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Shared Ownership - Lease
shared_confusion
Posts: 2 Newbie
Hi All,
I am in the process of buying 50% of a shared ownership house with a housing charity .
The house is not a new build and the current 50% owners have been in the property since 1975.
The lease between the current 50% owners and the housing charity is now at 55 years and it has been agreed for a surrender and re grant of the existing lease to take place with the new term set to 99 years.
I have however accessed the land registry documents and the freehold is not owned by the charity and a ground rent charge is payable each year of £18.00 to others. The lease terms of this are at the same 55 years remaining.
My question is will this be extended at the same time ? or if this requires extending who is responsible for the cost in extending the lease with the freeholder.
From information online, as i would not own 100% of the property i would be unable to extend the lease with the freeholder ?
Thank you in advance.
I am in the process of buying 50% of a shared ownership house with a housing charity .
The house is not a new build and the current 50% owners have been in the property since 1975.
The lease between the current 50% owners and the housing charity is now at 55 years and it has been agreed for a surrender and re grant of the existing lease to take place with the new term set to 99 years.
I have however accessed the land registry documents and the freehold is not owned by the charity and a ground rent charge is payable each year of £18.00 to others. The lease terms of this are at the same 55 years remaining.
My question is will this be extended at the same time ? or if this requires extending who is responsible for the cost in extending the lease with the freeholder.
From information online, as i would not own 100% of the property i would be unable to extend the lease with the freeholder ?
Thank you in advance.
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