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    • Runningmad
    • By Runningmad 16th Sep 19, 8:54 PM
    • 20Posts
    • 2Thanks
    Runningmad
    Shared ownership, leasehold /freehold
    • #1
    • 16th Sep 19, 8:54 PM
    Shared ownership, leasehold /freehold 16th Sep 19 at 8:54 PM
    Hi.
    I understood depending on the development when you got to 100% ownership the leasehold is transferred and you own the freehold. Now I've just read all shared ownership are leasehold only.
    Does anyone know about this or have information. As I'm really put off if it is leasehold only. Any views or opinions received with thanks.
Page 1
    • deannatrois
    • By deannatrois 16th Sep 19, 9:09 PM
    • 6,313 Posts
    • 8,890 Thanks
    deannatrois
    • #2
    • 16th Sep 19, 9:09 PM
    • #2
    • 16th Sep 19, 9:09 PM
    I think its a question you'd need to ask of any developer of a shared ownership property you was interested in. My understanding is yours, i.e. leasehold until you own 100% but best to ask and read he paperwork very carefully.
    • HanPop
    • By HanPop 16th Sep 19, 9:41 PM
    • 75 Posts
    • 42 Thanks
    HanPop
    • #3
    • 16th Sep 19, 9:41 PM
    • #3
    • 16th Sep 19, 9:41 PM
    We bought out the rest of our shared ownership property so we own 100% and then they transferred the freehold to us. You need to read the lease but it was my understanding that this is what normally happens.
    • davidmcn
    • By davidmcn 16th Sep 19, 10:02 PM
    • 13,116 Posts
    • 14,908 Thanks
    davidmcn
    • #4
    • 16th Sep 19, 10:02 PM
    • #4
    • 16th Sep 19, 10:02 PM
    Now I've just read all shared ownership are leasehold only.
    Originally posted by Runningmad
    Where have you read it?
    • bouicca21
    • By bouicca21 16th Sep 19, 10:26 PM
    • 4,639 Posts
    • 7,465 Thanks
    bouicca21
    • #5
    • 16th Sep 19, 10:26 PM
    • #5
    • 16th Sep 19, 10:26 PM
    Is it a flat or a house?
    • G_M
    • By G_M 16th Sep 19, 10:44 PM
    • 49,614 Posts
    • 61,601 Thanks
    G_M
    • #6
    • 16th Sep 19, 10:44 PM
    • #6
    • 16th Sep 19, 10:44 PM
    Where have you read it?
    Originally posted by davidmcn
    perhaps
    https://www.helptobuy.gov.uk/shared-ownership/

    With Help to Buy: Shared Ownership you can buy a newly built home or an existing one through resale programmes from housing associations. You’ll need to take out a mortgage to pay for your share of the home’s purchase price, or fund this through your savings. Shared Ownership properties are always leasehold.
    • eddddy
    • By eddddy 17th Sep 19, 2:32 AM
    • 8,534 Posts
    • 8,820 Thanks
    eddddy
    • #7
    • 17th Sep 19, 2:32 AM
    • #7
    • 17th Sep 19, 2:32 AM
    Hi.
    I understood depending on the development when you got to 100% ownership the leasehold is transferred and you own the freehold. Now I've just read all shared ownership are leasehold only.
    Does anyone know about this or have information. As I'm really put off if it is leasehold only. Any views or opinions received with thanks.
    Originally posted by Runningmad
    Assuming it's a house (as opposed to a flat), everything you say is potentially correct.
    • Whilst you own less than 100%, it is shared ownership, and leasehold.
    • After you staircase and own 100%, it is no longer shared ownership, so the freehold can be transferred to you.

    But you need to check the details of the specific shared ownership scheme you are interested in, to make sure it works that way.

    (And if it's a flat, you can't own the freehold, so even if you own 100%, it will still be leasehold.)
    • Runningmad
    • By Runningmad 17th Sep 19, 7:03 PM
    • 20 Posts
    • 2 Thanks
    Runningmad
    • #8
    • 17th Sep 19, 7:03 PM
    • #8
    • 17th Sep 19, 7:03 PM
    Thank you for the replies.

    Yrs it would be a house

    I read it yesterday in an article that the government are changing the stair casing to 1% increments. It said all shared ownership are leasehold.

    The newest development in our area stated leasehold even when 100% is reached.

    I really hope its not the case for all future developments.
    • kingstreet
    • By kingstreet 18th Sep 19, 7:50 AM
    • 35,516 Posts
    • 19,419 Thanks
    kingstreet
    • #9
    • 18th Sep 19, 7:50 AM
    • #9
    • 18th Sep 19, 7:50 AM
    Some HAs/RSLs do not offer the freehold when staircasing to 100% on a SO house.

    There are no hard and fast rules; so you should check each freeholder's position.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • rachel230
    • By rachel230 18th Sep 19, 8:36 AM
    • 73 Posts
    • 40 Thanks
    rachel230
    If you are buying a house in a new build estate, it may very well be fleecehold rather than true freehold. In other words, deeply embedded in your contract you could have unregulated and ever increasing estate service charges to pay including things like drainage, lighting, road maintenance etc if the council does not adopt the estate (which is becoming more and more common). Also you may well have to pay hefty permission fees for any changes you make to your home.
    Read up on fleecehold.
    Above all use your own specialist solicitor and NOT one recommended by the house builders no matter what incentives they offer you to do so.
    Join the National Leasehold Campaign Facebook group if you need to enquire further.
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