Download 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:
2.14 Homes are allocated on a first come, first served basis to Shared Ownership applicants providing that they meet the relevant eligibility and affordability criteria.
2.15 We will base the allocation on: (a) Receiving the Livv Homes application
(b) At Point of Full Mortgage (if you are using a mortgage) sign off. This will involve you providing all required documents, including a valid Agreement in Principle. Or on cash funds being evidenced
Application Surplus Income:
2.16 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.