Under the shared ownership scheme a house is acquired by a local authority and leased to a shared owner, who purchases at least 40% of the value of the house and rents the remaining equity from the local authority. The local authority finances the transaction by borrowing from the Housing Finance Agency. The shared owner must purchase full ownership within 25 years.
The making of a will and subsequent issues pertaining thereto are matters for an individual’s legal advisors and I have no function in this regard.
The Government’s 2011 housing policy statement announced the standing down of all affordable housing schemes, including the shared ownership scheme, in the context of a full review of Part V of the Planning and Development Act 2000. That review is now almost concluded and I have also asked the Housing and Sustainable Communities Agency to provide me with a standalone analysis of the shared ownership scheme, including identification of the main difficulties and recommendations for mitigating measures.
Any future changes to legislation governing affordable housing schemes, including the shared ownership scheme, will be made in the context of both pieces of work and I expect to make announcements in this regard in the near future.