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Publication - Guidance

Open Market Shared Equity (OMSE) administrative procedures: 2017

Published: 25 Oct 2017
Part of:
Housing
ISBN:
9781788513555

Updated guidance for administering agents on the Open Market Shared Equity (OMSE) scheme's administrative procedures.

166 page PDF

1.4MB

166 page PDF

1.4MB

Contents
Open Market Shared Equity (OMSE) administrative procedures: 2017
Annexe I: Equity stake increase form

166 page PDF

1.4MB

Annexe I: Equity stake increase form

Notes on completion

Please read these notes before completing this form. If in doubt, please consult your local Scottish Government area housing supply and innovation team.

You should submit a completed form each time an owner has increased their equity stake in a property.

Forms must be submitted to your local Scottish Government Area Housing Supply and Innovation Team within one week of the equity stake increase having taken place. This allows the Scottish Ministers to raise a request for the receipt of sums due to them.

You should not enclose any remittances with the form, as the information contained therein will be used by the Scottish Ministers to raise a request for the sum that is repayable.

Administering Agents should be aware that the new Housing and Regeneration Payments ( HARP) system will have a specific function to increase equity stake and therefore the forms below will no longer be needed. Further information on HARP will be announced in due course.

Open Market Shared Equity Scheme - equity stake increase form

Please complete this form each time an owner has increased their equity stake in a property.

Part A General Information

1. Administering Agent or subsidiary ("Administering Agent"):

3. Name and address of solicitors:

Harper Macleod LLP
The Ca'd'oro
45 Gordon St
GLASGOW
G1 3PE

2. Address of property:

4. Date of settlement of further equity stake acquired:

(Note: Complete either Part B (i) or Part B (ii) below. Part B (i) should be completed if the owner has increased their equity stake in the property for the first time. Part B (ii) should be completed if the owner has increased their equity stake in the property for a second time.)

Part B (i) Financial reconciliation (first equity stake increase)

Current open market value of the property

(please enclose a copy of the independent professional valuer's report)

£

(A)

Original % equity stake taken by the owner

(please enclose appropriate supporting documentation showing the original % equity stake taken)

%

(B)

Owner's actual equity stake

(current open market value (A) x % (B))

£

Additional % equity stake now being taken by the owner

(please enclose appropriate supporting documentation showing the additional % equity stake being taken)

%

(C)

Owner's receipt to the Scottish Ministers:

(current open market value (A) x % (C))

£

Part B (ii) Financial reconciliation (second or subsequent equity stake increase)

Current open market value of the property

(please enclose a copy of the independent professional valuer's report)

£

(A)

Current % equity stake taken by the owner

(please enclose appropriate supporting documentation showing the original equity stake taken plus any additional equity stake already taken)

%

(B)

Owner's actual equity stake

(current open market value (A) x % (B))

£

Additional % equity stake now being taken by the owner

(please enclose appropriate supporting documentation showing the additional % equity stake being taken)

%

(C)

Owner's receipt to the Scottish Ministers:

(current open market value (A) x % (C))

£

Part C Declaration

I declare that the above information, together with any supporting information, is true and complete.

Signature
(Officer of Administering Agent authorised by Management Committee or other governing body)

Date

For the Scottish Government's use:

Checked by:
Date

Approved by:
Date


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