Scotia Homes (North) Limited
Balmacassie, Ellon, AB41 8QR ● Tel: 01358 722441 ● Fax: 01358 723499
Kingsmuir, Forfar, DD8 2NS ● Tel: 01307 466161 ● Fax: 01307 467952
Email: info@scotia-homes.co.uk ● www.scotia-homes.co.uk
Inverugie Meadows, Peterhead
Low Cost Homes for Sale
Guidance Notes
Scotia Homes have for sale a quantity of sixteen, 2 and 3 bedroom homes in partnership
with Aberdeenshire Council. These properties will be offered at a fixed price that is below
the open market value to “Qualifying Purchasers”. Aberdeenshire Council will maintain
an interest in the property through a standard security within the title deeds that is ranked
after any standard security held by the mortgage provider. The percentage of the
Council’s interest will be determined at the time of purchase. As the purchaser, you will
own your home outright but pay a proportion of the price.
The low cost homes will be available at the following prices:
Table 1
Plot
House
Type
37 & 38
Esslemont
59 & 60
Meldrum
Description
2 bedroom
bungalow
3 bedroom
bungalow
Area
Sq. M
Area
Sq. Ft
OMV *
Purchase
Price
%
Discount
Household
Income or
less
59
639
£150,000
£ 90,000
40%
£31,000
71
767
£165,000
£110,000
33%
£37,000
* OMV is Open Market Value
Who are ‘Qualifying Purchasers’?
“Qualifying Purchasers” are determined by Aberdeenshire Council based on the following
criteria


First time buyers (or if there has been a significant change in your household
circumstances; or if you are disabled and own a house which doesn’t suit your
needs)
Meet Gross annual household income or less. Savings will also be taken into
account. Income to be assessed by Aberdeenshire Council.
Priority will be ranked in the following order to:
1. Tenants of Aberdeenshire Council or Registered Social Landlords (commonly
known as housing associations) who currently have a local connection to
Peterhead for example, live, work or family connections.
2. Waiting list applicants of Aberdeenshire Council or Registered Social
Landlords who have requested Peterhead as an area in which they wish to be
rehoused and have a local connection with the area.
3. Tenants of Aberdeenshire Council or Registered Social Landlords from other
areas of Aberdeenshire without a local connection to Peterhead.
Rev. 2 23.06.11
Page 1 of 4
Scotia Homes (North) Limited ● Registered Office: Balmacassie, Ellon AB41 8QR ● Registered in Scotland Number: 189802 ● VAT Registered Number: 717 2079 40
Scotia Homes (North) Limited
Balmacassie, Ellon, AB41 8QR ● Tel: 01358 722441 ● Fax: 01358 723499
Kingsmuir, Forfar, DD8 2NS ● Tel: 01307 466161 ● Fax: 01307 467952
Email: info@scotia-homes.co.uk ● www.scotia-homes.co.uk
4. Waiting list applicants of Aberdeenshire Council or Registered Social
Landlords from other areas of Aberdeenshire without a local connection to
Peterhead.
Any outstanding debts to Aberdeenshire Council eg. Council Tax; rent arrears etc., will be
required to be cleared or a payment arrangement in place prior to the house purchase being
finalised.
Should the scheme be oversubscribed then Aberdeenshire Council will try to make best use
of the property based on housing need. For example, family sized properties will generally
be offered to families who meet the criteria rather than a single person.
Aberdeenshire Council are responsible for nominating the successful applicant and
their decision is final.
Whilst Aberdeenshire Council nominate successful applicants for this scheme, any
contractual agreement is entered into directly with Scotia Homes and does not
involve Aberdeenshire Council in any form of liability. The contract of sale is between
Scotia and the individuals purchasing the property. Therefore it is recommended that
any prospective purchasers discuss the implications of the contract into which they
are entering with their legal adviser (solicitor).
Terms and Conditions
1.
Do I own the property outright?
The successful purchaser will own the property outright and retains a 100% interest
in the title deeds but only pay a proportion of the price. Aberdeenshire Council retain
an interest in the property through a standard security within the title deeds that is
ranked after any standard security held by the mortgage provider.
2.
Can I increase my stake in the property?
The successful purchaser will also have the opportunity to staircase up from their
original percentage stake in the property to a maximum of 80% of the open market
value for the 2 bed, and a mximum of 87% for the 3 bed, anytime after a period of
two years from the date of entry to the property. If the successful purchaser chooses
to increase their stake, they can do so only once and it must be up to the maximum
85%.
3.
What happens if I want to sell the property?
The open market price of each property is being offered to qualifying purchasers for
a fixed price at a percentage discount off the market value (refer to Table 1). As a
discount is involved conditions are attached to any subsequent sale of the property
and these conditions include:

