lift open market shared equity scheme

weesie81

as far as we were made aware we have to let the agency know our intentions by 1st oct so that if we do not go ahead with lease in november they can advertise to let so there is not a period where property is left empty

we will be cutting it fine and may have to stay with relatives for a brief period in between if we are approved... 7 weeks on thurs till november 20th :eek:

weesie81

still waiting :rolleyes:

iscrimger

Check your tenancy agreement. It will clearly state how long your tenancy runs for and what notice you need to give. The agency are acting on your landlords behalf - their job is to ensure your landlords earns money on their property so they are protecting their business.

Most tenancies will be for an initial 6 month period. After this time it will continue on a month-by-month basis until ended by either landlord or tenant. The landlord would be required to provide you 2 months notice. As a tenant you will only have to give one months notice - check your tenancy. I cannot make that clearer. (Whether the property remains empty or not after you've is if no concern to you as you will have ended the tenancy as per agreement)

From what you've said it seems like you are giving your agency notice that you intend to leave the property. I find it very unlikely you will be able to complete a sale by the end of your lease - you seem to have no idea if you've even been approved. You could very well find you're application on hold.

triggerhappy_2

Just got my form in today, I'm in the west. Now need to go and find someone to give me a mortgage promise.

I've never done this before - how long does a mortgage meeting take? I don't have any holiday time left so it'll have to be done at lunchtimes :S Or can it be done over the phone? I guess not if they have to see ID/payslips etc.

Can someone remind me of the lenders who are willing to work with this scheme and don't require an additional deposit?

Many thanks.

triggerhappy_2

And another question - apologies for the barrage!

I just spoke to RBS and they were only able to quote taking the LIFT deposit into account, so as the deposit went up the quote went up e.g. 10% deposit =£78000.

I thought I should be looking for a mortgage without a deposit at all so I can show how much I can raise without their help, but I'm now wondering if any lender would be able to do that since they don't usually quote without a deposit. Am i right in thinking this?

weesie81

hi triggerhappy best advice i can give short of walking into branches (which i understand due to work you can't) then call first mortgage who are whole of market fees free brokers they gave me great advice and all over the phone as the nearest branch to glasgow is falkirk.

they are up to date on who will lend without deposits etc and know their stuff.

weesie81

:T:beer::j:D

guess what??

i am approved!! rang today and they said letter should arrive this week :T

we can buy in our chosen area up to £132k based on our 3 quotes, we have until xmas eve to use our offer and we are speaking to the agency about keeping the lease going on a monthly basis this thursday to make sure we are not homeless.

thats 6 weeks exactly since they received the form.

triggerhappy_2

weesie81 wrote: »

hi triggerhappy best advice i can give short of walking into branches (which i understand due to work you can't) then call first mortgage who are whole of market fees free brokers they gave me great advice and all over the phone as the nearest branch to glasgow is falkirk.

they are up to date on who will lend without deposits etc and know their stuff.

Aha! I am also in Glasgow and figured FM wouldn't be able to do it over the phone!

That is brilliant, I'll give 'em a bell tomorrow. Thanks weesie81!

triggerhappy_2

weesie81 wrote: »

:T:beer::j:D

guess what??

i am approved!! rang today and they said letter should arrive this week :T

we can buy in our chosen area up to £132k based on our 3 quotes, we have until xmas eve to use our offer and we are speaking to the agency about keeping the lease going on a monthly basis this thursday to make sure we are not homeless.

thats 6 weeks exactly since they received the form.

Congratulations! :beer:

Abcynthia

Congratulations weesie!! :T