LIFT Scheme Scotland- Renting out

lydo33

Hi, I currently own a flat I got through the lift scheme 4 years ago. I've been trying to sell up for the last 18 months with no luck, so looking at other options now as we really need a bigger place as we have a child now and would like to have a garden for him to play in.

We are thinking about trying to rent the place out in the meantime whilst we try and sell it, and rent somewhere else ourselves. But i cant see if we are even allowed to do this as its funded by the government and they effectively own 40% of the flat. So would I have to pay them 40% of the rental fees i take in? etc

Can anyone help me out with this as I've not got a clue how to go about things as there is no info on this on the website or the paperwork i have, and as its a relatively new scheme not many people are/have been is this situation yet.

nikki2804

I believe that in certain circumstances you can but you need to seek permission from the Scottish Ministers and then your mortgage provider.

My OHs cousin was allowed to rent hers out but I'm not sure what hoops she had to jump through.

lydo33

Thanks.

Do you know if she had to pay them a % of the rental fees she received? As I know this scheme is different from a normal shared equity

beecher2

It wouldn't be a long term solution by the look of things
http://www.scotland.gov.uk/Resource/Doc/235963/0064685.pdf

You are only allowed to let or sub-let your property with the Scottish Government’s
prior written consent. If you are given permission to let your property you will only be
able to do this for a limited period of time. This is because you are expected to live in
the property as your only home. You must therefore receive written consent agreeing
the start and finish dates for the period of letting. If the Scottish Government does not
provide written consent you must not let your home

If it hasn't sold in 18 months, it is priced too highly.