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Publication - Guidance

Open Market Shared Equity (OMSE) scheme: information for buyers

Published: 25 Oct 2017
ISBN:
9781788513562

Information for buyers including eligibility criteria and the application process.

12 page PDF

244.3kB

12 page PDF

244.3kB

Contents
Open Market Shared Equity (OMSE) scheme: information for buyers
Post Sale Information for Open Market Shared Equity Scheme Homeowners

12 page PDF

244.3kB

Post Sale Information for Open Market Shared Equity Scheme Homeowners

You can download a copy of the post sales leaflet for buyers at https://www.mygov.scot/open-market-shared-equity-scheme/after-buying/

Remortgaging

If you wish to remortgage your property, you are advised to contact the administering agent. If you have a copy of your Ranking Agreement, you will be required to send a copy of this.

You will be responsible for meeting all costs (including those incurred by the organisation administering your request and Scottish Ministers) when remortgaging your property. The organisation administering your request will provide you with information on what these costs will be.

Adding or removing a person to your shared equity documentation

You may wish to add a person who will assume liability under the shared equity documentation. Alternatively, you may seek to remove a person from any liability under the shared equity documentation. In either case, you should obtain the agreement of your primary lender in the first instance before contacting administering agent.

You will be responsible for meeting all costs (including those incurred by the administering agent and Scottish Ministers) when adding or removing a person to your shared equity documentation. The organisation will provide you with information on what these costs will be.

Contact following the purchase of your property

On or around the fifth, tenth, and fifteenth anniversary of the settlement of your shared equity transaction, you will be contacted by the administering agent.


Contact