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 new home repairs, known as a end of rectification period.
New home repairs 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, your purchaser will need to be financially assessed to ensure that they are eligible for shared ownership and that they can sustain the cost of homeownership, this may mean that we will not be able to approve all interested parties.
When you decide to sell your share, you will need to obtain an independent valuation by a RICS chartered surveyor, who will determine the value of your property. You will need to complete a property information form and provide this to us with the valuation, Energy Performance Certificate (EPC), property description and photographs.
Once these have been received and we have carried out our internal checks, we will advertise your property on our website and depending on the type of funding used to build your property with the Help to Buy Agent or Zoopla. You are able to use an Estate Agent if you wish to help sell your property. You are liable for the costs associated with selling your property, these can include the cost of the valuation, EPC, administration fees, estate agent fees and legal fees.
Lots of useful information can be found at https://www.livewest.co.uk/my-home/for-existing-shared-ownership-customers/moving-on-a-guide-to-selling-your-home For more information, email firstname.lastname@example.org or call on 01392 814637 option 2.
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. Location and site maps are for guidance only. 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:
Information in LiveWest sales brochures:
Key Features section of brochure
*Shared Ownership specification is fixed, and non-negotiable. LiveWest continually review and update the specification and therefore reserves the right to change specification details. For full details regarding the current specification and finish please speak to the sales consultant.
Floor plans section
Floor plan for illustration purposes only. Layout of walls, doors, window fittings and appliances are shown conventionally, and are approximate only and cannot be relied upon. We hope these plans will assist you by providing you with a general impression of the layout of the accommodation. The plans are not to scale nor accurate in detail. Window and external door configurations vary on selected plots - please consult with the Sales Consultant for details of your chosen property prior to reservation.
"Prices and rent figures shown are correct at the time of going to print. Service charge figures shown are estimates only and may be subject to revision or change. Floor areas shown are estimates only and should not be relied up on when ordering flooring and/or furnishings. Although every care has been taken to ensure the accuracy of the information given, the contents do not form part of, or constitute a representation warranty, or part of any contract. Please ask the Sales Consultant for further and latest information."
The development layout does not show details of gradients of land, boundary treatments, local authority street lighting or landscaping. It is our intention to build in accordance with this layout, however there may be some occasions when the house designs, boundaries and landscaping positions of roads and footpaths change, as the development progresses. Please consult with the Sales Consultant for details of your chosen property, prior to reservation. Information is correct at time of going to print. LiveWest has a policy of continuous improvement, and reserves the right to change specification details, designs, floor plans and site plans at any time.
"LiveWest has a policy of continuous improvement and reserves the right to change specification details, designs, floor plans and site plans at any time. Any computer generated images depict a typical future street scene of the development once completed. Misrepresentations Act 1967, Unfair Trading Regulations 2008 and Misleading Markets Regulations 2008. These particulars are intended as a guide only and do not constitute any part of an offer or contract. While particulars are prepared in good faith, no responsibility is accepted as to their accuracy or for any other error, omission or mis-statement made by LiveWest, people in their employment or their agents whether in the course of negotiation, in these particulars or otherwise. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBT SECURED ON IT. Credit is secured against your home.