In the event that the owner wishes to sell or dispose of the property, they will
need to notify Aberdeenshire Council in writing and Aberdeenshire Council will
Rev. 2 23.06.11
Page 2 of 4
Scotia Homes (North) Limited ● Registered Office: Balmacassie, Ellon AB41 8QR ● Registered in Scotland Number: 189802 ● VAT Registered Number: 717 2079 40
Scotia Homes (North) Limited
Balmacassie, Ellon, AB41 8QR ● Tel: 01358 722441 ● Fax: 01358 723499
Kingsmuir, Forfar, DD8 2NS ● Tel: 01307 466161 ● Fax: 01307 467952
Email: info@scotia-homes.co.uk ● www.scotia-homes.co.uk
have a 3 month period to decide whether or not they want to keep the property
for affordable housing and nominate a suitable qualifying purchaser. The
property will then be sold at a price reduced from the current open market value
equivalent to the original percentage discount at time of purchase.

4.
Should Aberdeenshire Council decide that they no longer want to keep the
property for affordable housing then the owner will be entitled to sell the property
on the open market. The owner will be entitled to receive the equivalent
percentage (as originally paid) of the sales price, with the remaining percentage
of the sales price going to Aberdeenshire Council.
What about purchasing and selling fees?
As normal you would be responsible for all your purchasing and selling fees i.e.
legal, survey, etc.
Any property purchased under this scheme must be your main and only home.
Your home is at risk if you do not keep up repayments on a mortgage or other loan secured
on it. Be sure that you can afford the repayments before entering into a credit agreement.
What next?
If you wish to make an application for one of the affordable homes please follow the process
below:
1. Request a an application form from :
Lynne Stuart or Hamish Renfrew of Scotia Homes at the show home
1 Marshal Keith Drive (off Waterside Road) Peterhead AB42 3FH
Tel : 07795 241868 or 07747 561938
Open : Thursday to Monday 11am to 5pm
Or contact Audrey johnson of Aberdeenshire Council Tel : 01467 628429
Email: Audrey.johnson@aberdeenshire.gov.uk
2. Complete and return the application form to:
Susan McLeish
Strategic Development
Gordon House
Blackhall Road
Inverurie
Aberdeenshire
AB51 3WA
Rev. 2 23.06.11
Page 3 of 4
Scotia Homes (North) Limited ● Registered Office: Balmacassie, Ellon AB41 8QR ● Registered in Scotland Number: 189802 ● VAT Registered Number: 717 2079 40
Scotia Homes (North) Limited
Balmacassie, Ellon, AB41 8QR ● Tel: 01358 722441 ● Fax: 01358 723499
Kingsmuir, Forfar, DD8 2NS ● Tel: 01307 466161 ● Fax: 01307 467952
Email: info@scotia-homes.co.uk ● www.scotia-homes.co.uk
Application forms should be returned no later than 1st August 2011
1. Approximately 3 to 4 weeks after the closing date, Aberdeenshire Council will advise
all applicants whether they have been successful or otherwise.
2. Scotia will be in contact with the successful applicants in order to confirm and pay
a reservation fee (non-returnable) of £250. A further deposit (non-returnable) of
£2,250 for the 2 bed and £2,750 for the 3 bed will also be required on conclusion
of missives.
3. Whilst Aberdeenshire Council nominate successful applicants for this scheme,
any contractual agreement is entered into directly with Scotia Homes and does
not involve Aberdeenshire Council in any form of liability. The contract of sale
is between the Scotia and the individuals purchasing the property. Therefore it
is recommended that any prospective purchasers discuss the implications of
the contract into which they are entering with their legal adviser (solicitor).
4. The process of purchase will be followed as set out in the Scotia Homepack which
will be issued on payment of the reservation fee or alternative guidance will be
provided by the appointed Sales Advisor.
Freephone 0800 0855455 or visit the Scotia Website, www.scotia-homes.co.uk
Rev. 2 23.06.11
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Scotia Homes (North) Limited ● Registered Office: Balmacassie, Ellon AB41 8QR ● Registered in Scotland Number: 189802 ● VAT Registered Number: 717 2079 40