Buying a resale Shared Ownership home

Shared Ownership lets you buy a share of a home and pay rent on the remaining share. Below is everything you need to know about buying a resale Shared Ownership home.

1. Eligibility requirements

To purchase a Shared Ownership resale home, you must meet Homes England eligibility criteria, which include:

• Have a gross household income of less than £80,000 per year.
• Be unable to buy a suitable property for your needs on the open market.
• Have enough savings or access to sufficient funds (such as a gift), to put towards your deposit, and any other purchasing costs such as moving costs and legal fees.
• Not currently own or have interest in another home (although we will consider those who are sold subject to contract).
• You must complete an affordability assessment through a regulated mortgage broker experienced in Shared Ownership.

This ensures the share you purchase is affordable and sustainable long term. You may also need to meet local connection criteria, such as living or working in the area.
 

2. Viewing the home & making an offer

All resale homes are marketed through an estate agent. The agent will:

• Arrange and conduct property viewings.
• Complete initial eligibility checks before progressing an offer.
• Present any offers to the seller.
• Direct the chosen applicant to LiveWest’s application link once the seller approves the offer.

This helps ensure all applicants meet Shared Ownership criteria before progressing.
 

3. Applying for the home

On receipt of your application form we will contact the seller and estate agent for confirmation that they wish to proceed with your application and the agreed share price. 
Once the seller/agent have confirmed that we can proceed with your application we will contact your chosen broker and request that they complete the assessment pack. 
For your affordability assessment, you will be required to evidence:

• Incomings.
• Outgoings.
• Identity.
• Deposit funds.
• Local connection if applicable.

For further information about the information required as part of your assessment, please see our How to Apply brochure here.
Your broker should send the completed assessment pack back to LiveWest for approval. 
 

Who does what in the Homebuying Process?

What could affect your application?

We will always do our best to support you through the Shared Ownership process, but there are some situations where your application might not be approved. This could happen if:

• You do not meet the eligibility criteria for Shared Ownership or pass the affordability checks.
• We are unable to process your application as it does not meet LiveWest’s policies.
• The documents or information required have not been provided.

If you would prefer to buy a share that is different from the one that we've assessed is affordable, either higher or lower, please provide us with a reason.  Without a clear explanation, LiveWest might offer an alternative share or may not be able to progress your application.

4. Buyer approval

LiveWest must approve every Shared Ownership resale purchaser before the sale can progress.
Approval includes:

• Reviewing your assessment pack from your broker.
• Reviewing supporting documentation.
• Requesting additional information from your broker (if required).

We aim to confirm approval within 10 working days, provided all required information is received. 
Once LiveWest has approved your application, we will contact you to obtain your solicitors details so we can produce the memorandum of sale. 
 

5. Legal & completion process

Once the memorandum of sale has been issued, the main steps that LiveWest are involved in include:

• Issuing the LPE1/Management pack (fees apply).
• Reviewing and approving the mortgage offer (if applicable).
• Assisting with responses to solicitor enquiries.
• Providing the statement of account to the solicitors so that apportionments of the charges can be dealt with. 

Your solicitor will guide you through all legal responsibilities and agree a completion date with the sellers solicitor and notify you when everything is finalised. The hand over of the keys should be dealt with by the estate agent or solicitor. 
 

6. Costs you need to consider

• Rent on the share you do not own
• Service charges (including any sinking fund) 
• Mortgage repayments on the share you purchase (if applicable)
• Solicitor fees 
• Valuation or mortgage fees (if applicable)
• Lease extension (a shorter lease may affect mortgage availability and future resale) 

Your Key Information Documents (KID’s) and Service Charge Information Document (SCID) will break down all relevant charges.

Your guide to Shared Ownership costs. 
 

7. Key documents you will receive

• Key Information Documents (KID’s) – outline all essential costs and terms.
• Service Charge Information Document (SCID) – details service charges.
• Lease – which will be sent by your solicitor.

Ensure you read the above documents before committing to the purchase, and speak with your solicitor if you have any questions.