Shared Ownership is a housing option where the occupier purchases a share (typically 25 per cent or 50 per cent) of the property but pays a reduced rent on the remainder. The rent goes to Hjaltland Housing Association.
Shared ownership is aimed mainly at people who cannot afford to buy a house on the housing market but are still financially able to make a start on the homeownership ladder.
Shared ownership occupiers have the right to buy 25 per cent tranches of their equity up to and including 100 per cent, at which point they become the sole owners of the houses.
Currently there are no plans to build new Shared Ownership properties. There is however a small but steady trickle of existing shared ownership properties becoming available for re-allocation.
Anyone can apply for Hjaltland Shared Ownership property by completing and returning an Application Form.
Hjaltland gives priority to applicants who are living in social rented housing (Hjaltland or Council tenants) as this frees up a home that is in turn offered to a household on our housing register.
Hjaltland also prioritises applicants who have never owned or part-owned a home and who are seeking to buy a home for the first time. Consideration is also given to applicants who have previously been owner-occupiers where personal circumstances warrant it (such as a significant deterioration in the applicant's financial circumstances or a relationship breakdown).
Hjaltland use the same 'groups and points' allocation system as they do for their rented housing to prioritise those interested in Shared Ownership.
Properties becoming available for re-sale will be advertised in the Shetland Times. Any registered applicant is welcome to apply.
If you would like further information please contact Leigh-Anne Sinclair at Hjaltland Housing Association and take a look at their Shared Ownership page from the link above.