Article 3 Heritable securities

(1)

Subject to paragraph (3), a heritable security granted in favour of the Scottish Ministers or a social landlord (within the meaning of section 165 of the Housing (Scotland) Act 2010^f1) under any of the schemes mentioned in paragraph (2) is not capable of being redeemed in accordance with the operation of section 11(3D) of the Land Tenure Reform (Scotland) Act 1974.

(2)

The schemes are—

(a)

Homestake operated by the Scottish Ministers and launched in September 2005,

(b)

Low Cost Home Ownership scheme operated by Aberdeen City Council and launched in November 2005,

(c)

New Supply Shared Equity with Developers operated by the Scottish Ministers and launched in December 2009,

(d)

East Dunbartonshire Council New Shared Equity Homes for Sale Scheme launched in October 2012, and

(e)

Aberdeenshire Council Low Cost Shared Equity scheme launched in September 2015.

(3)

Paragraph (1) applies only where a heritable security is granted after the day on which this Order comes into force.

Annotations

Footnotes

f1: 2010 asp 17.