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A shared ownership trust is a trust of land, within the meaning of section 1 Trusts of Land and Appointment of Trustees Act 1996, which meets the following conditions.

• The trust property must consist of a dwelling in England. For this purpose a dwelling includes

a building which is being constructed or adapted for use as a dwelling

land which is to be used for the purpose of the construction of a dwelling and

land which is, or is to become, the garden or grounds of a dwelling.

• One of the beneficiaries of the trust (known as 鈥渢he social landlord鈥�) must be a qualifying body - see SDLTM27020.
• The terms of the trust must

provide for one or more individual beneficiaries (鈥渢he purchaser鈥�) to have exclusive use of the trust property as his or her only or main residence

require the purchaser to make an initial payment (鈥渢he initial capital鈥�) to the social landlord

require the purchaser to make additional payments (鈥渞ent-equivalent payments) to the social landlord by way of compensation under section 13(6)(a) Trusts of Land and Appointment of Trustees Act 1996

enable the purchaser to make other additional payments (鈥渆quity-acquisition payments鈥�) to the social landlord

determine the initial beneficial interests of the social landlord and the purchaser by reference to the initial capital

specify a sum, equating or relating to the market value of the dwelling, by reference to which the initial capital is calculated and

provide for the purchaser鈥檚 beneficial interest in the property to increase, and the social landlord鈥檚 to diminish (or be extinguished) as equity-acquisition payments are made.