In an HMOS the properties are owned by a co-op but unlike in a normal housing co-op most of the tenant’s ‘rent’ money goes to building up equity that they can then withdraw when they leave. If the whole co-op were worth £1 million, with ten properties of equal value, the equity allocated to your property might be £100,000. You might buy in with, say, 10% of that, then you pay in until you reach your equity ceiling. The rent at LILAC is set at 35% of your net income until you have acquired all your equity shares, then it falls to 10% of your income. There is a minimum income level, though you could earn less and pay over 35% if you wanted. The value of individual equity is index-linked, not to the housing market but to income. You can move out if the co-op can fund the buy-back of your equity shares, or if other residents can take them on, or if you can find a replacement member who can buy you out (or some combination of these).