Shared Ownership aims to help people on low to moderate incomes to step onto the property ladder when unable to buy a home outright. Through a shared ownership scheme, you can buy a 25%, 50% or 75% share in a house or flat owned by Loreburn Housing Association.
Priority access is given to first time buyers with limited housing alternatives, families on low income, and ex-service personnel.
After 12 months of your initial purchase you can, if you so wish, procure additional shares of your home. This ‘stair-casing’ option allows you to gradually build towards owning your home outright in a manageable manner.
As shared ownership entails a proportion of the property belonging to you and the other share belonging to Loreburn Housing Association, you will need to organise and pay a mortgage on the share that you own and also pay an Occupancy Charge for the share that you rent from Loreburn.
The Occupancy Charge is the fee that you pay for occupying the whole property whilst only owning a share. The higher the proportion of the property you own, the less you will pay on Occupancy Charge. Please read our Fees & Charges page for more details.
Dumfries & Galloway Homes act as a Factor for Loreburn Housing Association. This involves managing the maintenance of communal areas of each property and ensuring that a regulated standard of service is provided. Please see our Factoring page for more information.
Regardless of what proportion of the home you own, each sharing owner is fully responsible for all repairs to the property, both internally and externally. Our Repairs and Responsibilities page provides further information.
If you are interested in becoming a Shared Owner, please complete and return an Application Form.
Guidance Notes are also available however if you would like some additional information, please Contact Us.