Lease Extension Calculator Shared Ownership

We provide a thorough desktop valuation not requiring a visit to the property although in some cases it may be.

Lease extension calculator shared ownership. Lease extension valuations typically cost about 400 to 900 depending on your flat s value. In addition to our free calculator myleasehold offers a variety of leasehold and freehold valuation services and solutions to both landlords and leaseholders depending on your requirements and objectives. As the holder of a shared ownership lease you are specifically excluded from the right to a lease extension under the terms of the leasehold reform housing and urban development act 1993 unless you own 100 of the lease i e. The shared ownership proportion is basically something between you and the housing association.

This lease extension calculator is intended to give the user a rough estimate for the premium payable for a 90 year lease extension under the terms of the leasehold reform housing and urban development act 1993. Full leaseholders not shared owners have a statutory right to a lease extension. Lease and lease extensions with peabody. Lease is governed by a board appointed as individuals by the secretary of state for the ministry of housing communities local government.

A lease is generally considered short when the remaining term falls below 80 years. I believe that from the point of view of the land registry you will just have a long lease with a low premium and a high rent. If the number of years on your shared ownership lease has decreased significantly this is known as a short lease and when this happens the value of the lease reduces. A surveyor will give the best indication of what you should pay for the lease extension.

A shared ownership lease is specifically excluded from this right under the terms of the leasehold reform housing and urban development act 1993 unless the leaseholder owns 100 of the lease. A shared ownership leaseholder of a flat only qualifies for the statutory right to extend their lease as the holder of a long lease if they have staircased up to 100 ownership. More information you might find useful. However we encourage leaseholders to follow the informal route as it s much quicker and cheaper.

The leasehold advisory service lists surveyors who specialise in leasehold. Professional valuation advice is crucial. Law and values used within the calculation are prone to change which will affect the figure given. You ve staircased your shared ownership up to 100.

Generally the shorter the lease the lower the value. My guess is that lease extensions for shared ownership properties are rather rare.