Low Cost Ownership Options

Telephone: 01463 701271
email: LIFT@albyn-enterprises.co.uk

For the hundreds of households for whom buying your own home is just out of reach, affordable solutions are available.  LIFT New Supply Shared Equity scheme and the Open Market Shared Equity Pilot aim to help people on low to moderate incomes who want to own their home but who cannot afford to pay the full price for a house.

The Scottish Government's shared equity schemes mainly aim to help first-time buyers. The schemes are open to all first-time buyers on low to moderate incomes, although some groups of buyers may be given priority if the number of buyers exceeds the number of houses available (for example, this may include people currently living in council or housing association housing or armed forces personnel).

The LIFT New Supply scheme can in some cases also help people who are not first-time buyers. For example, they may be able to help people who are looking for a new home after a significant change in their household circumstances. They may also be able to help disabled people to access more suitable housing.

What is LIFT New Supply?

Lift New Supply is a shared equity scheme aimed at lower income households including: First Time buyers, Housing Association tenants and Council tenants. Enabling them to purchase between 60% and 80% of a new build property from Albyn Housing Society or Cairn Housing Association.

The Scottish Government gives grants to registered social landlords - normally a housing association or housing co-operative - to help them build or buy new homes specifically for New Supply Shared Equity. The homes that are provided are for a variety of household sizes and are designed to meet a range of housing needs.

How does LIFT New Supply work?

Albyn Enterprises offer New Supply Shared Equity properties from Albyn Housing Society and Cairn Housing Association in association with the Scottish Government.  These new properties are for sale on a 'shared equity' basis. Shared equity means that the Scottish Government will keep a financial stake in the property so you do not have to fund all of it.

You will pay for the majority share in the property (normally between 60 and 80 per cent) and the Scottish Government will hold the remaining share under a shared equity agreement which they will enter into with you. You will own the property outright but the interests of the Scottish Government will be secured by a mortgage (or 'standard security' as it is known in Scotland) on your property.

As an example, if you can afford a 75 per cent share of a property the Scottish Government's contribution will make up the remaining 25 per cent. You will have a 75 per cent stake in its value, whatever changes there are to the property's value over time. The price that the property is worth when you buy it is worked out by an independent professionally qualified valuer who is registered with the Royal Institution of Chartered Surveyors.

You will have to appoint a solicitor to act on your behalf to complete the work involved in buying a home. Albyn Enterprises will instruct its own solicitor to deal with the Scottish Government's interest in the purchase.

You will pay for your share of the purchase price in the usual way, along with legal costs, survey fees and any other costs associated with the purchase. You will also pay for the documenting and securing of the Scottish Government's interest including all registration dues and (if applicable) stamp duty. You do not pay any form of rent on the property.

A full list of New Supply properties currently available will be coming soon 

What is LIFT Open Market? 

LIFT Open Market is a shared equity pilot scheme aimed at lower income households including: First Time buyers, Housing Association tenants and Council tenants. The initiative enables lower income households to purchase typically between 60% and 90% of a property available on the open market.

LIFT Open Market how does it work?

Under this scheme, supported by The Scottish Government, Albyn Enterprises is given a set number of ‘passports’ or approvals to issue.  When this limit has been reached, all received applications will be held in reserve.  Should an approved applicant withdraw or an application expire we will contact the next applicant on the reserve list. This list will be held in date order of application received and will be prioritised on an applicants particular housing need.

Shared equity means that the Scottish Government will keep a financial stake in the property so you do not have to fund all of it. You will pay for the majority share in the property - normally between 60 and 90 per cent of the price - and the Scottish Government will hold the remaining share under a shared equity agreement which they will enter into with you. You will own the property outright but the interests of the Scottish Government will be secured by a mortgage (or a 'standard security' as it is known in Scotland) on that property.

If you can afford a 75 per cent share of a property the Scottish Government's contribution will make up the remaining 25 per cent. You will have a 75 per cent stake in its value, whatever changes there are to the property's value over time. The price that the property is worth when you buy it is worked out by an independent professionally qualified valuer.

A solicitor acting on behalf of the Scottish Government will deal with the Scottish Government's interest in the purchase. You will pay for your share of the purchase price in the usual way, along with legal costs, and any other costs associated with the purchase such as registration dues and (if applicable) stamp duty. You do not pay any form of rent on the property.

Maximum prices for different house sizes and locations have been set by the Scottish Government – limiting the type of property you can buy in terms of value and size according to your need. 

Albyn Enterprises is your contact for the sale of properties under the Scottish Government initiative known as LIFT.

For more information or to request an application you can email:

info@albyn-enterprises.co.uk or you can call Toni Magee on 01463 701 271 or Carole Brown on 01463 701 270