Buying a home through Shared Ownership means you’ll have some upfront costs and ongoing payments. Here’s what to expect:

Upfront Costs

  • Reservation Fee
    Paid when you reserve your home.
    • What it covers: Secures your property (non-refundable after offer accepted).
    • Typical cost: £50–£500
    • This amount is deducted from your rent account when you complete your purchase.
  • Deposit
    Paid at exchange of contracts.
    • What it covers: Your contribution towards the share you’re buying.
    • Typical cost: 5–10% of your share value
    • Exact amount depends on your lender and share size.
  • Solicitor & Legal Fees
    Paid during the buying process.
    • What it covers: Legal work, searches, conveyancing.
    • Typical cost: £800–£1,800+
    • Costs vary by solicitor.
  • Stamp Duty
    Paid on completion (if applicable).
    • What it covers: Government tax on property purchase.
    • Typical cost: Varies

 

Monthly Costs

  • Mortgage Payments
    • What it covers: Repayments for the share you own.
    • Typical cost: Varies by lender, interest rate, and share size.
  • Rent on Unsold Share
    • What it covers: Rent on the share still owned by LiveWest.
    • Typical cost: Around 2.5–2.75% of unsold equity per year
    • Reviewed annually. 
  • Service Charge
    • What it covers: Communal maintenance, insurance, cleaning, gardening.
    • Typical cost: £50–£250 per month
    • Details provided in the Key Information Document.
  • Utilities & Council Tax
    • Such as: Gas, electricity, water, broadband, contents insurance, council tax.
    • Typical cost: Depends on usage and tariff with supplier.
    • Paid directly to suppliers or council.

 

Additional Fees You May Encounter

When buying, selling, or making changes to your Shared Ownership home, some administrative fees may apply and will be payable to LiveWest:

Property Information Leasehold Property Enquiries Form (LPE1)

  • Shared ownership house (no communal services): £60
  • Shared ownership/freehold house (with communal services): £96
  • Shared ownership/leasehold flat: £144
  • Properties where communal services are managed by a separate company: £60
  • Further LPE1 question: £60

Legal & Administrative Requests

  • Processing/receipting Notice of Transfer or Charge: £36
  • Providing Certificate of Compliance: £36
  • Processing Deed of Covenant: £36
  • Processing/approving Deed of Variation: £180
  • Removing a restriction (RX4): £60
  • Lease extension (voluntary): No fee
  • Surveyor visit for major works: £60

Consents

  • Other consents under lease (pets, minor improvements): No fee
  • Consent to sub-let: £90
  • Deed of postponement for equity loans: £60
  • Transfer between joint/sole names: £36
  • Further advance, mortgage or remortgage: £120

Copies of Documents

  • Buildings insurance schedule: Free (available online)
  • Copies of documents we hold (e.g., lease): Free
  • Copies from Land Registry: Free

 

Selling Your Home with LiveWest

Upfront Costs

  • EPC
    Paid for prior to marketing your home (if applicable) 
    • What it covers: Energy performance certificate which is a legal requirement when selling. 
    • Typical cost: £60 - £120 (costs vary depending on assessor)
  • Estate agents fees
    Paid during and on completion of the sale 
    • What it covers: Marketing of your home, viewings, sales progression through to completion (service offered will depend on the chosen estate agent).
    • Typical cost: £2518.80 (including VAT) if Countrywide are used as the agent, otherwise fee will vary depending on estate agent chosen. 

 

Buying more shares with LiveWest

  • Valuation fee – varies per provider.
  • Legal fees – varies per provider.
  • Staircasing administration fee £300 – unless we are offering a time limited incentive.
  • Fee for the drafting of the Transfer (only applicable to Freehold sales) £300.