Glossary & FAQsHere you'll find our shared ownership jargon-buster, as well as the answers to some frequently asked questions... 
Glossary
Deed of Conditions
A Deed of Conditions is a legal document which sets out the detailed rights and obligations of every owner.
It identifies any common areas and provides arrangements for the management and repair of the property, the division of costs between owners and procedures to resolve disputes. It can only be altered with the consent of every owner within the building.
Your Deed of Conditions states that Loreburn Housing Association will act as Factor for the property/development for as long as they remain proprietor of any part of the site/development.
Delegated Authority/Authority to Act
The Delegated Authority, or Authority to Act, gives Loreburn as the Factor the right to instruct works on behalf of the owner without consultation.
This can be sanctioned by the Deed of Conditions, the Tenement (Scotland) Act 2004, by homeowners on a specific date, or by Custom and Practice.
We have set a Delegated Authority limit of £250 per household. If the cost of works exceeds this, a majority decision vote will be required.
Exclusive Occupancy Agreement
This is the written agreement between Loreburn, the property owner, and you, the shared owner. It outlines the rate of Occupancy Charge and your responsibilities, making it similar to a tenancy agreement.
The Agreement will demonstrate the Occupancy Charge in proportion to the percentage of the property that is owned by Loreburn.
Owners Group
This is the term used where there is more than one owner in a development, where issues can be discussed and actions can be agreed upon.
Title Deeds
Title Deeds are the legal documents which show who officially owns a property. They also show if there is a mortgage over a property and will give details of any other rights that come with, or are excluded from, the property.
In order to officially register your ownership of a property, Title Deeds in your name have to be registered in the Land Register of Scotland or recorded in the General Register of Sasines.
FAQs
How do I purchase additional shares of my home?
A valuation must be carried out. This can be arranged by us at a current cost of £84.00. You must appoint a solicitor to act on your behalf to make a formal offer to Loreburn. We'll let you know of the new charges once the transaction has been finalised.
What do I do if I wish to sell my home?
You'lll need to prepare an up-to-date Home Report before the property can be placed on the market - we can always arrange this for a fee of £300.
If you're happy with the valuation and wish to proceed, the percentage for sale will be advertised on our website and social media. You can always send us photos to help advertise the property and you're able to place the property with an Estate Agent.
Do I need to use specific contractors for repairs?
If the repair is inside your home, you're free to choose your own contractor.
If the repair is in a communal area, we'll get quotes from our contractors and consult with all homeowners. You'll have to agree on a contractor and pay for the work before the repair can be fixed. Alternatively, work can be carried out in agreement with all other sharing owners.
How do I make a complaint?
This can be done via the online form on our Contact Us page. You can also give us a call on 01387 321 300.
Do I need to organise insurance myself?
We will arrange buildings insurance, but you'll need to arrange your own contents insurance.
What documents do I have to provide when applying?
You'll need to complete an application form and send it back to us via email to customerservice@loreburn.org.uk
If electronic completion and submission is a problem, please call us on 01387 321 300.
Can I purchase additional shares at any time?
You can increase your share in ownership every 12 months, increasing by either 25%, 50% or 75%.
What if I fall behind with my payments?
Our Income Team can offer help and advice. Please don't delay - get in touch if you have any concerns.
Will you buy back shares?
Loreburn are under no obligation to buy back your share. However, we may consider doing so if your home is being reposessed under the Mortgage to Rent Scheme.