Shared Ownership Terms & Conditions

 

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;
o    Change or transfer the names on your mortgage
o    Buy more shares in your property
o    Make essential repairs to your home that are not improvements
o    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, Sovereign 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 Sovereign 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 01392814637, or use www.livewest.co.uk, to get this process underway.

*Open Market - Buy your way today at Kingfisher Green, Porthgwari and Coast:

*‡Assisted Move is available on selected new Linden homes only. Acceptance is at our sole discretion. We reserve the right to refuse to agree to Assisted Move and we are under no obligation to give reasons why. We will instruct local estate agents to undertake an independent valuation and marketing advice for your current home before we make you a proposal on a marketing price for your home. The realistic sale price may be lower than an initial marketing price and is based on a sale within a specified timescale fixed by us. Reservation fees may vary. Not available in conjunction with any other offer. For full terms and conditions please visit www.lindenhomes.co.uk/assistedmove
*HELP TO BUY – 5% Deposit, 75% Mortgage, 100% Your Home!
All homebuyers could be eligible to this scheme; it is available to all, not just first-time buyers. You’ll need a minimum 5% deposit and the government will lend you up to 20% of the value of your property through an equity loan, which can be re-paid at any time or on the sale of your home. You will only need to secure up to a 75% mortgage from a bank or building society. Maximum home purchase of £600,000. Not available in conjunction with any other financial scheme, please ask for more information, T&C’s apply. Not available in conjunction with any other offer. Please be aware there is a handling fee for Help to Buy legal documents of £180.00 which is non-negotiable.
*PART EXCHANGE 
†Part Exchange is available on selected homes only. Acceptance is at our sole discretion and not all properties are suitable. We reserve the right to refuse to agree to Part Exchange of your current home and we are under no obligation to give reasons why. Part Exchange may not be available in conjunction with any other offer and is also subject to the terms of your Reservation Agreement with us. As a guide, your current home must not be worth more than 70% of the value of your chosen Linden home. Reservation fees may vary. Not available in conjunction with any other offer. For full terms and conditions please www.lindenhomes.co.uk/partexchange

*Shared ownership - Free carpets and £1,000 towards legal fees at Cranbrook:

Offer available on plot 292  and 288 Cranbrook only. Carpets included in the home and £1,000 towards legal fees subject to a chosen solicitor on LiveWest's approved pannel. No monetary or other substitution will be given. Please speak to one of our sales consultants for further information.