LIFT Scheme Scotland

kelly17687

We have just over 5k, that's including money from parents. We have already made appointments to look at houses, more to motivate us than anything else! I know what you mean though about if we see one we like and it gets sold quickly. I think we need to do it though just to give us a push to put more money aside.

My main concern (obviously other than being rejected for the scheme and a mortgage!) is that I know you only get 12 weeks to find somewhere, not sure how this will work if ours runs into Christmas holiday time but we can ask that question if it comes to it.

nikki2804

You have 12 weeks to have an offer accepted. You don't need to be moved in at that point. You can apply to have that period extended but it is discretionary.

We found our perfect house by chance. From getting our passport letter it was 1.5 weeks until we put in an offer so not long at all.

Approaching Christmas the housing market should slow down so you may be in a better position. Ours has a really long entry date (mid Nov) which was putting people off. House is in move in condition but valued low for the part exchange which was fantastic for us as it met the criteria of the scheme.

I think the main obstacle is getting the application approved by LIFT, after that because its a decent LTV its easier to get the mortgage. A good broker will look at your circumstances and advise on the best lender though.

moncrieffy

Hello again, how much have people been quoted for solicitors fees? I was quoted £900 and something by 1 and just over £1000 by another.

I'm still waiting for my letter!!! It's a horrible and long wait to see if we get accepted!
I am not looking at houses till we get approved. I don't want to be disappointed if we don't get accepted or see my ideal property go to someone else.
I wonder what their accept or decline ratio is? And how they decide on who gets one?
The annoying thing is if I don't get approved I will have to move into a new rented property before Xmas as my current home is very cold and the cost of renting is much higher than what our mortgage would be!

Oh I hope everyone gets everything they want!

kelly17687

We were quoted just over £1000 for fees. As the other posts say they told us it is more expensive because of the third party involved.

Our application was sent yesterday by special delivery so they'll have it today. The waiting is going to be a nightmare!

nikki2804

My solicitor fee's were quoted at £1050. Others were more expensive; more in the region of £1500.

The wait is horrible but I would fully expect it to take at least 4 weeks to come through. When I called a few weeks ago they were still backlogged, popular scheme this year.

On how they make the decision - if you meet the criteria and there is still funding basically. Its first come, first served.

moncrieffy

Hello,
Just a wee update, I got my letter through last week and got approved!
I'm looking at houses on Wednesday! Can't wait to start my search,
I have till 23rd December to find a house but they did say that if you don't find one by then they can extend it as well which is good.
I hope to find one soon though.
My only concern is that once I find it, it has to be approved by my mortgage provider and by LIFT before my solicitor can put an offer in. By they, someone else can put an offer in and steal my house! Fingers crossed that doesn't happen.

nikki2804

My solicitor put in an offer subject to LIFT approval. Offer was placed on 02/08/2013, accepted 05/08/2013 then approved by LIFT on 13/08/2013.

Broker had already confirmed that the house met the qualifying criteria so we were confident of gaining approval.

we didn't need approval from the mortgage provider though.

kelly17687

Congratulations on getting your letter through! We're still waiting, probs looking at another 2 weeks or so. It's feels like forever ago we sent the form off, just need to be patient I suppose

Terriberri

Hi there

We applied for the lift got our letter last sat and have been lucky enough to find a house straight away! So we have put an offer in subject to being accepted by lift!

So I was wondering how long people have waited for lift to come back and accept the house?

Also we got 3 apartment the house we are looking at has an penplan living / dinning room? Could this be a problem?

Haven't stopped stressing since august 12th when the form went awa


Thanks

kelly17687

We received our approval letter on Tuesday :j It was 5 weeks to the day since they received our application.

Going to arrange a second viewing of a house next week (owners are on holiday this week) and hopefully will be putting an offer in