Buying A Lease Extension

[Barsel]

I was watching a programme about shared ownership and how difficult it can be to sell your property if you don't have many years left on your lease. As I am in this position, I was wondering how do you go about doing this and is it expensive? TIA

[TonyV]

Barsel it's all up to negotiation

[Buenchico]

This might be relevant:
https://www.campionssolicitors.co.uk/news/shared-ownership-lease-extensions

[Barsel]

Thanks for the link Chris.I don't know if you read it yourself, but it looks like you have to buy a further % of your property which I doubt I can afford. Is this something the Housing Association could help me with or would I have to see a solicitor. I was hoping I might find out about the cost as it's no point pursuing it if I can't afford it.

[Buenchico]

My understanding is that the only way you can guarantee to overcome the potential problems of a lease getting near to the end of its life is to use 'staircasing' to eventually buy out the HA's share of the property. Otherwise any other arrangement will require the voluntary agreement of the HA, so you should start by simply asking them if they'll actually consider extending the lease (as they're not obliged to extend it). Such a request for information shouldn't cost you anything.

If the HA is prepared to consider extending the lease, you can ask them for further information about the potential costs and the process involved. (Again, there should be no need for you to pay anything just to obtain such basic information).

You'll then be in a better position to see if it's worth pursuing the matter any further.