Shared ownership: Terms and Conditions
Repairs and Maintenance:
As a shared owner, you are responsible for all maintenance and repairs to your home. Most new build properties will have a period under which the developer will resolve defects, known as a defect period. Defects are not general wear and tear, or the house settling. The date that is covered is usually twelve months from when the properties were handed to LiveWest, and you may not benefit from this full period.
Should you wish to make additions and improvements to your home, you will need the prior written consent of LiveWest. You should be aware that not all alterations constitute improvements, particular where they are to personal taste, or like-for-like (similar) replacements to already functional facilities, and therefore you are not guaranteed to see a return on any investment made by alterations you make.
Subletting (renting the property out) is prohibited. However, if you feel that you may have extenuating circumstances, you should talk to us first, or you will be in breach of your lease and at risk of losing your home. Your lease allows you to borrow extra money against your property only to;
- Change or transfer the names on your mortgage
- Buy more shares in your property
- Make essential repairs to your home that are not improvements
- You may not re-mortgage to pay off debts or to buy goods.
Buying extra shares
You can buy further shares at any time following completion, this process is called ‘Staircasing’. A RICS (Royal Institute of Chartered Surveyors) registered valuation report is required in order to agree the open market value of the property at the time of the request and you are responsible for the cost of this valuation. Share will be calculated in relation to that valuation. Once you purchase additional shares your rent will decrease as you own more of the property. The rent % calculation however will remain the same. You can buy a minimum of 10% each time you buy further shares. Administration and legal costs will apply. In some cases, however, your lease will cap the maximum share you can purchase through Staircasing.
All our leases will allow you to buy additional shared in your home, although some in rural areas will be restricted to a maximum amount i.e. 75% or 80%. Should you wish to buy more shares, your lease will set out the minimum and maximum shares you are able to buy.
We can help you to get the correct type of valuation, and when the price is determined by an independent chartered surveyor, you can take this forward with your solicitor.
In most cases, increasing your share will decrease your rent payment. You will be responsible for your own costs, including the valuation fee, legal fees and a small administration fee to LiveWest.
Just give us a call on 01392814637, or use www.livewest.co.uk, to get this process underway.
This is pre-emption, which hasn’t been in place for about four years.
Selling your home
If you choose to sell your share of the property, in accordance with your lease, LiveWest is allowed up to eight weeks to find and approve a suitable purchaser. The purchaser will need to be financially assessed in the same way you were when you purchased your home. This may mean that we will not be able to approve all interested parties. If a purchaser is not found within this timescale you can sell the property on the open market at the valuation price through an Estate Agent. Administration and legal costs will apply.
Should the time come where you wish to put your share up for sale, we will help you to get the correct type of valuation (independent RICS chartered surveyor). You will then be allowed to appoint an estate agent of your choice.
We will ensure any applicants meet the relevant criteria, and you will only pay your valuation fee, estate agent fee and any legal fees (to include EPC).
Just give us a call on 01392 814637, or use www.livewest.co.uk, to get this process underway.
Prices of homes are correct at time of advertisement and can be subject to change. Whilst every attempt is made on the accuracy, floor plans and measurements are for guidance only and are subject to change during construction. Window and door positions may vary from home to home, and some homes may be left or right handed. Please note carpets are not as standard in new shared ownership homes. CGI images are for illustration purposes only. All specification has been agreed as part of the build contract therefore you are unable to choose your kitchen or bathroom finishes for all our shared ownership homes.
Applying for your shared ownership home:
Shared ownership: £500 towards legal fees at Sherford apartments
Reserve one of our brand new shared ownership apartments at Sherford only, and we will offer you £500 towards your legal fees. Subject to a chosen solicitor on LiveWest's approved panel. No monetary or other substitution will be given. Please speak to one of our sales consultants for further information.
Shared ownership: LiveWest will pay your full legal fees and first 6 months mortgage repayments at Topsham
Terms and Conditions apply. Offer ends 31st January 2021. Available on plots 26 and 28 at Topsham only. LiveWest will pay your full legal fees subject to you instructing and using a chosen solicitor from LiveWest's approved panel. LiveWest will pay 6 months of your mortgage repayments capped at £2,000. No monetary or other substitution will be given. Please speak to one of our Sales Consultants for further information.
Shared ownership: LiveWest will pay your full legal fees at Stoke Gabriel
Terms and conditions apply. Offer ends 31st January 2021. Available on plot 27 Stoke Gabriel only. LiveWest will pay your full legal fees subject to you instructing and using a chosen solicitor from LiveWest’s approved panel. No monetary or other substitution will be given. Please speak to one of our Sales Consultants for further information.