Extending the lease on a shared ownership

haribostarmix

Hello,

I am wondering if anyone knows whether in a shared ownership property with the housing assocation whether I would be responsible for extending the lease or whether its the housing association. The property is currently only 8 years old but i've had friends tell me that I will probably need to start thinking about extending it within the next few years. This is the first leasehold property I have owned so I am unsure of the requirements.

Thanks in advance

martinsurrey

how long was the lease when you bought the flat?

99 years?

125 years?

haribostarmix

Hello,

It was a 99 year lease that started in 2005.

Thanks

££sc££

you have no statutory right to lease extension as a shared owner although government encourages landlords to give.

with 94 years remaining i pesonally really wouldn't bother. i'm surpised your friends have been telling you to do so already.

formal process is you obtain a valuation and serve a notice on the landlord stating the price offered. landlord then has two months to accept your offer, propose another price or state why cannot use the right (which they may as you have no statutory right)

does your landlord own the freehold? if not, and they are also a leaseholder, say in a block of flats, they won't be able to extend your lease without extending theirs. they can't give you more years on your lease than they have on theirs. my personal thoughts are a lot of hassle and cost for v little benefit.

especially if you are intending on selling within next 10 years