New Supply Shared Equity administrative procedures

Section Six: Owners wishing to Remortgage their property

6.1 An owner may wish to remortgage and possibly move from one lender to another. Local Authorities and Registered Social Landlords administering the scheme will need to establish if there is any element of additional borrowing all in accordance with the ASSEP Procedures.

6.2 An owner will be responsible for meeting all costs (including those incurred by the Local Authority or Registered Social Landlord and Scottish Ministers) when remortgaging their home. Local Authorities and Registered Social Landlords must provide information on costs to the owner as soon as possible.

6.3 The Scottish Government has prepared ASSEP Procedures for use by Local Authorities and Registered Social Landlords administering the Scottish Government's shared equityschemes. The document contains template documentation to be used for the various types of After Sale transactions. A copy of the ASSEP Procedures can be found on the Scottish Government website at http://www.gov.scot/Topics/Built-Environment/Housing/BuyingSelling/lift/ASSEPdocument