lift open market shared equity scheme

sazmagee

Thanks, not really sure if its gonna work tho as we have only been given until 28/2/10 to find a house its a lot less time than we thought and there isn't much on the market at all.

triggerhappy_2

sazmagee wrote: »

Thanks, not really sure if its gonna work tho as we have only been given until 28/2/10 to find a house its a lot less time than we thought and there isn't much on the market at all.

Eek, that isn't long at all! I thought you were supposed to be given 12 weeks? Which area are you looking in / what you looking for?

sazmagee

we are looking in dumfries, for a 3 bed however again have been told today we are gonna need 5% deposit and not looking too good on that for the time limit we have.

rhodod

ok you do need a 5% deposit, i spoke to my financial advisor and she told me the banks like to see that people are paying 5% towards the price of the house/mortgage etc

I was a bit confused about it all and though't i didn't need a 5% but
its all clear now and the £6200 im paying towards the house is my deposit.

Hope this helps.

babymango123

yeah had it confirmed that you need a 5% deposit wich is a bit rubbish buy hey ho

my mortgage advisor also told me that they will be doing the lift scheme again in april 2010 so theres still chance for folk to do it

triggerhappy_2

The LIFT brochure was amended on 29th January 2010, a good sign for the scheme going ahead this year

http://www.scotland.gov.uk/Publications/2010/01/27142918/11

weesie81

just a quick update for everyone we completed and collected our keys today :T
it has been a lengthy process and not without its hiccups however this week has gone rather smoothly, both hbos and lift were quick with the money today so we had keys by 11am.
i am over the moon and keep pinching myself.......back in summer this was all just hopes and now its real!
now i have 2 weeks to pack and move and give our letting agent back the keys to this hellhole we have been living in :mad:

i will still come on and check this thread its been great for helping me through and i wish everyone waiting or in application process the best of luck its truly the best outcome we could have hoped for

Abcynthia

Hi guys

Glad to hear you have got your keys weesie!!! :j

Sazmagee - We got our house in Dumfries through lift. I know what you mean about there being very little. People thought we were crazy to put in an offer for the first house we saw...but we loved it and knew how fast 3 bed houses were going round here!

sazmagee

This sounds stupid i know but we are still hoping to raise the deposit, do you know how long it it will take from us finding a house for us to have to pay the deposit and fees. there maybe hope.

Abcynthia

It depends. You will definitely need it a couple of days before completion. How long that is depends on your date of completion.However I'm sure some banks might have to ask for proof of deposit? I'm not positive of this though and that might only be for large amounts. The only other thing I will mention - not sure if you factored this in or not, but my solicitor fees at the end came to 970 pounds. We also ended up having to get the home report renewed because it was out of date and we wanted to use that as our survey for the mortgage company rather than paying their 300 pound odd fee for them to do the survey. It cost us 120 pounds.