Shared Ownership is a housing option offered by Dunedin Canmore Housing Ltd.
It is a form of low cost home ownership that combines renting with buying and is aimed at people who would like to own their own home, but cannot afford the full cost of buying a property outright on the open market.
The purchaser owns a share of the home (either 25%, 50% or 75%) and then rents the remaining part from Dunedin Canmore Housing.
The purchaser is also responsible for the full cost of contents insurance, legal fees, maintenance and repairs. The purchaser arranges a normal mortgage for the portion of the property that they will buy through a bank or building society or have sufficient capital to purchase the share outright. The remaining portion of the house is rented from Dunedin Canmore Housing. The Sharing Owner is responsible for paying an Occupancy Charge to the Association in respect of the portion the Association retains. Applicants are strongly advised to seek the advice and assistance of a solicitor should they decide to purchase a share in a property.
WHO CAN APPLY
In general, applicants will be considered for the Shared Ownership scheme subject to meeting one or more of the following criteria:
- Applicants should have independent means enabling them to pay the occupancy charge without immediate recourse to Housing Benefit.
- Applicants should normally be economically active.
- Applicants should be on gross household incomes, not normally higher than £36,000 per year
- Applicants without regular income - but who have access to capital funds – may still be considered
- Particular consideration will be given to ex-service personnel and their families.
- They are current tenants of either a Local Authority or Housing Association within the Lothian’s, or are on the waiting list for housing.
- Their household has a local connection, either through work, family or cultural networks.
- Those living in private rented housing.
- Those living with family, friends or relatives.
- Those lacking security of tenure in their current home.
HOW MUCH WILL IT COST?
As with any house purchase, there are initial charges which can include legal fees to solicitors and costs relating to obtaining a mortgage. These are payable upon the initial purchase, but also if you decide to purchase further share(s).
CAN I EVER OWN THE PROPERTY OUTRIGHT?
Depending on your financial circumstances, once a year, you have the option to purchase further 25% share(s) up to 100% ownership, although there is no obligation to do so. For example, you buy 25% initially, then the next year you can buy 75%, thereby owning the property outright. This is called staircasing.
HOW CAN I FIND OUT MORE?
Should you have any further enquiries about shared ownership, including how to apply, please do not hesitate to contact our Customer Services Team on 0131 478 8888 who will be able to direct your call, or alternatively email email@example.com.
SHARED OWNERSHIP HANDBOOK
Download the Shared Ownership Handbook at www.dunedincanmore.org.uk/2/shared-ownership.