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Publication - Guidance

After-sale shared equity procedures: guidance

Published: 13 Oct 2017
Part of:
Housing
ISBN:
9781788513401

Guidance to cover after-sale procedures in relation to Scottish Government’s various shared equity schemes.

105 page PDF

681.5kB

105 page PDF

681.5kB

Contents
After-sale shared equity procedures: guidance
Annex 1 -€“ Change of Owner

105 page PDF

681.5kB

Annex 1 -€“ Change of Owner

Annex 1(A) - Proposed change of Shared Equity owner -€“Person added -€“ Email / Letter to Owner ( See Guidance -€“ Section 11, Corresponding with Owners)

Dear

(Insert address of property) (the "Property")

Addition of (insert name) ( the "Additional Owner")

Thank you for your request to add the Additional Owner to the title for the Property.

In order to proceed, I would be grateful if you could please complete the form overleaf and return to us. Please note that in order for us to deal with your request we will require to receive payment in advance of our reasonable administrative costs which in this case will be (£ insert) (inclusive of VAT at 20%.) Payment can be made either by telephoning details of your debit/credit card to us or providing us with a cheque for that amount made payable to ( insert name of RSL) This is our administration fee and is not refundable

(If already paid by debit/card insert Thank you for your payment of £###.)

[We have also enclosed a separate declaration form which should be completed and returned by the Additional Owner which declares their interest in any other residential properties. Please note that the Additional Owner must be removed from the title of any other properties before being added to the title of the Property. Confirmation will be requested from your solicitor that this has taken place before the transaction can be finalised.] [Note -€“ this paragraph should only be included in the letter or email where the Property was sold under HtB(S) but not if the Property was sold under OMSE/ NSSE/Homestake. If being included, the declaration form in Annex 1(G) should also be enclosed or attached, for completion by the Additional Owner]

On receipt of the enclosed form, we will contact Scottish Ministers' solicitors, Harper Macleod, in order to progress matters with your solicitors and the Primary Lender.

Please ask your solicitor to discuss the matter with the Primary Lender and Harper Macleod as soon as possible and also obtain details of their fees as well as that of the funder and the cost of all searches, registration dues and all other outlays for which you have to pay separately.

In order to avoid abortive costs you are advised to consult with your Solicitor and/or Financial Adviser to check whether your Primary Lender is prepared to consent to your proposal to add the Additional Owner to the title for the Property.

Please contact me if you wish to discuss further.

Yours sincerely

Shared Equity Officer
(If email, insert details of address and telephone number etc)

[Note to RSL -€“ if this is a property which was purchased under the NSSE with Developers Scheme, the Developer's interest will have to be taken into account]

Annex 1(B)

Form for Additional Shared Equity Owner

Please complete this table and return to [insert name of the RSL]. If emailed, please reply to email address of Sender.

(insert Name of Owner)

(insert Property Address)

Please complete your solicitor's name, address, contact number and email address:

Name:

Address:

Tel:

Email:

Is the title in your name alone?

Name of Additional Person who is to be added to the title

Name of your Lender

Proposed date of Completion

If you have not already done so, please provide us with payment of (£ ) (inclusive of VAT at 20%) . You may do this either by contacting us at the telephone number shown in the covering letter/email with credit / debit card details or providing us with a cheque (with name and address written on the back ) made payable to us.

I hereby provide authority for <insert name of Administering Agent> to discuss my personal information with the above Representatives.

Annex 1(C) - Email from the RSL to Harper Macleod - proposed change of Shared Equity owner -€“Partner added

(Insert name of existing owner) ("Existing Owner")

Addition of ( insert name ) ( the "Additional Owner")

(Insert address of Property) (the "Property")

I enclose completed Proposal form in respect of the above and would be grateful if you could action.

Either

I also enclose copy of Shared Equity Agreement, Standard Security [and Ranking Agreement]. As you can see the documentation is in the name of the RSL/Scottish Ministers.

OR

The documentation was dealt with by you and completed on [insert date].

We have sent a copy of this email to Scottish Government Area office.

I understand that you will contact the solicitors in order to ascertain how the Primary Lender proposes to proceed.

