Қосымша меншік және үлестік иелік: АҚШ және Ұлыбританиядағы тәжірибесі

Equity sharing is another name for shared ownership or co ownership. It takes one property, more than one owner, and blends them to maximize profit and tax deductions. Typically, the parties find a home and buy it together as co owners, but sometimes they join to co own a property one of them already owns. At the end of an agreed term, they buy one another out or sell the property and split the equity. In England, equity sharing and shared ownership are not the same thing (see the United Kingdom and England sections below).

Equity sharing became desirable in the United States when in 1981 Section 280A of the Internal Revenue Code allowed mixed tax use of a single property for the first time permitting the occupier to claim principal residence tax deductions and the investor to claim investment property tax deductions. Since shared ownership is conferred by the federal tax code, this ownership vehicle can be used in any state. Companies in the United States include Unison Homeownership Investors, Landed, and OwnHome Mortgage & Finance.

There are many uses of the term "Equity Sharing" in the UK, often applied to different forms of Low Cost Home Ownership schemes. These include equity loans, sometimes referred to as Equity Sharing Loans, and some forms of Shared Ownership (part buy/part let) leasehold schemes being referred to as an Equity Sharing Lease. Some local authorities may also refer to resale price restrictions under planning documentation as being Equity Sharing arrangements. However, the use of shared equity in reference to shared ownership is inaccurate, because shared ownership is not ownership, but is in fact an assured tenancy under the terms of the Housing Act 1988. With a shared equity scheme you own all of the property, albeit you have a loan on a part of your deposit – whereas with a shared ownership scheme you do not own the share you bought, but instead have the chance to buy the full lease from the landlord in the future, if you can afford to do so.

The UK government facilitates shared equity chiefly through the Homes and Communities Agency. as of 2009 this was under the banner of HomeBuy. This aims to help households earning up to £60,000 p. a. New Build HomeBuy is where purchasers buy at least 25% of a newly built home, and pay rent on the remainder. The HCA generally subsidises housing associations or other providers to hold the remaining share. The rent is capped at 3% of the value of the unsold share, but typically set at 2.75%. Purchasers may buy additional shares whenever they can afford to do so; this is known as "staircasing". HomeBuy Direct was introduced in 2009, under which the government and a housing developer jointly fund an equity loan of 30% of the valuation, so that the purchaser only needs to pay a mortgage on 70% of the value. If the purchaser buys an additional share, all three parties participate in any increase in value. The HCA allocated £300 million to the scheme for 2009—2011, and 10,000 homes are available under the initiative. Social Homebuy allows tenants of participating Councils and housing associations to buy their rented home on shared ownership terms, with a proportion of the usual Right to Acquire discount. FirstBuy was a scheme for first time buyers announced in the 2011 Budget. Under it first time buyers can get help to fund the difference between a 5% deposit and a 75% mortgage. It was only available on selected newbuild schemes. The top up equity was provided in equal shares by the HCA and the developer.

In economic theory, ownership is studied in the field of contract theory. Specifically, Oliver Hart (1995) has argued that ownership matters in the context of incomplete contracts. When some future contingencies cannot be taken care of in a contract today, then negotiations will take place tomorrow. Ownership improves the bargaining position in these negotiations. As a result, today an owner has stronger incentives to make relationship specific investments (i. e., the hold up problem is mitigated). In this framework, Schmitz (2017) has shown that shared ownership of an asset can be desirable today, even though tomorrow it is optimal to give the asset to the party who values it most. The reason is that shared ownership yields more balanced investment incentives of the involved parties. The optimal ownership shares depend on whether the investments are embodied in the physical capital (so that the owner can always seize the returns) or in the parties’ human capital.