Selling LIFT/shared equity flats

3
Found 2nd Feb
Hi,
not long ago I bought a flat with the LIFT scheme (I’m in Scotland), a form of shared equity on the open market, the catch being you can only go to the valuation of the property and not above a certain amount, for example the maximum home valuation you can go to for a 1 bedroom is £110,000. So, I’ve paid 5% deposit and am mortgaged for 60% of the property, the other 40% is an equity loan from the Scottish government. I know if I sell it, 40% of what I sell it for goes to the SG to pay back the equity loan (and whatever else to go back to the mortgage lender, I know depending when I sold it I’d only get so much back).
I only intended to stay here for about 5 years as I just wanted a foot on the ladder (and apart from shared ownership, it was the only option I had at the time- I’m not sure I’ll manage that long, as I’ve run into problem neighbours (about half the flats are owned, the top ones are council). I’ve tried talking to them about noise which goes onto 3 in the morning and it sounds like furniture is being dragged around and bowling balls are being dropped on the floor! It’s not ideal when I’ve got a full day’s work ahead of me. They have of course just denied it. I could tell the council about their tenants but I’m very aware of the horrible atmosphere that would create in the stair. When is normally the earliest you can sell LIFT/shared equity homes (1, 2 years)? Are you able to do a part exchange using the % you own for moving to another home, or would I need to use the same scheme?
Any one with experience of this, it would be appreciated if you can share your experience of selling
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You may get more help from a website landlordzone.co.uk. Go to the Scottish forum and ask your question there.
HOLD ON. I don't know Scottish law but in England you would already be creating a problem by publicly acknowledging a Dispute with a neighbour. In England, you disclose such matters as part of the sale process. Failure to disclose that could nullify the sale post completion or land you with legal action.

I have had disputes with neighbours so you have my sympathy. It is no fun.

Grim though it is, you need to look to the longer future and deal with the problem. You need evidence (setup a video camera with a long memory and use the TV to record date/time) and, preferably, a meter to measure the noise in decibels.
You'd maybe be cheaper buying decent earplugs, perhaps along with something to help you relax a bit, like Rescue Remedy (so you're not lying awake waiting for the next noise). I'm not unsympathetic, just think it's worth a try.
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