Chris Borthwick writes articles covering a broad range of subjects. His main area of expertise is mortgage advice and writes many articles on mortgages for finance industry, mortgage brokers and for the general public. Most recent articles detailed the benefits of a fee free mortgage broker.
First of, what is LIFT? The LIFT scheme, stands for the Low-Cost Initiative for First-Time Buyers, is a shared equity scheme for residents in Scotland. If you’re financial resources are limited this scheme can help you to buy a property. You do have to prove your income and need for the funding as well as live in an area where the local market prices are beyond your reach. How does the LIFT scheme work? The Scottish Government will take a stake in the property through one of the Registered Social Landlords. The Registered Social Landlord will receive the home which will be put against the cost of the home. Typically a LIFT purchaser will put up between 60 and 80 per cent, they will need to take at least a 51 per cent stake. Buyers Commitment As part of the scheme you will need to agree to put up the maximum amount you can afford against the property. You are allowed to keep five thousand pounds of personal savings but anything above this will need to go the purchase of the home. Your full financial details will need to be disclosed including other money you have maybe in the form of shares, property, debentures. The buyer is responsible for… all costs associated with buying the home, including legal and survey costs. There are other conditions to be met such as the buyer will occupy the property and it will be their only residence. They may be able to sub let but it is at the discretion of the Scottish Government. They are also responsible for all the running costs of the home, such as: Mortgage repayments House Insurance (Building and Contents) Council Tax and Utility bills Repairs and maintenance Under the lift scheme, the purchaser owns the home outright subject to certain conditions designed to protect the investment by the Scottish Government. Such as the need to inform them should you wish to sub let a room. Can I sell the Property? You certainly can. The sale amount is simply split depending on the equity stake taken by the Scottish Government. The buyer is however responsible for all costs associated with this, including marketing costs.
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