Back in the 90's, my mum bought 25% of a house via the DIYSO Scheme (Do It Yourself Shared Ownership). This scheme is no longer available.
A Housing Association owns the rest and she has since bought another 10%. I believe staircasing is allowed a further two times until the house must be bought outright.
Her husband has been added to the lease and in the event of their deaths, their wills state that I will inherit their share. There are caveats but the main ones are - I must not be a current homeowner (I own a flat so I would need to sell beforehand), if I want to staircase then I would be liable for the lease extension which is currently less than 80 years (a massive expense there!), lastly, in order to be eligible for it, I must be physically living there and I'm not allowed to move in after they die.
They are both terminally in and their plan is this - When one dies, we move in to take care of the other and we sell out flat in the interim. This means that when the other dies, I will not be current homeowner and I will already be living in the property so will be eligible to live in it.
Ideally, I would buy the whole property which would (hopefully) stop the lease and become a freehold property. I would need a mortgage but I'm not 100% sure it's in a mortgageable state as they've never had it surveyed.
As this scheme is old and few and far between, does anyone have any experience with DIYSO who might be able to give me a better idea with what I'm working with? Better yet, if someone can point me in the direction of somewhere where I can get some specific legal advice. Google can only help me with so much.
Thank you!