lift open market shared equity scheme

triggerhappy_2

Just spoke to First Mortgage who were very surprised to hear I got my form yesterday - they're gonna call me back but I suspect this opportunity is about to be snatched from me

triggerhappy_2

Things are looking up again! FM were of the impression that Link Homes weren't accepting any more applications at all and advised me to call them to check. The woman I spoke to at Link said that wasn't the case at all in the West (though it is in the East) and that awards were still being made, and was really rather positive about it all.

I've now got my quotes and my agreement in principle, so I just need to photocopy my lease and it's good to go! Fingers and toes crossed

weesie81

thanks all,am very pleased however a bit confused about the golden handshake they have requested :rolleyes: is anyone else is same situation?

best of luck triggerhappy,you may have to ring and nag them a bit (link homes) well thats what i did lol but once you actually get through i found the staff very helpful.

Bev.M

:beer:
:A
Hi all,

I am new to the site, and would like to know if anyone can help my parents. They are going to be renting out a room and need a tenancy agreement form. Can anyone help plz.

iscrimger

Bev.M wrote: »

:beer:
:A
Hi all,

I am new to the site, and would like to know if anyone can help my parents. They are going to be renting out a room and need a tenancy agreement form. Can anyone help plz.

This is the wrong thread.

As for the Golden Share - The supporting booklet explains what it means, and I'm sure the newly sent out information has a brief part. They basically want to keep a share in your property, I'm sure it's so there will still be able to provide affordable housing in area's where property prices are expected to rice significantly.

weesie81

"I'm sure it's so there will still be able to provide affordable housing in area's where property prices are expected to rice significantly."

thats the bit i was worried about will it affect us selling in years to come?
i realise we will only ever own 80% and i did suspect it happening due to the high demand for affordable housing where we live (all council homes here are under pressured status meaning no tenant can use their right to buy)

its just an a4 sheet at back of our approval letter with a list of areas included in the golden handshake

iscrimger

Copied and Pasted from the LIFT Admin pack;

Buy back and re-sales – where there is a golden share

5.5 If an owner wishes to move from their property and the Scottish Ministers
retain a golden share, the Minute of Agreement between the owner and the
Scottish Ministers (Annexe A) makes provision for the Scottish Ministers or their
nominees to purchase the property (if they so wish). The registered social landlord
must promptly advise the Scottish Government of the position and recommend
whether or not they believe the property should be purchased. If it is determined
that the property should be purchased for re-sale on a Shared Equity basis, the
registered social landlord and the Scottish Government will enter into discussion on
how the purchase – and the registered social landlord’s reasonable costs – should
be funded.

5.6 An alternative method to buy back and re-sale – and one which would
substantially reduce costs – is to effect a direct sale from one owner to another,
with the consent of the registered social landlord on behalf of the Scottish
Ministers. When pursuing this option, registered social landlords must be satisfied
that the new owner meets the eligibility criteria set out in these procedures, and
that the required legal documentation is entered into (Annexe A).

This means, really if you want to sell it it will have to be sold to the government/social landlord for shared equity or directly to another shared equity buyer. This will stop the possible sale price rising significantly and out pricing first time buyers.

From reading the pack it suggests you will only be able to sell if for no more than full market valuation which will include any improvements you've made to the property.

You will never own 100% of the property you buy if it has the Golden Share. It will most likely be decided at the time and the housing situation in your area at a time you may want to sell.

weesie81

thanks for clarifying that iscrimger, i went all through our link paperwork last night and could not find anything about re-sale just increasing your stake with a golden handshake examples.

its all food for thought, we clearly have no plans to sell for a long time.... if ever.
they are letting us buy a 5 or 6 apt home and our family is complete so thats not an issue. biggest problem we will face is buying the right size home for the budget we have.

thanks again for your help.

iscrimger

I've just been to an adviser about the Halifax 5% issue. If Link Homes have used the Halifax Mortgage Promise on your application then you may be in trouble.

Halifax are known for lending far more to buyers than other lenders - if your other quotes were far lower than the Halifax quote you are unlikely to get the size of mortgage you require unless you have the 5% deposit.

My adviser is putting forward an application but for a far less amount than on my LIFT application and he says to wait and see the outcome of this then contact LIFT.

Have you looked into this weesie?

weesie81

hi we have been given some of the deposit by my gran who i care for,was meant to be my inheritance but she said when we were approved she would rather see me settled in my own home before she goes.

we should have time to save the rest we need before we actually buy.

good luck with yours,has your repo flat come up yet?