Open Market Shared Equity (OMSE) administrative procedures: 2020

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 reporting arrangements (Section three);
• Post Sales duties for Administering Agents (Section four).

These procedures also contain:

• the legal documentation that must be used for the Open Market Shared Equity Scheme (Annex A);
• an application form which each Administering Agent must ask individuals to complete when they are applying to the Open Market Shared Equity Scheme (Annex B);
• the procedures for establishing affordability and means testing (including worked examples showing how grant and equity stakes must be calculated) (Annex 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 (Annex D); and
• monthly summary report (Annex E).

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.

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.