Lease extension
To extend the lease on your shared ownership property, please contact our Leasehold Team at Leasehold@vividhomes.co.uk for guidance and assistance.
The lease extension process involves submitting a formal request, paying associated costs and fees, and entering into a lease extension agreement. For detailed information and assistance, reach out to our Leasehold Team at Leasehold@vividhomes.co.uk.
Yes, there are certain eligibility criteria and requirements for lease extensions. Contact our Leasehold Team at Leasehold@vividhomes.co.uk to discuss your specific situation and determine your eligibility
A valuation for a Lease Extension is much more complicated & time consuming to calculate than a normal valuation.
No you wouldn’t be able to use your RICS Valuation however you may be able to use the same surveyor to calculate a Lease Extension Valuation at a slightly reduced price.
Your valuation will determine the premium for the lease extension. We're unable to confirm any estimates as it can vary.
Our legal fees will be approximately £550 +VAT for a voluntary lease extension. Our legal fees will be higher under a statutory lease extension due the additional work required.
As you own the lease you will need to pay the full costs of extending your lease.
This’ll be dependent on a number of factors including whether you are selling the property.
Your lease length will influence the value of your property & can make selling your property harder as Mortgage providers are unlikely to lend on properties with shorter leases.
This would not be possible. The standard term of 90 years will be added to the remaining years on your lease.
Yes this is possible, you can ask your solicitor for advice on this.
