Shared Ownership

Shared ownership is a combination of buying and renting and is aimed at people who want to buy their own home but cannot afford a full mortgage at present.  The intention is that they buy an initial share in the property with the option of increasing their share until they own it outright.  The remaining share of the property is rented from Wishaw and District Housing Association under an Occupancy Agreement for a 20 year period.  Wishaw and District Housing Assocaition currently has 47 properties of this type in our stock.

Purchasing Additional Shares

Once you have been a sharing owner for 12 months, you have the option of purchasing more shares in your home, or if you are financially able, you can buy the property outright.  This is known as Staircasing.

You can buy shares of 25% and there is no limit to how many additional shares you buy in one transaction.  The monthly occupancy charge you pay will reduce to reflect the smaller share you then rent from Wishaw and District Housing Association.  The price of the additional shares will be based on the market value of the property at the time and will be set by an independent valuation surveyor.

If you are thinking of purchasing more shares in your property, further information and advice is available in your Sharing Owners Handbook - Buying and Selling Shares or you can contact  Alan Richardson, the Association's Owners' Services Officer

Selling Shares

You can choose to sell your share in the property at any time but you must inform Wishaw and District Housing Association in writing beforehand.

If you decide to sell your share, Wishaw and District Housing Association will join with you  to sell the whole property on the open market for the best price that can be achieved.  The costs involved in marketing the property will be shared by both parties on the same basis as the split in ownership.

If you are thinking of moving home and selling your share, please contact Alan Richardson, Wishaw and District Housing Association's Owners' Services Officer for more information on the sales process.