What key factor must leaseholders consider before entering a shared ownership scheme?

The key factor that leaseholders must consider before entering a shared ownership scheme is their financial capability and commitment to ongoing costs. Shared ownership schemes require individuals to purchase a share of a property while paying rent on the remaining share. This arrangement can significantly impact a leaseholder's financial obligations.

Understanding one's own financial situation is crucial because it not only determines how much of the property can be purchased but also affects the affordability of ongoing costs such as rent, maintenance, property taxes, and insurance. Leaseholders need to evaluate their income, savings, and potential changes in financial circumstances to ensure they can sustain these commitments in the long term.

While factors like the size of the property, local market trends, and available grants may influence the decision to enter a shared ownership scheme or may inform the leaseholder's choices, they do not address the fundamental requirement of ensuring that the leaseholder can afford their initial investment and the ongoing financial responsibilities. Hence, focusing on financial capability ensures that leaseholders make informed decisions that align with their long-term financial stability.