Shared Ownership Housing
What is Shared Ownership Housing?
Shared Ownership Housing is a cross between renting form
a Housing Association (or other Registered Social Landlord)
and owing a house.
Shared Ownership Housing is aimed mainly at people who
cannot afford to buy a house outright on the housing market,
but are still keen (and financially able) to make a start
on the home ownership ladder and invest some money in their
property.
The occupier purchases a share in the ownership of the
house (usually 25%, but sometimes 50% or 75%) and pays
a reduced rent on the remainder.
Shared ownership occupiers have the right to buy further
25% shares of the equity, up to and including 100%, which
means that they then become the sole owners of the property.
The occupiers housing costs can vary according to the type
of mortgage and the size of the ownership share (i.e 25%,
50% or more).
Who is eligible for shared ownership housing?
Each individual housing association (or registered social
landlord) have their own eligibility rules.
However, general eligibility criteria can be summarised
as follows :-
- Associations normally give priority to applicants
who are already living in public sector rented housing
(e.g housing associations or council). This is because
their previous home could
then be used by someone else in housing need.
- Associations are also expected to give priority to
first time buyers. Consideration will, however be given
to applicants who have previously been owner occupiers,
where the applicant’s financial circumstances warrant
it (e.g significant deterioration in the applicant’s
financial circumstances or a relationship breakdown).
- Applicants who can afford to buy a house outright
on the open market are not eligible for shared
ownership housing, nor are those who could not afford
to purchase a 25% or 50% share of the equity.
- The procedure associations use for considering shared
ownership applications therefore includes a careful assessment
of the applicant’s financial circumstances and it
must be verified by the applicant’s bank or building
society that he/she can truly afford and sustain all
the costs involved.
A table of current shared ownership properties in South Ayrshire
is listed below. If you are interested in applying, you should
contact the relevant housing association for further details.
Shared Ownership in South Ayrshire
In South Ayrshire the following Housing Associations provide
the option of Shared Ownership Housing :-
Name &
Address of Housing
Association |
Location
of current S.O Properties |
|
Ayrshire Housing
119 Main Street
Ayr
KA8 8BX
Tel: - 01292 880 120.
Fax: - 01292 880 121
E-Mail: info@ayrshirehousing.org.uk
|
Kings Meadow, Prestwick Mainstream
West Sanquhar Road, Ayr Mainstream
- 8 x 3 apt Houses
- 3 x4 apt Houses
|
Trust Housing Association
25 Park Circus
Glasgow
G3 6AP
Tel:- 0141 341 3200
E-mail :- info@kirkcare.co.uk
Website :- www.kirkcare.co.uk |
West Crescent,
Troon
- 1 x 4person 3apt
- 1 x 5 person 4 apt
|
West of Scotland
Housing Association.
Ayrshire Area Office
17 Portland Road
Kilmarnock
KA1 2BT
Tel :- 01563 573 636
E-mail :- kilmarnock@westscot.co.uk
|
Ardfin Court, Prestwick
- 4 x 2apt
- 6 x 3 apt
- 4 x 4 apt
Orchard Avenue, Ayr
North Shore Road, Troon
Johnstone Drive, Mossblown
McEwan Cres, Mossblown
|
How to Apply?
Given the nature of shared ownership housing (i.e people
are making a long term investment in the property and are
likely to live in the property for some time before moving
on), vacancies in existing developments are quite rare.
Most vacancies are therefore likely to become available
on new build developments.
To apply for shared ownership housing, you should contact
any of the above housing associations.
You will need to fill out a form specifically for shared
ownership housing. If you have already applied to any of
the above associations for rented housing you will need
to apply again separately for shared ownership.
H.O.M.E.S
Housing Mobility and Exchange Services (H.O.M.E.S) hold
a database of providers of shared ownership properties
and existing sharing owners wishing to move throughout
Scotland & England.
A leaflet is available from :-
H.O.M.E.S Tel :- 0131 226 7216.
6 Palmerston Place
Edinburgh
EH12 5AA
For an application form contact :-
H.O.M.E.S
242 Vauxhall Bridge Road
London
SW1A 1AU
Tel :- 0207 9630200
|
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