Low Cost Home Ownership

What is Low Cost Home Ownership?

East Lothian Council's Local Housing Strategy recognises that market prices are not affordable to many households who need to live in the area. This shared equity scheme is one of the many initiatives supported by the Council to help deliver affordable home ownership options.

East Lothian Council has made land available at nominal cost. Houses have been developed through a cost effective bulk procurement partnership with local builder, Hart. We have minimised our own overheads and other outlays. As we do not need to generate significant surpluses we are therefore able to sell properties at fixed prices, with significant discounts on their market value.

To ensure best use of the properties, applicants must meet eligibility criteria. Also any future sales must be on an equivalent fixed price, discounted basis to other applicants, who meet the eligibility criteria. To secure this we require purchasers to enter into a "legal agreement" backed up by a "standard security" over the property.

Under this scheme the property is transferred to the applicants. This means there are no monthly rent or occupancy charges to be paid on our retained interest in the property. Unlike shared ownership schemes since the purchaser has title to the whole property there is no scope to subsequently increase your share of the equity.

At present Homes for Life have completed 12 units for LCHO as part of our Muirfield Development. There are currently none available to buy.