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Shared ownership reforms to allow thousands to buy their own home

Back in August the government pledged to reform the shared ownership model, and the proposed changes have now been confirmed.

Housing Secretary Robert Jenrick has confirmed that the initial minimum stake for a shared ownership property will be reduced to 10%, giving thousands more people the potential to buy their own home.

New Right To Shared Ownership proposals

New proposals marketed as Right To Shared Ownership (RTSO) will also allow tenants to buy further shares in their property at increments of 1%, rather than the existing 10%.

Resales also were considered as part of this new model, with the government confirming that the sale process will be streamlined and fees made fairer and more proportional.

It is unlikely that the new RTSO model will come into force until 2020.

Disclaimer

This information is for educational purposes only and does not constitute legal advice. It is recommended that specific professional advice is sought before acting on any of the information given.

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