New Model Shared Ownership Lease

New Model Shared Ownership Lease

The government introduced a new shared ownership model lease in 2021, and the properties built with this funding will become available 2023-2028.

This information is only for customers who purchase a home built through the New Model for Shared Ownership (NMSO). The new model shared ownership applies to shared ownership homes funded under the Affordable Homes Programme (AHP) 2021 to 2026. This will be explained by your solicitor and Sales Consultant, but we have also included a logo on all new model leases:

The new model lease works in much the same way as before, but with a few key changes, including:

• Each lease will have a term of 990 years minimum
• The introduction of a 10-year repairs procedure during which the cost of £500 per year for essential maintenance or repairs can be reimbursed by LiveWest (as long as a TrustMark approved tradesperson is used)
• The minimum initial share that can be purchased may now start at 10%
• The introduction of micro staircasing (1% increments per year) for the first 15 years (with no administration fees).
• Introduction of the Right to Shared Ownership (RtSO) for tenants living in rented homes funded through the Affordable Homes Programme 2021 to 2026 (some restrictions apply and unlike the Right to Buy or Acquire, there are no discounts).

For more information, please see our FAQ’s below as well as our handbook for the New Model Shared Ownership Lease.

Download Handbook

If you have any queries, please contact us.

Repair Assistance

If you have a new shared ownership model lease, while you remain responsible for repairs and maintenance internally (and to any garden/s), the new model lease introduces a repairs procedure. This makes some internal repairs eligible for a contribution from us within the first ten years to a maximum of £500 per year. This is providing they are not covered by the build warranty or any other warranty or insurance. The new model lease also makes LiveWest responsible for the structure of the property for the first 10 years from the start date of the lease. See below for a summary of the repairs assistance offered by the new model shared ownership lease:

Defects Period Repairs:
During the initial one-year defects period (starting from the property’s build date), any issues you encounter should be promptly reported to our dedicated aftercare team by calling 0300 123 8080  or emailing aftercare@livewest.co.uk. They will assist you in addressing repairs and resolving any concerns.

Qualifying Repairs:
Once you move beyond the defects period, LiveWest can provide £500 per annum towards essential “Qualifying Repairs.” The repairs allowance aims to improve quality and is designed to cover the cost of repairs to things that shouldn’t be defective in a new build home, such as fixtures and fittings that supply gas, electricity, or water into your home. Please note that this assistance is available for the first ten years of your occupancy and shared owners will still be responsible for general repairs, maintenance, and health and safety compliance, such as an annual boiler service.

Structural Issues:
If you suspect a structural issue, such as a fault in materials, construction, or design that affects load-bearing components of your new home, don’t hesitate to report it. We may be able to help you claim on the warranty. Additionally, we’ll cover any excess fees associated with resolving such issues.  For more detailed information, click the discover more buttons below.