This option offers new build homes to rent at 80% (or less) of the rent you may pay to a private landlord, with the option to purchase the property after an agreed period of time. Homes are available through a range of housing associations on a fixed term basis of anything between two and five years assured, decided by the landlord. This is reviewed regularly.
Shared Ownership is a low cost home ownership option that is aimed at people on a modest income. With Shared Ownership a person can buy shares in a property and pay a low cost rent for the remaining part.
Shared Ownership schemes are designed for people who want to buy a good quality home but can’t meet the full cost of an outright purchase. Over time you can increase your share and own the property outright.
An Assured Tenancy or Assured Rent is a type of tenancy offered by either Private Rented Landlords or Social Landlords (Housing Associations). It is similar to a Council Secure Tenancy and it means that you have the right to live in that tenancy as long as you don’t break the rules of the tenancy agreement. There is no fixed term attached to this type of tenancy and the landlord must have a legal reason to evict you; this will usually be linked to the terms of the tenancy agreement and if these have been broken or not by you as the tenant and / or members of the household.
It is different to an Assured Shorthold Tenancy as these are for a fixed term only, usually 6 or 12 months and the landlord can choose not to continue with the agreement at the end of this period.