Lease extension
Q: How can I extend the lease on my shared ownership property?
A: To extend the lease on your shared ownership property, please contact our Leasehold Team at Leasehold@vividhomes.co.uk for guidance and assistance.
Q: What is the process for extending the lease on my shared ownership property?
A: 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.
Q: Are there any eligibility criteria or requirements for extending the lease on my shared ownership property?
A: 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
Q How many years are remaining on my lease?
A Your lease will be able to provide this information for you. It will have a commencement date the term of the lease
Q Can my buyer apply for the lease extension?
A lease can only be extended by the person who owns it. The buyer would need to liaise with the owner to see if they would be willing to extend the lease. If not, VIVID would be willing to offer a voluntary lease extension to the buyer. This will enable them to extend the lease straight away once they’ve completed the sale. Under a statutory lease extension, an owner will need to have owned the property for at least 2 years before they can extend it.
Q Why is the valuation fee so high?
A valuation for a Lease Extension is much more complicated & time consuming to calculate than a normal valuation
Q Can I use my RIC’s valuation report for a lease extension?
A 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
Q How much will my lease extension cost?
A Your valuation will determine the premium for the lease extension
Q How much are your legal fees?
A 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.
Q I own a shared ownership property. Can I pay 50% of the lease extension premium.
A As you own the lease you will need to pay the full costs of extending your lease
Q How long will it take to extend my lease?
A This’ll be dependent on how quickly your solicitor acts but generally within 12 weeks.
Q I’m selling my property. Can the lease extension fees be negotiated?
A Yes this is something that you can negotiate in the selling price with your buyer
Q What will happen if I choose not to extend my lease?
A 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, unless you can find a cash buyer it’s unlikely you could find a buyer if your lease length falls below 80 years.
Q To reduce the costs – can you add a smaller term onto the lease?
A This would not be possible. The standard term of 90 years will be added to the remaining years on your lease.
Q I am selling my property, can I do a lease extension at the same time?
A Yes this is possible, you can ask your solicitor for advice on this.
