Shared Ownership is for people who would like to own their own home but cannot afford to purchase outright the house size required. The purchaser buys a share of the property (in 25% tranches) and pays a rent for the remainder.
Potential sharing owners are required to arrange their own mortgage. The Sharing Owner and the Housing Association will enter into an Occupancy Agreement which will define both the owner’s and the Association’s rights and obligations.
Apart from the monthly payments of rent, mortgage etc, there are other costs initially. These include legal fees to your solicitor, valuation fees to the Building Society or Bank from whom a mortgage is obtained and a mortgage guarantee premium may also be payable, depending on the size of the loan required.
No repairs are carried out by the Association. The rent payable reflects that the purchaser is responsible for carrying out all the internal repairs. The rental element is reviewed annually in accordance with Association policy. Monthly rent payments to the Association would require to be made monthly by Direct Debit. Invoices regarding payment of building insurance premiums and factoring charges will be sent out by the Association in May and November each year.
The Association currently has an interest in 15 shared ownership properties of varying sizes. The number of properties we have an interest in will only change where an existing sharing owner successfully applies to buy the tranches/shares that we own.
Only existing sharing owners can apply to buy additional tranches/shares and this process is called ‘stair casing’. Further shares (in 25% multiples) may be purchased once per year thereafter. As more shares are purchased, the rent element falls while the mortgage rises.
The rent is set annually and is lower than a tenant of a similar property.
A Sharing Owner may sell at anytime. This must be done in conjunction with the Housing Association who must be informed of your intention to do so. You may propose to sell the share owned or buy the remaining share up to 100% and sell the property outright.
From time to time our existing shared owners decide that they wish to sell their interest in their property and move on elsewhere. The existing sharing owner must advise the Association when they are doing this. The existing sharing owner pays for the marketing of the sale of their share and for their own legal transaction. The Association issues shared ownership housing application forms to prospective owners at the point where we are advised by an existing owner that they are selling their share in a property and they provide the contact details of the interested parties. Once we receive the application back from the prospective owner we carry out the necessary checks to ensure that we can enter into a new Occupancy Agreement with the prospective owner.
No, we do not have any plans for any further new build and this includes shared ownership. In addition we do not own any shared ownership properties outright and have no plans to buy back any properties either. As a result we no longer seek to receive shared ownership housing applications from interested parties, nor do we keep lists of names.
Monday, Tuesday, Thursday and Friday
9:00am - 4.30pm
Wednesdays open 1pm - 4.30pm
We are open at lunchtime
We are closed on weekends
CXHA Emergency Repairs: 0800 595 595
Gas Heating Emergency (for Tenants only): 07725 012200
Gas Emergency: 0800 111 999
Scottish Power Emergency: 0845 272 7999
Scottish Water: 0845 600 8855
Fire, Police, Ambulance: 999
Shelter Helpline: 0800 800 4444
(8am-8pm weekdays, 9am-5pm weekends)
Scottish Housing Regulator Registration Number: HCB 88
Scottish Charity Number: SC042842
Registered with the Financial Conduct Authority Number: 1805RS
Property Factored Registered Number: PF00025