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Your lease agreement is a legal contract between the landlord and you, the leaseholder, under which you are granted access to the property for a certain amount of time. There are conditions attached to this agreement regarding how and by whom the property may be used.
Your lease document outlines this agreement and tells us:
If you are selling your home or buying a bigger share, we will need to check the details of your lease and keep a copy for your records. We usually obtain a copy your lease from the HM Land Registry. However, if you already have a copy, you can speed up the process by sending it to us.
If your property has a short lease - less than 85 years remaining - it can be difficult to get a mortgage on the property, which can make it difficult to sell or buy more shares. We recommend speaking to your financial advisor or solicitor to understand whether your remaining lease term suits your needs.
If you have a short lease, when you come to get a valuation from a RICS surveyor, we recommend paying a bit extra and requesting a combined valuation and lease extension report, so you can find out how much it would cost to extend your lease.
If you’re a Shared Owner looking to sell or buy more shares and you’re not sure what your lease term is, please contact us and we can help:
Selling your home: contact resales@soresi.co.uk
Buying more shares: contact aftersales@soresi.co.uk
This 3 minute video explains the lease extension process:
If you prefer, our PDF guide explains the lease extension process: