LiveWest Adopts Shared Ownership Code: What London Landlords Need to Know

What Has Happened?

LiveWest, a major housing provider, is the first to officially sign up to the New Homes Quality Board’s Shared Ownership Code. This code sets out clear standards around marketing, selling, and managing shared ownership homes, aiming to improve transparency, service quality, and customer protection across the UK.

Why It Matters to London Landlords

Shared ownership remains a significant tenure type, especially in London where affordability challenges persist. Many private landlords either hold shared ownership homes themselves or work alongside housing providers and letting agents dealing with these properties. LiveWest’s move signals a likely trend towards stricter standards and clearer obligations for all parties involved in this tenure.

Key Obligations Under the Code

• Transparency: Clear, easy-to-understand information on costs, responsibilities (including service charges and staircasing), and processes must be provided upfront.
• Customer Service: Robust complaint handling and customer support aligned with regulatory expectations.
• Marketing & Sales Practices: Advertising and sales materials must be honest and compliant with the code’s guidelines.

Practical Implications for Different Landlord Profiles

• Single-Unit Landlords: If you rent out a shared ownership property, ensure your tenant communications reflect the code’s transparency standards. Clarify any service charge or repair responsibilities in tenancy agreements.
• HMO Landlords: While less common in shared ownership, if you manage such properties, review how shared ownership rules intersect with HMO licensing and compliance.
• Portfolio Landlords: Review your portfolio for any shared ownership units. Audit marketing materials and tenant communications to align with the code. Engage with managing agents to confirm they follow these standards.
• Accidental Landlords: If you inherited a shared ownership property, seek advice to understand your obligations under the code and how it affects your landlord responsibilities.

What You Should Do Now

1. Familiarise Yourself with the Shared Ownership Code: The full code is available via the New Homes Quality Board website. Understanding its requirements is key.
2. Review Your Communications and Processes: Check your marketing materials, tenancy agreements, and tenant information packs for clarity and completeness.
3. Engage with Managing Agents or Housing Providers: Confirm they have adopted or plan to adopt the code, and understand how this affects your property management.
4. Seek Legal or Regulatory Advice: For complex situations, especially involving staircasing or service charge disputes, get professional advice to ensure compliance.
5. Monitor Sector Developments: LiveWest’s adoption may prompt wider uptake. Stay alert to announcements from other housing providers and regulators.

Benchmarking Without Specific Figures

The code does not specify exact cost caps or service charge limits. Landlords should benchmark charges locally by comparing with similar shared ownership properties in London using data from local housing associations or the GLA’s housing reports.

How Rentals & Sales Can Support You

Our team offers tailored portfolio reviews to identify shared ownership properties and assess compliance risks. We provide compliance audits focusing on marketing materials and tenant communications, helping you align with the code’s standards. Additionally, we advise on pricing and service charge benchmarking to optimise your shared ownership units within the London market.

Compliance Disclaimer

This article is for informational purposes and does not constitute legal advice. Landlords should consult qualified legal professionals or the relevant regulatory bodies for guidance specific to their circumstances.