There are variations in terms of how this product is available in Westminster.
Fermoy Road (housing provider - Pocket Living) - you purchase a home which is discounted by 20% of the full market value. When you sell the property, a discount on the full market value is reapplied, therefore enabling the home to remain affordable as a resale opportunity.
Rathbone Apartments (housing provider - Fabrica) - these flats were available with a certain percentage available for sale, no staircasing is allowed, the share purchased is the maximum available. This will remain in place for any resale opportunities.
Homes are usually smaller than properties available on the open market, they are built to maximise space through innovative design features such as under floor heating.
You raise a mortgage in order to purchase the property/your share in the property.
You pay no monthly rent, you pay a monthly mortgage and service charge.