Shared ownership is an affordable home ownership option that enables you to purchase your property in stages, while at the same time paying rent on the part that you don't own.
You may be able to purchase between 25% and 75% of the value of the property. For the part that you buy, a lease will be issued for this sale. You'll pay rent on the remaining percentage plus service charges for communal areas.
Your lease sets out your legal rights and obligations such as whether you'd be able to purchase up to 100% of the property to obtain the ‘freehold’. Owning the freehold means you own the building and land it stands on outright. It's generally the case that you're only able to own the freehold if you possess a house as opposed to a flat.
Here are some frequently asked questions from Axiom on shared ownership.