Applications are now open for East Dunbartonshire Council’s Shared Equity for Sale Scheme. A total of 16 brand new properties are now available across three locations; Tom Johnston Place and St Agatha’s Grove, in Kirkintilloch, and Rose Dene Drive in Bearden.
Shared equity schemes are an opportunity for people who cannot afford the full purchase price of a home to access home ownership. It allows people to buy a share in a high quality, new-built home, with the Council owning the remaining share.
The scheme is predominantly aimed at first time buyers living in East Dunbartonshire, particularly those in social rented accommodation, but preference will also be given to other eligible households as detailed on the Council’s website .
Those who are accepted will generally have an equity share of between 60% and 80% of the total cost of the property. The whole of the legal title is held by the individual purchaser who is also responsible for repairing and maintaining the property.
If the homeowner decides to sell the shared equity property at some point in the future, the Council may choose to purchase their share or allow the owner to sell the property on the open market. For example, if the homeowner’s equity share was 80%, they will receive 80% of the purchase price and the Council will receive 20%.
Joint Council Leader Andrew Polson, said “I am delighted to see these high quality homes becoming available for shared equity ownership. This scheme offers a chance of home ownership for individuals who might otherwise struggle to buy a home. I would urge those who are interested to apply as soon as possible.”
Joint Council Leader Vaughan Moody, added, "Shared equity is an excellent way to allow first time buyers and others to remain in their communities. It is one of several ways in which we are working to increase social housing capacity in East Dunbartonshire.”
Four shared equity homes will be available within Tom Johnston Place, built in partnership with CCG (Scotland) including three one-bedroomed cottage flats and one mid terrace house with two bedrooms.
Nine properties have been developed at Rose Dene Drive, Kilmardinny, Bearsden in partnership with the Housing Developer Robertson Homes; eight two-bedroomed flats, and one one-bedroomed wheelchair accessible flat.
At St Agatha’s Grove in Kirkintilloch three two-bedroomed terraced homes have been developed with Panacea Homes.
It may take some time to assess all applications, and advise interested parties of the outcome of their application. However the Council will notify you of any decision in due course.
For full details of the scheme including maximum income rates to qualify and an application form, please visit the Shared Equity webpage