Columba Court, Lochyside - Lochaber Housing Association

Key points to consider:
• You can apply to buy a property which is up to 2 bed spaces more than your
current needs.
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• You will buy full title to the property purchased and do not pay any form of
occupancy charge/rent to the Housing Association.
• You must pay for your share of the purchase, usually by obtaining a mortgage, as
well as all costs associated with house purchase including your legal costs, stamp
duty where applicable, and survey fees. 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 will be responsible for all the costs of ownership of the property such as
maintenance, repairs, building insurance, service charges, factoring costs and
utility bills, as well as making mortgage repayments and paying Council Tax. You
will need to take these costs into account when assessing whether you can afford to
buy a property. There will be a factoring charge payable to the Association, full
details of which will be provided at time of viewing.
• You are responsible for keeping the property in a good state of repair.
• You must occupy the property as your only home. Subletting is allowed only with
prior written consent from the Scottish Government, and for a short period of time.
• You are expected to buy a 60-80% equity share in the price of the property. You
must purchase the maximum equity share you can reasonably afford. A form of
‘means testing’ will be taken to ascertain affordability
• You can increase your equity share, up to the maximum 80%, after two years. The
property will be surveyed by a professional surveyor and the value may have
increased or decreased in this time.
• The Scottish Government will retain a minimum 20% equity share.
• The Shared Equity Agreement that you enter into with the Scottish Ministers is
initially for a 19 year period although you will have the opportunity to extend
provided certain technical legal issues can satisfactorily be overcome.
• If you are offered a property you should seek independent financial and legal
advice on the LIFT NSSE scheme and the responsibilities that come with being a
home owner.