Home ownership Shared Equity Administration and Aftersales

Description

The Scottish Government has a requirement to place a contract with an external service provider for the provision of Home ownership Shared Equity Administration and Aftersales Services. This included the Government's Open Market Shared Equity scheme (OMSE). The scheme aims to help first time buyers and priority access groups on low to moderate incomes to purchase a property on the open market. It is a targeted scheme for affordable homes and people on low to moderate incomes. Every home purchased with assistance from a Scottish Government shared equity scheme will require one or more after sales transactions to be completed over the time period Scottish Ministers hold an equity stake in a property which would include (list not exhaustive): - Sale of a property - Additional Secured Lending - Addition/Removal of a person from title - Permission for home improvement requiring planning permission - Re-mortgage of property - Purchase of some or all of Scottish Ministers equity stake (tranching up) The after sales transactions which sit within this contract will be for the following schemes: - First Home Fund - Open Market Shared Equity Scheme - Homestake - The option to take on additional work for New Supply Shared Equity (NSSE) and NSSE with Developers where the responsible RSL do not wish to carry out after sales work for these schemes -Help to Buy Aftersales will fold into this contract when the current contract ends in March 2024