All shared ownership homes are sold as leasehold, even houses, and you may find that you need to extend the term of your lease. This is because a short lease can affect the value of your home and can make it more difficult to sell or get a mortgage on the home.
It can be significantly more expensive to extend a lease once it falls below 80 years so we would recommend you contact at least a few years before that so we can advise further. If you need to extend your shared ownership lease, there will be costs in order to do this. These costs vary from property to property and the term left on the lease, however, our Resale & Staircasing team will be able to advise further on this.
More information on shared ownership and lease extensions can also be found here.
Note: The information currently provided reflects existing legislation. The Leasehold and Freehold Reform Act 2024 is now law. Although it's not in effect yet, it will bring changes to the rights of leaseholders. Here’s a snapshot of what to expect:
Lease Extensions: Once the Act is enforced, extending your lease could become more affordable, especially for leases under 80 years.
Marriage Value Abolition: The Act will abolish marriage value, which could make lease extensions cheaper for some leaseholders.
Implementation: The timing and stages for implementing the Act will be decided by the next government over the coming months and years. In the meantime, the current leasehold laws remain unchanged. For personalised advice and guidance, we recommend consulting a legal professional to explore your options. For more details, visit: UK Government News on Leasehold Reforms HomeOwners Alliance Guide on Leasehold Reform
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