Guidance for tenants on the new ‘Right to Shared Ownership’ scheme has been published by the government.
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The scheme, which applies to almost all rented homes funded under the Affordable Homes Programme 2021-26, allows tenants to buy between 10% and 75% of the equity in their home.
The programme requires residents to have lived in social housing for three years and to have lived in their current property for a year. It is applicable in England only.
The guidance, available here, was published shortly before Christmas.
Housing minister Lucy Frazer said: “All hard-working families and young people deserve the chance to live in a home of their own.
“We are helping tenants to do just that by supporting them with small, manageable steps on to the housing ladder, through the Right to Shared Ownership.”
The guide warned tenants that by purchasing a stake “you may be responsible for all the costs of maintaining your home,…
