Search

Online maps maintenance: 20th November 2024

Low Cost Shared Equity - how it works

The Low Cost Shared Equity scheme is administered by Aberdeenshire Council and allows the nominated purchaser to buy the majority equity share in a property. Planning agreements between the 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 the council's equity share.

For more details view Low Cost Shared Equity leaflet (PDF 306KB).

Find out more:

View more information about purchasing a Low Cost Shared Equity Property (PDF 605KB).

Who is eligible

The scheme is aimed at those on modest incomes who are unable to purchase a home to suit their needs on the open market without some form of assistance. Applicants need to meet one of the following criteria:

  • be a first time buyer
  • have a significant change in household circumstances affecting their needs
  • have a disability and own a house which doesn't suit their housing needs

Applicants financial circumstances will be assessed. You will be required to provide proof of all income, savings and capital to Aberdeenshire Council.

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.  

How we prioritise applicants

If more applicants apply than there are available properties then we will rank eligible applications:

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

How to apply

If you are interested in any of the homes available through Low Cost Shared Equity you will need to complete an application specific to the development. Alternatively, you can request a copy from the Affordable Housing Team at LCHO@aberdeenshire.gov.uk.

After buying

After buying your home, find out how to:

Contact

Affordable Housing team
Housing Strategy
Infrastructure Services
Gordon House
Blackhall Road
Inverurie 
AB51 3WA 

Garioch, Banff and Buchan telephone: 01467 534685
Formartine and Buchan telephone: 01467 539457
Marr, Kincardine and Mearns telephone: 01467 533027