We have a number of shared ownership properties, which means leaseholders pay rent on the share owned by Newydd, but with the option to purchase further shares and/or staircase to 100% ownership. However, there is no obligation to do so.
If your property is a house and you choose to staircase to 100%, the freehold of the house will be transferred to you at no further charge. Following a transfer of the freehold, you will no longer be liable to pay rent to Newydd and you will, if you wish, be able to rent the property out - your shared ownership lease currently obliges you to occupy the property.
If your property is a flat, then the freehold cannot be transferred to you, even if you staircase to 100% leasehold interest. The position following the purchase of 100% leasehold interest is different, please contact us if you require further information.
For more information, please contact our legal team on 0303 040 1998. Please note we cannot provide legal advice.