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Shared ownership-lease issue
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Update.We’ve pulled out of the purchased. Over a week with no response from the sellers and the ongoing covid crisis helped us with our decision. We will continue to save and see what happens in the next year or so.Thank you for everyone’s advice.First time buyer- Shared ownership- 13/7 DIP Leeds- soft search- 20/7 told we got house-21/7 instructed solicitor- 27/7 sales memo and full application- 30/7 hard search- 3/8 mortgage declaration sent- 6/8 told valuation complete
13/08 questions from underwriters
17/08 letter to say initial assessment completed.
20/8 Broker says it will be another week until more communication from Leeds.
27/08 Mortgage approved0 -
SEE ABOVE
The original question was posed by someone buying a share in a S.O. house: Ask the conveyancing sols about Section 14 Leasehold Reform Act 1967. The lease enfranchisement provisions of this Act are excluded from Shared Ownership but Section 14 is not. Under Section 14 you can extend your S.O. house lease by 50 years and it costs around £800-£1000 in solicitors' fees. Thanks. Lesley
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