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Publication - Guidance

Open Market Shared Equity Scheme (OMSE) Administrative Procedures

Published: 13 May 2016
Part of:
Housing
ISBN:
9781786522207

Provides detailed operational guidance for agents who administer the Open Market Shared Equity Scheme on behalf of the Scottish Government.

162 page PDF

1.5MB

162 page PDF

1.5MB

Contents
Open Market Shared Equity Scheme (OMSE) Administrative Procedures
Introduction

162 page PDF

1.5MB

Introduction

These administrative procedures provide detailed operational guidance for agents who administer the Open Market Shared Equity Scheme on behalf of the Scottish Government. They contain information on the following:

  • the Open Market Shared Equity Scheme ( Section one);
  • the procedures for assessing, approving and paying grant ( Section two);
  • the arrangements for monitoring who is housed ( Section three);
  • the procedures to be applied when an owner wishes to increase their equity stake in their property, ( Section four);
  • the procedures to be applied when an owner wishes to remortgage their property ( Section five);
  • the procedures to be applied when an owner wishes to sell their property ( Section six);
  • the procedures to be applied when adding or removing a person from the shared equity legal documentation ( Section seven);
  • Information on Buybacks and resales where there is a Golden Share in operation ( Section eight);
  • the standard form of monthly report that Administering Agents must submit to the Scottish Government ( Section nine);
  • Post Sales duties for Administering Agents ( Section ten);
  • the Scottish Government's Area Housing Supply Teams ( Section eleven).

These procedures also contain:

  • the legal documentation that must be used for the Open Market Shared Equity Scheme ( Annexe A);
  • an application form which each Administering Agent must ask individuals to complete when they are applying to the Open Market Shared Equity Scheme ( Annexe B);
  • the procedures for establishing affordability and means testing (including worked examples showing how grant and equity stakes must be calculated) ( Annexe C);
  • the standard style of passport letter that must be issued to applicants when giving them formal consent on behalf of the Scottish Ministers to search for a property ( Annexe D);
  • the local maximum price ceilings that apply to the Open Market Shared Equity Scheme together with maps showing the local maximum price ceiling areas, the Administering Agents and the eight administrative areas ( Annexe E);
  • a copy of the form that an Administering Agent must complete when requesting payment ( Annexe F);
  • a copy of the form that Administering Agents must complete each time a property is purchased ( Annexe G);
  • a copy of the form that must be completed electronically by every buyer ( Annexe H)
  • a copy of the form that must be completed each time an owner increases their equity stake in a property ( Annexe I);
  • an illustration of how a financial reconciliation must be calculated each time an owner increases their equity stake in a property ( Annexe J);
  • a copy of the form that must be completed each time a property is sold on the open market ( Annexe K);
  • a copy of the form that an Administering Agent must complete each time a property with a golden share is bought back and re-sold ( Annexe L);
  • the standard style of monthly report ( Annexe M); and
  • monthly summary report ( Annex N).

Please note that any reference to rights and obligations contained in documentation is purely for convenience and regard can only be had to the documentation itself upon which appropriate legal advice should be taken.

Any questions regarding these procedures should be referred in the first instance to the relevant Scottish Government Housing Supply Team. Details are in Section eight.

When reference is made within this document to Scottish Government Solicitors, this means Harper Macleod LLP, The Ca'd'oro Building, 45 Gordon Street, Glasgow, G1 3PE.


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