Low cost homes for sale

 

What is Low Cost Shared Equity?

The Low Cost Shared Equity scheme is a scheme where the nominated purchaser buys the majority Equity Share in a property. It is aimed at first time buyers on modest incomes who are unable to purchase a home to suit their needs on the open market without some form of assistance.

The Low Cost Shared Equity scheme is administered by Aberdeenshire Council. Planning agreements between Aberdeenshire Council and developers enable properties to be offered for sale on an equity share basis. You will have full title for the property and will not have to pay rental on Aberdeenshire Council's Equity Share.

 

Who is eligible to buy a low cost shared equity property?

 

"Eligible Applicants" are determined by Aberdeenshire Council based on the following criteria:

  • Are First time buyers; OR if there has been a Significant Change in your household circumstances which affects your housing need; or if you have a disability and own a house which doesn't suit your housing needs

                                                         AND

  • Moderate Income - people who can demonstrate their gross annual household income is insufficient to purchase a property to meet their needs unaided on the open market. Applicants will be means tested and are required to provide proof of all income, savings and capital to Aberdeenshire Council.

Applicants must meet the First Time Buyers and/or Significant Change criteria as well as the Moderate Income criteria in order to be eligible.

You will also need to be either a tenant or a waiting list applicant for either Aberdeenshire Council or a Housing Association or any other Council. If you are not already on a waiting list you will need to apply and be accepted before your application for Low Cost Shared Equity can be fully processed.  

 

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How are applicants prioritised?

If more applicants apply than there are available properties then Aberdeenshire Council will rank eligible applications based on the following ranking process:

  1. Tenants of Aberdeenshire Council or Registered Social Landlords (commonly known as housing associations) who currently live in the town/village.
  2. Waiting list applicants of Aberdeenshire Council or Registered Social Landlords who currently live in the town/village.
  3. Tenants of Aberdeenshire Council or Registered Social Landlords from other areas of Aberdeenshire with a local connection* to the town/village.
  4. Waiting list applicants of Aberdeenshire Council or Registered Social Landlords who have requested the town/village as an area in which they wish to be rehoused and have a local connection* to the town/village.
  5. Tenants of local authorities or Registered Social Landlords outwith Aberdeenshire and waiting list applicants residing outwith Aberdeenshire, with a local connection* to the town/village.
  6. Tenants of Aberdeenshire Council or Registered Social Landlords, and waiting list applicants from other areas of Aberdeenshire without a local connection* to the town/village.
  7. Tenants of local authorities or Registered Social Landlords outwith Aberdeenshire and waiting list applicants residing outwith Aberdeenshire without a local connection* to the town/village.

*Local Connection may be for example live, work, school, provide or receive support, or close family connection such as parents, grandparents, children, brothers or sisters.

 

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How do I apply for a Low Cost Shared Equity Property?

If you are interested in any of the advertised Low Cost Shared Equity opportunities you will need to complete an application specific to the development. Application packs will be available to download from the Aberdeenshire Council Website at https://www.aberdeenshire.gov.uk/housing/housing-options/buying/affordable-housing-for-sale/

Alternatively, you can request a copy from the Affordable Housing Team at LCHO@aberdeenshire.gov.uk

 

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Where can I get more information on Low Cost Shared Equity?

For further information on Low Cost Shared Equity please see the following leaflets:

 

Affordable Housing Team contact details

 

Development Officer (Affordable Housing Team)
Housing Strategy
Infrastructure Services
Gordon House
Blackhall Road
Inverurie 
AB51 3WA 

 

Tel: 01467 534685 - Garioch, Banff and Buchan

Tel: 01467 539457 - Formartine and Buchan

Tel: 01467 533027 - Marr, Kincardine and Mearns

 

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