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Can I se my property I bought on the Scottish Lift Scheme to a family member with gifted equity?
sc120826
Posts: 28 Forumite
Want to sell my property as I'm moving and my brother has expressed interest. I'm not sure if I'm allowed to do this? All I can see online is it can't be sold for a discount etc but he's going to buy at full market value and I'm going to gift £10k equity which will basically just mean me getting less. The property will still technically be sold at market value and the LIFT scheme will get their money back.
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When you want to sell a property purchased under the LIFT scheme you first have to contact the administrative agent/housing association. You then need to advertise the property on the open market. Someone could offer more for the property than your brother and you have to forward all offers on to the administrative agent/housing association. That will determine how much equity the LIFT scheme gets back. If there is £10k of equity left and your brother puts in the best offer you could potentially gift him the equity.sc120826 said:Want to sell my property as I'm moving and my brother has expressed interest. I'm not sure if I'm allowed to do this? All I can see online is it can't be sold for a discount etc but he's going to buy at full market value and I'm going to gift £10k equity which will basically just mean me getting less. The property will still technically be sold at market value and the LIFT scheme will get their money back.1
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