Shared Equity

SHARED EQUITY FOR SALE SCHEME (SESS)

NOW AVAILABLE - SHARED EQUITY HOMES AT:

TOM JOHNSTON PLACE, KIRKINTILLOCH

ROSE DENE DRIVE, KILMARDINNY, BEARSDEN

ST AGATHA’S GROVE, KIRKINTILLOCH

The East Dunbartonshire Council Shared Equity for Sale Scheme (SESS) gives financial help to people who cannot afford the full purchase price of a home. The SESS allows people to buy an equity share in a property, which will usually be between 60% and 80% of the total cost of the property. The whole of the legal title, however, is held by the individual purchaser who is also responsible for repairing and maintaining the property.

If you pay 80% of the total cost of a shared equity property, the Council will hold the remaining 20% equity share. When you sell the property the Council may choose to purchase your equity share from you or allow you to sell the property on the open market. You will receive 80% of the purchase price and the Council will receive 20% of the purchase price.

Qualifying Criteria/Priority Groups

The Shared Equity for Sale Scheme aims to help residents to access home ownership if they have a maximum gross annual income as detailed below. There are variations between Bearsden/ Milngavie and Strathkelvin due to variations in house prices across the market areas.

It should also be noted that the maximum mortgage to income ratio is x3.5 times gross annual income for a single person household, and 3 times gross annual income for a non single person household.

Bearsden and Milngavie

Maximum Annual Income

Single Applicant Income

£42,713

Household with More than One Income

£49,834

 

Strathkelvin

Maximum Annual Income

Single Applicant Income

£31,572 

Household with More than One Income

£36,834 

In those circumstances where a single income is being used to apply for a multi-person household with non-earning dependents (in particular for children), the upper maximum threshold will also be considered.

The scheme is predominantly aimed at first time buyers living in East Dunbartonshire, particularly those in social rented accommodation. 

However, preference will also be given to the following groups subject to verification checks being carried out:

  • People who are homeless or threatened with homelessness and have had a homelessness assessment carried out by the Council
  • People with a disability whose current home doesn't suit their needs
  • Residents living in housing that is Below Tolerable Standard
  • People leaving the armed forces, or veterans
  • People who have experienced a significant change in their circumstances, such as separating households or are subject to mortgage stress

Thereafter, applicants will be ranked in order of date of application and those on the Council’s housing list will be considered first. Preference is given to residents of East Dunbartonshire in the first instance.

Available Now

Tom Johnston Place, Kirkintilloch

Four shared equity homes will be available within the development. These will comprise three 1 bedroom cottage flats, and one mid terrace house with 2 bedrooms. The one bedroom cottage flat has a valuation price of £110,000 or £125,000, while the 2 bedroom house is valued at £200,000.

Property Type

Bedroom Number

Market Value (MV)

Property Size by Square Metre

Lower Limit for Purchase Price (60% Equity Stake of MV)*

Indicative Deposit Required (@ 5% of MV)

Lower Cottage Flat

1

£110,000

50M2

£66,000

£5,500

Upper Cottage Flat

1

£125,000

64.5M2

£75,000

£6,250

Mid Terrace House

2

£200,000

83.8M2

£120,000

£10,000

St Agatha’s Grove, Kirkintilloch

Three homes have been developed by Panacea Homes at St Agatha’s Grove, Kirkintilloch. The houses will include two end terrace homes with a valuation of £168,000, and one mid terraced home valued at £163,000.

See further detail below

Property Type

Bedroom Number

Number Available

Market Value (MV)

Lower Limit for Purchase Price (60% Equity Stake of MV)*

Indicative Deposit Required (@ 5% of MV)

End Terrace

2

2

£168,000

£101,000

£8,400

Mid Terrace

2

1

£163,000

£97,800

£8,150

Rose Dene Drive, Kilmardinny, Bearsden

Nine flatted units have been developed at Rose Dene Drive, Kilmardinny, Bearsden in partnership with the Housing Developer Robertson Homes. The apartments will comprise eight 2 bedroom flats, and one 1 bedroom wheelchair accessible flat which will be marketed to applicants who require this type of home, in the first instance. The one bedroom flat has a valuation price of £185,000, while the 2 bedroom flats valuations vary between £230,000 - £240,000. 

See further detail below

Property Type

Bedroom Number

Number Available

Property Size by Square Metre

Market Value (MV)

Lower Limit for Purchase Price (60% Equity Stake of MV)*

Indicative Deposit Required (@ 5% of MV)

Ground Floor Wheelchair Accessible Flat – Type B

1

1

63.33 M2

£185,000

£111,000

£9,250

Ground Floor Flat - Type A

2

2

68.54 M2

£230,000

£138,000

£11,500

First Floor Flat – Type A

2

2

68.54 M2

£235,000

£141,000

£11,750

Second Floor Flat – Type A

2

2

68.54 M2

£240,000

£144,000

£12,000

First Floor Flat - Type C

2

1

69.25 M2

£235,000

£141,000

£11,750

Second Floor Flat - Type C

2

1

69.25 M2

£240,000

£144,000

£12,000

If you fit the eligibility criteria and would like to apply for one of the shared equity applications please complete the application below. Please note that the shared equity homes will be advertised for a number of weeks before applications are assessed, and contact made with those assesses as having highest priority, so it may take some time before we contact you. We will let all applicants know the outcome of their shared equity application.