Shared Ownership Policy
View our Shared Ownership policy here.
Within our policy you can find information on our reservation process, but here is some key information:
First Come First Served:
2.16 Homes funded through the programmes are allocated on a first-come, first-served basis to Shared Ownership applicants, providing that they meet the relevant eligibility and affordability criteria. The exception to this is for qualifying Armed Forces personnel, serving military personnel and former members of the British Armed Forces discharged in the last 2 years.
2.17 For Shared Ownership homes funded through the SAHP we now offer the full range of initial shares (10% to 75%) on a minimum of 25% of the homes within each development or phase.
2.18 Once this 25% is reserved, we may adjust minimum shares on the remaining homes to meet the assumed sales revenue in the scheme appraisal. Applications will continue to be considered on a first-come, first-served basis unless one of the prioritisation criteria applies.
2.19 We will base the allocation on:
(a) Receiving the Livv Homes application
(b) At Point of Full Mortgage (if applicants are using a mortgage) sign off. This will involve applicants providing all required documents, including a valid Agreement in Principle, or on cash funds being evidenced.
Application Surplus Income:
2.20 Applicants are required to have a minimum of 10% of net income after commitments and housing costs remaining at the end of each month following the assessment of all elements of their income and expenditure.
(A) Gross income
(B) Less gross deductions (tax, National Insurance, student loan, etc.)
(C) Less known commitments (loans, credit cards, childcare, etc.)
(D) Less housing costs of the Shared Ownership purchase (rent and service charges)
(A – B – C – D) = income available to support a mortgage, other essential expenditure (identified through a budget planner) and to meet the provider’s surplus income policy.