Buying a property at 100% from a seller who is on shared ownership scheme

FrenchPinkLady

eddddy said:

FrenchPinkLady said:

Sadly I haven't seen anything on the lease making a difference fot someone owning the flat at 100%.
I'm a bit perplexed on how it can be the same rules especially when it comes to renting the flat (provided you've got the agreement of your mortgage lender of course) and owning other properties in the UK or abroad.
How could that be so restrictive?
Anyone who has been on this case before?

And thank you for your help above and for the other comments to come

What is the name of the housing association?

Hi eddy,
It's Southern Housing. 

FrenchPinkLady

SDLT_Geek said:

FrenchPinkLady said:

Hello everyone, 
I am in the process of purchasing a flat at 100% but the person who owns it is in a shared ownership scheme. They will staircase to 100% to be able to sell me the property in full.
Obviously they have a shared ownership lease but the clauses of the lease are extremely restricted (no alteration, no pets without prior consent, no right to own another property in the UK or abroad).
I've been told that in this case, they only transfer the existing leasehold to the new buyer (it's basically just a change of name).
How is it possible when it's 2 different situations? Anyone has been in this case before? Any advice on how it works would be really great. Thank you in advance for your help! 

If you are good at reading legal documents, then you would want to get a copy of the lease, as that would answer most of your questions.

I understand that many shared ownership leases follow a fairly similar format.  For an example, see the first lease linked from  (the AHP 2021 - 2026 shared ownership flat lease with a CPI based rent review).

If you look at page 33 you will find Schedule 6 (Staircasing provisions) and para 2.3 which tells you which of the lease provisions are "switched off" once the lease is 100% staircased.

Hi SDLT Geek,
I have a copy of the shared ownership lease. I did not see such clause. I'll review again, thanks for the tip. 

Bookworm105

FrenchPinkLady said:

Thank you for your comments. 

@Bookworm105 do you know a bit more how it works?
I know that the seller is going to staircase at 100% at the time of the sale. However, I would be interested to know more about how to get the "new lease".
My solicitor told me they'd just do a transfer of the actual which for me doesn't make any sense. He said he was used to staircasing and that it's going to be the exact same lease. I'm not sure he's trying to represent my best interests here.

Anyone who has been in this situation and who knows how it works with the lease and if there will be a new one with less restrictive clauses?

Thank you all for your help so far 

sorry, by ("new") lease I simply meant the existing lease will be in your name and may. or may not, have clauses which no longer apply, ie those relating to it being a shared ownership