Lift Shared Ownership Scheme is available across Scotland

The Lift shared ownership scheme has now been extended to the whole of Scotland. Previously on pilot across the central belt, the Scottish Government scheme has been helping those on low incomes with financial constraints stopping them from getting a mortgage.

If you haven’t heard of the LIFT scheme, the Lift stands for Low Cost Initiative for First Time Buyers. If you meet the Scottish Government’s requirements then they will agree to pay a certain percentage of the purchase of the home. Normally this will be in the range of 60 to 80 per cent of the purchase price.

While the property will be under shared ownership with the Government you do own the title deeds and the agreement will be it is up to you what you want to do with the property (within reason). A solicitor is assigned to deal with the Scottish Government’s stake in the property and will only step in under certain circumstances to protect the property. There are a few conditions attached to the agreement which are reasonable. The person taking on the lift shared ownership agreement does have to live in the property and should they want to sub let they will need to consult their equity partner.

When you purchase the property it will be independently valued with the stake from each equity partner’s stake remaining the same with the option for the owner to buy more should they be able to increase their stake.

All costs have to be met by the owner. So that includes legal costs, registration documents, (if applicable) stamp duty and of course running costs associated with the home, utility bills and insurance.

A ‘social landlord’ will be assigned to run the Lift shared ownership scheme in your area; they will also handle your application and if successful will apply for funding from the Scottish Government. Before you apply it may be work seeking more advice about the scheme either through the social landlords or a mortgage broker. Many brokers support the scheme and offer additional benefits like local market advice and can help with alternatives if you don’t qualify.