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
Email: info@Ayrshirehousing.org.uk

Kings Meadow, Prestwick Mainstream

  • 8 x 3 apt
  • 8 x 4 apt

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
Email: info@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
Email: kilmarnock@westscot.co.uk

Ardfin Court, Prestwick

  • 4 x 2apt
  • 6 x 3 apt
  • 4 x 4 apt

Orchard Avenue, Ayr

  • 3 x 3 apt
  • 2 x 2 apt

North Shore Road, Troon

  • 1 x 3 apt

Johnstone Drive, Mossblown

  • 5 x 4 apt

McEwan Cres, Mossblown

  • 6 x 3apt

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
6 Palmerston Place
Edinburgh
EH12 5AA
Tel: 0131 226 7216

For an application form contact:

H.O.M.E.S
242 Vauxhall Bridge Road
London
SW1A 1AU
Tel: 0207 9630200

Private housing