|The Association currently has over 100 shared ownership units throughout the Lanarkshire area.
What is shared ownership?
Shared Ownership is a form of low cost home ownership which enables you to buy a house in stages, if you cannot afford to buy a property outright. A discounted occupancy payment is then paid on the remaining share that you do not buy.
Normally, you would initially purchase a 25% or 50% share and then, subsequently you have the opportunity to purchase additional 25% shares after a one year period has elapsed from the original purchase. In this way shared ownership allows you to increase your ownership, over a period of time, until outright ownership is attained, if desired. This process is referred to as “staircasing”. Each staircasing step will automatically reduce the amount of occupancy charge proportionately.