Open Market Shared Equity (OMSE) administrative procedures: 2016

Section Seven: Adding or removing a person to the shared equity documentation

7.1 An existing shared equity owner may seek to add a person who will assume liability under the shared equity documentation. Alternatively, an existing shared equity owner may seek to remove a person from any liability under the shared equity documentation. In either case, the following procedures must be followed.

7.2 The shared equity owner will be responsible for meeting all costs (including those incurred by the Administering Agent and Scottish Ministers) when adding or removing a person to the shared equity documentation. The Administering Agent must provide an estimate of proposed costs to the owner as soon as possible.

7.3 The Scottish Government has prepared ASSEP Procedures for use by Administering Agents administering the Scottish Government's LIFT Scheme. The document contains sample emails and correspondence to be used when a person adds or removes a person to the shared equity documentation. A copy of the ASSEP Procedures can be found on the Scottish Government website at www.gov.scot/LIFT