Shared Equity

SHARED EQUITY FOR SALE SCHEME

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 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 of £31,572 for a single income household, or £36,834 for a non single person income household. 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.

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
  • Verification checks will be made to ensure that applicants meet eligibility criteria.

Thereafter, applicants will be ranked in order of date of application and those on the Council’s housing list will be considered first. This may mean that a resident living outwith East Dunbartonshire could be offered a shared equity property but only once the above groups have been exhausted.

Shared Equity Current Availability – Woodlands Way, Lenzie

One shared equity is currently available in Woodlands Way, Lenzie. The property is a two 2 bedroom terraced home. The property is an existing home, and is not a new build property

Home Size

Market Value (MV)

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

Upper Limit for Purchase Price (80% Equity Stake of MV)*

Indicative Deposit Required (@ 5% of MV)

2 Bedroom

£175,000

£105,000

£140,000

£8,750**

* The final value of the Purchase Price/Equity Stake to be sold for the house will be dependent upon affordability with respect to the applicant’s individual circumstances in relation to the market valuation of the home.

** This represents an indicative deposit level. The Lender may require a higher or lower deposit.

If you fit the eligibility criteria and would like to register your interest in the property please complete the online application form. We will respond directly to you once your application has been assessed.

For further information please contact:

Email: shared.equity@eastdunbarton.gov.uk

Telephone: 03001234510