Lease extension on a shared ownership house

austinemerycox

Hi,

We are looking at buying our first house which is a shared ownership property.

The financial details are as follows:

Tenure: Leasehold, 71 years remaining

Full Market Value:£375,000

40% Share: £150,000

Minimum deposit £15,000

Rent: £358.11

Service Charges: £46.54

99 years from 11 December 1992

Our deposit is £22.5k, we have fairly stable credit ratings & some outstanding debt on credit cards/loans, we earn enough to cover the combined mortgage/rent & service charge payments but the main problem we are experiencing is obtaining a mortgage based on the length of the lease remaining.

The question we have is who is responsible for extending the lease?  The housing association that you pay the rent & service charge to? The existing owner? or us as the potential buyers?

I did look on your website about lease extensions but it referred to flats with leases, I wasn't sure if the principle is the same for shared ownership houses or if different rules apply?

kingstreet

The HA will usually extend the lease at each resale.