Shared Equity

The Association participates in providing low cost home ownership under a shared equity scheme.

Shared equity was introduced by to help people on low incomes who wish to own their home but who cannot afford to pay the full price for a house.

Shared Equity allows you to buy a share of between 60% - 80% of the full price. You will pay for your share of the purchase price in the usual way, along with legal costs, survey fees and any other costs associated with the purchase. There are no rent payments due for the part you do not own.

The stake that you will hold will normally be determined by the maximum mortgage that you are able to obtain plus any personal contributions that you are able to make.

Homestake is aimed at low income applicants who are in one or more of the following categories:

• First time buyers
• Tenants of the Association
• Tenants of any other Registered Social Landlords
• Householders whose homes are going to be demolished due to regeneration programmes in the area
• Existing or previous homeowners unable to sustain or move back into homeownership
• Those with particular needs and unable to purchase a property to meet those needs
• People who are leaving or who have left the armed forces
   

Once you have purchased a shared equity property, you will be responsible for all maintenance, insurance and repair costs as well as making your mortgage repayments and paying your Council Tax. You are responsible for keeping your property in a good state of repair. If the property has common and shared areas e.g. flats, you will be responsible for paying any common maintenance or service charges.

After a period of two years you can increase your stake, but this increase must take your stake to a minimum of 80%. You would be able to increase your stake after a further year, but this must increase your stake to 100%. You cannot reduce your stake.

Information on shared equity which is known as ‘Lift’ can also be found on the the Scottish Government website. www.scotland.gov.uk/Topics/Built-Environment/Housing/BuyingSelling/lift

The Association does not have any properties available for sale at the moment.

Information on Shared Equity can also be found on the Scottish Government website www.scotland.gov.uk.