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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
Section Three: Monitoring who is housed

166 page PDF

1.4MB

Section Three: Monitoring who is housed

3.1 The Scottish Government monitors who is housed in properties funded by the Open Market Shared Equity Scheme. Administering Agents must return a completed Sales Log Form to the Scottish Government as soon as possible after settlement.

3.2 The sales log form is in two parts. The first part (Part A) relates to details of the property that has been bought and is completed by the Administering Agent. The second part (Part B) gives details about the household which has bought the property and is completed by one of the named purchasers.

3.3 The Administering Agent must provide the purchaser's solicitor with a web link to Part B of the Sales Log Form who must ensure that this is completed by the purchaser. The Scottish Government will separately provide Administrative Agents with information about access to the online Sales Log Form.

A summary of the process thereafter is provided below:-

  • The on-line Sales Log Form system generates a spreadsheet that will contain a summary of the completed information in Part B and this will be sent to Administering Agents on a weekly basis.
  • The spreadsheet does not contain information relating to Part A of the Sales Log Form.
  • The Scottish Government will provide Administering Agents with a template document for them to a) transfer information from the weekly spreadsheet; and b) to complete the information relating to Part A.
  • To do this, Administering Agents should copy and paste the information in columns B to AR from the weekly spreadsheet into columns L to BB in the template document. Agents should then complete sections A-K in the template document as this forms Part A of the Sales Log Form. Agents will be able to complete columns L to BB using information from submitted application forms. A copy of the Sales Log Form is provided in Annexe H.
  • Administering Agents should submit a completed template document to the Scottish Government on a quarterly basis starting Q1 (April to June) with the first one submitted in July.

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