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Publication - Guidance

Open Market Shared Equity (OMSE) Administrative Procedures

Published: 18 Jul 2014
ISBN:
9781784126490

Open Market Shared Equity (OMSE) Administrative Procedures

163 page PDF

1.3MB

163 page PDF

1.3MB

Contents
Open Market Shared Equity (OMSE) Administrative Procedures
Section Seven

163 page PDF

1.3MB

Section Seven

Adding or removing a person to the shared equity documentation

7.1 An existing shared equity owner may seek to add a person who will assume liability under the shared equity documentation. Alternatively, an existing shared equity owner may seek to remove a person from any liability under the shared equity documentation. In either case, the following procedures must be followed.

7.2 The shared equity owner will be responsible for meeting all costs (including those incurred by the Registered Social Landlord and Scottish Ministers) when adding or removing a person to the shared equity documentation. The Registered Social Landlord must provide an estimate of proposed costs to the owner as soon as possible.

7.3 The Scottish Government has prepared ASSEP Procedures for use by Registered Social Landlords administering the Scottish Government's LIFT Scheme. The document contains sample emails and correspondence to be used when a person adds or removes a person to the shared equity documentation. A copy of the ASSEP Procedures can be found on the Scottish Government website at www.scotland.gov.uk/LIFT.


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