Shared Ownership is a scheme which has been specifically designed to help those who are unable to afford the cost of buying a property outright on the open market.
It works by enabling you to purchase a share in your new home, and pay a subsidised rent on the part you don’t own to Hyde New Homes. You will buy your home on a lease which will normally be 125 years for new homes. If you are buying a resale property, the length of your lease will be based on the number of years remaining since the original lease was first issued.
You will own an equity share in your new home. A lease is a legal document between the freeholder or landlord and the purchaser and is binding on both sides and since you will own a lease you will be a ‘leaseholder’. The lease covers the responsibilities including maintenance, rent setting, purchasing more equity, selling and insurance. You will have the same rights and responsibilities as a full owner occupier.