housing associations, affordable rent, shared ownership, leasehold, housing need, properties to rent, social housing, not-for-profit
A housing association is a not-for-profit organization which owns, lets and manages rental housing. As not-for-profit organization, revenue acquired through rent is reinvested back into the acquisition and maintenance of property.
Housing associations now build properties for shared ownership. This is where you buy a share of the equity and become a leaseholder. A residential lease is a tenancy agreement for a minimum term of 21 years but can also be for longer. The lease grants the leaseholder the exclusive right to occupy a property for a set term as defined by the lease contract. Most leases set the term at a maximum of 99 or 125 years. A lease contract outlines that the repairs to the building, cleaning, gardening, insurance and other communal services will be paid separately through a monthly service charge. The lease also states that a leaseholder must pay for and carry out all repairs within their flat.
The Tenant Services Authority and the Housing Corporation