Frequently asked questions about Shared Ownership resales

At present, LiveWest only requires a market appraisal from your estate agent for shared ownership resales. This may change in the future and a RICS valuation could be required.

• If you own less than 100%: Yes, you must inform LiveWest before selling your share.
• If you own 100%: You can sell on the open market, although in some cases you may still need to notify third parties. Your solicitor can advise.
   

Your lease will include a clause allowing the landlord time to find a buyer before the home is marketed, this gives the landlord nomination rights. 
LiveWest currently waive the nomination period, allowing the resale homes to be marketed with an estate agent from the outset. 
You must still notify LiveWest of your intention to sell and follow the required procedures.

You must appoint an estate agent to ensure legal compliance, market your property correctly and help progress the sale by liaising with solicitors, buyers and LiveWest.

An EPC shows how energy efficient your home is and is a legal requirement when advertising a property. EPCs are valid for 10 years.

Shared ownership homes are leasehold and the lease term reduces over time. Short leases can make homes harder to sell or mortgage.
As part of your application to sell, LiveWest will review your lease and may discuss alternative options with you, such as a lease extension. 

Yes, but your current home must be sold subject to contract first. Your eligibility and affordability will be reassessed as part of the application process.

You won’t be confirmed as sold subject to contract until your buyer is approved and their offer accepted. Estate agents for your next home may ask for this confirmation before accepting your offer.

Your solicitor must provide your buyer’s solicitor with leasehold information, which may include:

• Service charge accounts and balances.
• Rent arrears (if any).
• Buildings insurance details.
• Fire risk assessments (if applicable).
• Any lease breaches or alterations.

There is a fee for the LPE1, payable by you. LiveWest’s pack can take up to 15 working days from payment, so it should be requested early.

Key points include:

• Your lease explains all rights and responsibilities.
• You are responsible for repairs and maintenance.
• Rent, service charges, sinking fund and buildings insurance (where applicable) apply and are reviewed annually.
• There may be restrictions on pets or subletting.
• Homes are sold as seen. 
  
   

You may want to ask:

• Have you dealt with shared ownership purchases before?
• What are your fees and what’s included?
• Are you approved by my mortgage lender?
• How will you communicate with me and how often?
   

Your solicitor:

• Reviews the contract and lease.
• Carries out property searches.
• Liaises with your mortgage lender.
• Raises enquiries with the seller’s solicitor.
• Explains the legal paperwork.
• Manages exchange and completion. 

It’s important to stay in regular contact and ask questions if anything is unclear.
 

You’ll usually need to:

• Arrange contents insurance from exchange.
• Inform your local council about council tax.
• Confirm key collection arrangements.
• Ask for manuals and guarantees to be left at the property.
   

Yes, this is known as staircasing. Most shared owners can staircase up to 100%, although in some cases the maximum share you can own is 80%. We have a Staircasing team that you can contact on 01392 814 637 (option 1) or buymoreshares@livewest.co.uk that can help with any questions. 

If your lease term drops to around 85 years or less, you may need to consider extending it. Short leases can affect mortgage availability and resale value. Your solicitor or mortgage adviser can advise.