Buying & Selling Shared Ownership
The Association has a small number of shared ownership properties in Katewell Avenue, Achamore Road, Fettercairn Avenue and Achamore Crescent. Shared Ownership is where a resident can purchase 25%, 50% or 75% share of their home while paying rent for the remaining percentage owned by the Housing Association. Shared ownership properties are always leasehold homes. When you buy your home, you become the owner of the lease. As the owner of the lease, you have rights and responsibilities just like any other owner. As an owner you will be responsible for any repairs inside the property.
Increasing your share of the property
You have the option to purchase a larger per cent of the property, up until you own the whole value of the property. To do this please contact us in writing detailing which per cent you would like to purchase. The cost of your new share will depend on how much your home is worth when you want to buy the share. If property prices in your area have gone up, you will pay more than for your first share. If your home has dropped in value, your new share will be cheaper. We will get the property valued and let you know the cost of the new share. You will be responsible for the valuers fee.
Selling your share
You can sell your home at any time, but you must inform us in writing. If you own 100% of the property, you can sell it yourself. When you put your home up for sale, we have the right to buy the property back first. This is known as the ‘right of first refusal’. If you are interested in apply for shared ownership the Association has a register of interested parties if one becomes available.