Your responsibilities as a shared equity owner

Like other home owners, you will be responsible for all internal and external repairs for your property and any ongoing maintenance costs. If your home has common and shared areas you will be responsible for paying any common maintenance or service charges.

A summary of the costs that you will be expected to pay to run your home are as follows:

  • Mortgage repayments
  • Home contents insurance
  • All repairs and maintenance to your property
  • Council Tax to your local authority
  • Heating, lighting, and water bills
  • Fittings and furniture (i.e. you will responsible for supplying your own fittings and furniture for your home)
You will also be responsible for contacting us prior to making any changes to your property or mortgage:

All shared equity owners are responsible for their own selling costs and they should ask their solicitors for details of their fees, as well as all other fees and the cost of all searches, registration dues and all other outlays. The fees of the shared equity owner’s solicitor are not to be deducted from the proceeds that are due to be returned to Scottish Ministers.

Once you have decided to sell your home you will be required to provided us with various documents in relation to the sale, including a copy of the home report. We will then liaise with the Scottish Government to assist with arranging the discharge of any security held.

Please note that a fee will be payable in advance and is non-refundable.

If you wish to sell your home please contact us for further advice.

An owner may only let their property with the prior written consent of Scottish Ministers. Any request by a shared equity owner to let their property will be considered individually depending on the facts and circumstances in each case, and will only be provided under the following conditions:

  1. The letting is on short term basis
  2. The letting has been approved by the Primary Lender
  3. The shared equity owner is either registered as a landlord with the local authority (to ensure they are ‘a fit and proper person’ to let their property) or they can provide a letter from their solicitor confirming why the proposed tenancy is exempt from a requirement to register

If you wish to seek consent to let your home, please contact us to request “an application to let property for a temporary period” form.

Please note that a fee will be payable in advance and is non-refundable.

An owner can increase their equity stake regardless of whether the open market value of their property has increased or decreased. An owner will be responsible for meeting all costs. There will be no means-testing of owners following the initial purchase. We recommend that owners take independent advice before increasing their equity stake.

The open market value of the property will be determined by the District Valuer or such other professionally qualified persons. For NSSE properties, the valuation will reflect any improvements carried out to the property by an owner, but will disregard matters such as lack of vacant possession, any breach of an owner’s obligations, any security or other encumbrance, improvements and any reduction in value caused by medical adaptations.

Please note that a fee will be payable in advance and is non-refundable.

If you wish to increase your stake, please contact us for further advice.

Any request by an owner to alter their property will be considered on a case by case basis by the Scottish Government. Any increase in the value of the property which is attributable to any additions or improvements undertaken to the property by the owner are taken into account if the property is being sold or where a payment event occurs.

Owners should also be aware that it is a standard condition of the standard securities, which they will have granted over the title to their home to both the primary lender and to Scottish Ministers, that the owner should not alter or add to the property without the prior written consent of the security holder.

If you wish to apply to seek approval for alterations to your property, please contact us to request an application for consent to Home Improvements.

Please note that a fee will be payable in advance and is non-refundable.

If you wish to either add someone else to the property title or remove someone who is currently named in the title deeds, you should in the first instance ask your legal and/or financial adviser to approach your lender to seek their approval.

At the same time, you should contact us to request the appropriate form below. Please note that an advanced, non-refundable fee will be due. It is therefore important to seek approval from your lender before proceeding with paying the non-refundable fees.

Once we receive your completed form we will liaise with Harper Macleod who will advise the Association when the matter has been completed.

If you wish to re-mortgage and/or move to another lender, please contact us to request a Form for Change of Lender.

Please note that a fee will be payable in advance and is non-refundable.