After sale shared equity procedures: guidance 2019
Updated guidance to procedures to be followed for all after sale transactions related to shared equity properties.
Introduction
This Guidance is designed to cover after sale procedures in relation to Scottish Government's various shared equity schemes - Help to Buy (Scotland), Help to Buy (Scotland) Affordable New Build and Help to Buy (Scotland) Smaller Developers Scheme (all of which are referred to in these procedures as "HtB(S)"), Open Market Shared Equity ("OMSE") and New Supply Shared Equity and New Supply Shared Equity with Developers (both of which are referred to in these procedures as "NSSE") as well as the original Homestake scheme. The most common after sale matters are:
Exercise of Golden Share
Change of Owner
Change of Lender
Additional Secured Loan - same lender/different lender
Increase stake to less than 100%
Increase stake to 100%
Sales
Subsequent Securities
Grant of Tenancy
Expiry of 19 years/Application of the 20 Year Security Rule
Corresponding with Owners
Valuations and Letters of Reliance
Enforcement of Primary Lender security/Appointment of Trustee
Alterations to the Property
Death of Owner
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