Extending the term of my Shared Ownership lease?

A shared ownership lease typically lasts for 125 years or 99 years from the commencement date in the lease (unless you have a new model lease). Your solicitor should have given you a copy of your lease when you bought the property. You can obtain a copy of your lease from Land Registry by paying a small fee.

The length of a lease goes down over time. If the property is sold the original lease is simply assigned to the new owner rather than a new lease being created. If your lease term falls under 85 years it could affect the value of your property, and you may find it more difficult to sell and secure a mortgage.

For Shared Ownership customers there is no statutory right to a lease extension. We will consider granting lease extensions on shared ownership leases on a voluntary basis where there is less than 85 years remaining on the existing lease.

A RICS surveyor will be instructed to provide a valuation to determine the premium (cost) for the lease extension. You can find help to understand the cost by checking the lease advisory service and calculator here.

When extending your lease, it’s standard practice to pay certain costs upfront and these are non-refundable. You will be asked for the cost of the Valuation report and Bromford's admin fee in advance before we instruct the surveyor.

To apply to extend your lease, please complete the form here, or for more information please visit our guidance for leaseholders page.

We would like to make you aware that we have made a temporary change to our lease extension premium. If you are a Shared Owner with 85 years or fewer remaining on your lease, this change means you may be eligible to receive a lease extension at no premium, when purchasing additional shares in your home. If you are interested in learning more about this, please click here.

 

Further information

We have lease extension guidance documents available, which contain further information.

The guidance differs slightly depending on if you are a Shared Owner, or if you are a 100% leaseholder. Please use the buttons below to view the relevant document for you.