shares in their property until they own the property outright. As the share of the property they own goes up the rent level decreases.

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Shared ownership helps people who cannot afford to buy a home outright. It’s as straightforward as the name suggests. You buy a share of the property, and pay rent on the portion of the share you do not own.