Once you’ve bought your new shared ownership property, you’ll be what’s known as a leaseholder. This means that you have the right to occupy a property for a set period which is written in your lease agreement but do not own the building itself.
However, some properties may always be leasehold (this typically applies to apartments where there are communal grounds and communal services provided or where the freehold is owned by a local authority.
Your lease is the legal contract which sets out yours and our legal rights and responsibilities.
If you need help understanding the terms of your lease, please contact us.
This is known as ‘staircasing’ – when you choose to buy some or all of the remaining shares in your property.
You'll need to cover the cost of RICS valuation and you'll need to seek independent legal advice if you wish to proceed.
You’ll also need to have the funds to complete the transaction and a mortgage agreed in principle.
If you think you might need a lease extension because yours has less than 80 years left, please contact one of our leasehold officers who’ll be happy to help you.
It can be costly to extend your lease so it’s best that we work with you to understand your personal circumstances before exploring this route.
If we own the freehold of your property, you'll be able to extend your lease by the existing terms plus 90 years. If we don't, this may not be possible.
If you’re thinking about selling your property you’ll need to get in touch with us and let us know. We’ll send you a re-sales pack which has lots of useful information on selling your shared ownership property.
The new model shared ownership lease gives you £500 per year to use towards the cost of general repairs. You’re still responsible for getting these repairs done to your home but you’re able to make a claim for up to £500 towards the cost of your repairs.
If you live at any other shared ownership scheme, please refer to the leasehold handbook below.
Your handy leaseholder handbook
We've created a leaseholder's handbook which should answer any questions you might have on your shared ownership property