Your lease is the document that gives you the right to live in your property for a certain amount of time – usually 99 or 125 years. Once the time remaining on your lease drops under 80 years, the value of your property will begin to decrease and the cost of extending your lease will increase. A shorter lease will make it more difficult to find a buyer for your flat and it may make it difficult to remortgage. For these reasons it’s best to extend your lease before it drops under 80 years.
Although there isn't a legal right for Shared Owners to extend their lease, we know this is something that is important to our customers, and we have an informal process in place for you to follow. If you own 100% of your property you may also choose to use this option. There’s also a formal (or statutory) process outlined for 100% owners, however the fees and charges will be considerably higher. Both lease extension procedures result in a 90-year extension with no further ground rent.
Which process applies to you?
Lease extension guide
Download our full lease extension guide to read the requirements and see which option makes most sense for you.