Shared Equity An Option for Low Cost Home Ownership Property for Part Sale in New Developments at Oban Drive, G20 Murano Street, G20 Garscube Road, G20 Queens Cross Housing Association Ltd 45 Firhill Road, Glasgow G20 7BE TEL: 0141 945 3003 WEB: www.qxha.org.uk Scottish Charity SC036434 December 2009
What is Shared Equity? Shared Equity (or part sale) is a scheme supported by the Scottish Government to help people on low incomes who wish to own their own home but who cannot afford to pay the full market price in the area. Grants are given to Housing Associations like Queens Cross to build new homes specifically for Shared Equity. It allows you to buy a share in the property (between 60% - 80%), with the Government retaining the remainder. No rent is payable on the share you do not own. After 2 years, you are able to increase your share up to at least 80% and after a further year, you can then buy your home outright. You cannot reduce your share. If you sell your property, the Government will recover its share of the sale value of the property at that time. You will be fully responsible for your mortgage re-payments as well as the general upkeep of your property, including Council Tax payments, insurance and repair costs and maintenance of common areas. Who can buy Shared Equity? Shared Equity is aimed to help first time buyers, but also others who are having difficulty in their housing circumstances. The Government requires that people with relatively low incomes and those with disabilities are given priority. Purchasers will not be restricted to Queens Cross or local GHA tenants only. You cannot choose the level of share in a property you want to buy. The exact share will normally be determined by the maximum mortgage you can obtain, together with the level of savings which you can contribute, under guidelines set by the Scottish Government.
MURANO STREET, FIRHILL AVAILABLE HOMES VALUATIONS (Current Estimates) 6 x 1 bedroom flats 99,000-105,000 36 x 2 bedroom flats 110,000-135,000 SPECIFICATION En-suite available; Lift access; Off-street parking; High, energy-efficient specification; City skyline views across Forth & Clyde Canal. PROPERTY MANAGEMENT Queens Cross Factoring Ltd AVAILABILITY Estimated from early 2011
GARSCUBE ROAD, QUEENS CROSS AVAILABLE HOMES VALUATIONS (Current Estimates) 6 x 1 bedroom flats 92,000-97,000 21 x 2 bedroom flats 118,000-129,000 SPECIFICATION Secure private parking; Lift access; High energy performance through low cost heating with solar hot water; Convenient access to City Centre. PROPERTY MANAGEMENT Queens Cross Factoring Ltd AVAILABILITY Estimated from summer 2011
OBAN DRIVE, NORTH KELVINSIDE AVAILABLE HOMES VALUATIONS (Current Estimates) 8 x 1 bedroom flats 105,000-115,000 16 x 2 bedroom flats 125,000-140,000 SPECIFICATION En-suite in 2-bedroom flats; Lift access; Off-street parking; High, energy-efficient specification; Close to local amenities and access to West End. PROPERTY MANAGEMENT Queens Cross Factoring Ltd AVAILABILITY Estimated from autumn 2011
QUEENS CROSS DEVELOPMENTS - LOCATIONS TRANSPORT LINKS All developments close to Glasgow City Centre. City bus networks are all within 100 metres. Underground stations are accessible. Close access to M8 motorway. FACILITIES Nearby traditional and west end shopping areas Maryhill Shopping Centre North Woodside Health Centre Amenity areas include Ruchill Park, Forth & Clyde Canal and the Botanic Gardens.
What are the qualifying requirements? General qualifying conditions to participate in the scheme are as follows: The property must be intended to be your main residence. You can buy a property with one double bedroom only greater than your household s need. You will require to be means-tested to confirm your income eligibility. You must contribute 90% of any savings you have over 5,000, towards the price. What level of income is required to buy? The Association is promoting 3 separate developments, details of which are enclosed. Valuations vary for each development but overall are currently estimated generally to be from 92,000 for a 1 bedroom flat up to 140,000 for a 2 bedroom flat. For a 92,000 property, you will generally require a single income of at least 18,400 or a joint income of at least 22,000 to buy a minimum 60% share of 55,200, assuming no savings contribution. For a 140,000 property, you will generally require a single income of at least 28,000 or a joint income of at least 33,600 to buy a minimum 60% share of 84,000, assuming no savings contribution. As property valuations (and income qualification levels) may well change before the completion dates in early 2011, all figures must only be used as a guide at this time.
Noting Interest If you are interested in a Shared Equity property, please contact the Association at the address on the front page or by e-mail at: SalesTeam@qxha.org.uk To register interest in Shared Equity, please complete the enclosed Notification of Interest form, to allow your details to be recorded. Completion of the Shared Equity flats in all developments is not expected until towards the end of the projects, all due through 2011. Marketing information will be provided once it is available, which is likely to be in mid 2010. More detailed information on the Shared Equity scheme and application forms will also be provided at that time. Further Information If you wish to find out more about Shared Equity, please visit the Scottish Government s website: www.scotland.gov.uk/topics/built-environment/housing More information, on what is referred to as New Supply Shared Equity, is found under the Popular Topic Help for first-time buyers. You can also type New Supply Shared Equity into the Search facility. Due care and attention has been taken to ensure the contents of this leaflet are accurate at the time of printing. The leaflet is not intended to be a comprehensive guide to Shared Equity but merely to provide an indication of how the scheme may operate. Appropriate independent legal and financial advice must be taken if you intend to proceed with the acquisition of a Shared Equity property.