[Note to RSL -€“ if this is a property which was purchased under the NSSE with Developers Scheme, the Developer's interest will have to be taken into account and the position explained to Harper Macleod]

CC Scottish Government Area Office

Annex 1(D)

Proposed change of Shared Equity owner -€“Person to be removed -€“ Letter/Email to Owner ( See Guidance -€“ Para 14, Corresponding with Owners)

Dear

(Insert name of property) (the "Property")

Removal of ( insert name ) ( the "Departing Owner")

Thank you for your request to remove a Shared Equity Owner from the title for the Property.

In order to proceed, I would be grateful if you could please complete the form overleaf and return to us. Please note that in order for us to deal with your request we will require to receive payment in advance of our reasonable administrative costs which in this case will be (£ insert) -€“ (inclusive of VAT at 20%). Payment can be made by telephoning debit/credit card details or sending / delivering a cheque ( with name and address written on the back ) made payable to ( insert name of RSL) . This is our administration fee and is not refundable

(If already paid by debit/card insert Thank you for your payment of £###.)

On receipt of the form we will contact Scottish Ministers' solicitors, Harper Macleod, in order to progress matters with your solicitors and your Primary Lender.

Please ask your solicitor to discuss the matter with your Primary Lender and Harper Macleod as soon as possible and to also obtain details of their fees as well as that of the funder and the cost of all searches, registration dues and all other outlays for which you have to pay separately.

In order to avoid abortive costs you are advised to consult with your Solicitor and/or Financial Adviser to check whether your Primary Lender is prepared to consent to your proposal to add the Additional Owner to the title for the Property.

Please contact me if you wish to discuss further.

Yours sincerely

Shared Equity Officer

(If email insert details of address and telephone number etc)

[Note to RSL -€“ if this is a property which was purchased under the NSSE with Developers Scheme, the Developer's interest will have to be taken into account]

Annex 1(E)€“

Form for removal of Shared Equity Owner

Please complete this table and return to [insert name of the RSL]. If emailed please reply to email address of Sender.

Insert Name of Shared Equity Owner and Property Address

Please complete your solicitor's name, address, contact number and email address:

Name:

Address:

Tel:

Email:

Name of person to be removed from the title and shared equity documentation

Name of your Lender

Proposed date of Completion

If you have not already done so, please provide us with payment of (£ ) together with VAT (£ in total). You may do this either by telephoning us with your debit/credit card details at the telephone number shown in the covering letter/email or providing us with a cheque (with name and address written on the back) made payable to us.

I/We hereby provide authority for <insert name of Administering Agent> to discuss my/our personal information with the above Representatives.

......................................... ........................................ .........................

First Name
Second Name
Date

Annex 1(F) - Email from the RSL to Harper Macleod - Shared Equity -€“ proposed change of Shared Equity owner -€“Person removed

(Insert name of existing owners) ("Existing Owners")

Removal of ( insert name ) ( the "Departing Owner")

(Insert address of property) (the "Property")

I enclose completed Proposal form in respect of the above and would be grateful if you could action.

Either

I also enclose copy of Shared Equity Agreement, Standard Security [and Ranking Agreement]. As you can see the documentation is in the name of the RSL/ Scottish Ministers.

OR

The documentation was dealt with by you and completed on [insert date].

We have sent a copy of this email to Scottish Government Area office.

I understand that you will contact the solicitor in order to ascertain how the Primary Lender proposes to proceed.

[Note to RSL -€“ if this is a property which was purchased under the NSSE with Developers Scheme, the Developer's interest will have to be taken into account and the position explained to Harper Macleod]

CC Scottish Government More Homes Division area team

Annex 1(F) -€“ Additional Owner Declaration Form

(To be enclosed with Annex 1(A) where the Property was sold under HtB(S) but not otherwise)

Additional Owner Declaration Form

Please complete and return to [ ]. If emailing please reply to [ ]

Please complete the section below that is applicable to you.

I confirm that I am not currently noted on the mortgage or title deeds for any other residential property.

Name

Signature

Date

I confirm that I am currently noted on the mortgage or title deed for the property detailed below:

Address:

Postcode:

I further confirm that I will be removed from the title of the above property, and will provide confirmation of this, before being added to the title of the property at:

(Insert Property details)

Name

Signature

Date


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