The Redemption of Heritable Securities (Excluded Securities) (Scotland) Order 2018
| Jurisdiction | Scotland |
| Citation | SSI 2018/376 |
| Year | 2018 |
2018 No. 376
Housing
The Redemption of Heritable Securities (Excluded Securities) (Scotland) Order 2018
Made 12th December 2018
Laid before the Scottish Parliament 14th December 2018
Coming into force 15th February 2019
The Scottish Ministers make the following Order in exercise of the powers conferred by section 11(3D) and (3E) of the Land Tenure Reform (Scotland) Act 19741and all other powers enabling them to do so.
Citation and commencement
1. This Order may be cited as the Redemption of Heritable Securities (Excluded Securities) (Scotland) Order 2018 and comes into force on 15 February 2019.
Heritable securities
2.—(1) A heritable security granted in favour of the Scottish Ministers or Places for People Scotland2under 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)
(a) Open Market Shared Equity Scheme (as part of the Low Cost Initiative for First Time Buyers) launched in September 2005,
(b)
(b) New Supply Shared Equity Scheme (as part of the Low Cost Initiative for First Time Buyers) launched in October 2007,
(c)
(c) Home Owners Support Fund (Mortgage to Shared Equity Scheme) launched in March 2009,
(d)
(d) Places for People Scotland New Supply Shared Equity Scheme launched in November 2011,
(e)
(e) Help to Buy (Scotland) Scheme launched in September 2013,
(f)
(f) Help to Buy (Scotland) Smaller Developers Scheme launched in January 2015,
(g)
(g) Help to Adapt launched in April 2015, and
(h)
(h) Help to Buy (Scotland) Affordable New Build Scheme launched in January 2016.
3.—(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 20103) 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)
(a) Homestake operated by the Scottish Ministers and launched in September 2005,
(b)
(b) Low Cost Home Ownership scheme operated by Aberdeen City Council and launched in November 2005,
(c)
(c) New Supply Shared Equity...
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