Extension of 100% Shared ownership

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    Extension of 100% Shared ownership

    Hello,

    We have 62.5% of shared ownership property with 79 years on lease left. If we decide to staircase and buy the remaining 37.5% of the property will we have to wait for two years in order to apply for extension?

    Thank you very much for any advice given.

    #2
    Is it a leasehold house or a flat?
    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
    4. *- Contact info: click on my name (blue-highlight link).

    Comment


      #3
      Originally posted by CpakaKupkopoBa View Post
      Hello,

      We have 62.5% of shared ownership property with 79 years on lease left. If we decide to staircase and buy the remaining 37.5% of the property will we have to wait for two years in order to apply for extension?

      Thank you very much for any advice given.
      Some RSL's I deal with have a set policy and will offer extensions on flats, as well as at the same time of staircasing, by negotiation. Ask...if you dont - you dont get!
      Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

      Comment


        #4
        Originally posted by jeffrey View Post
        Is it a leasehold house or a flat?
        It is a leasehold flat.

        Comment


          #5
          Originally posted by leaseholdanswers View Post
          Some RSL's I deal with have a set policy and will offer extensions on flats, as well as at the same time of staircasing, by negotiation. Ask...if you dont - you dont get!
          Thank you. Do you mean that there is no statutory right for extension at the point of the staircasing?
          As I understand there is a chance to extend a lease without waiting for 2 years. Don't know if it can apply to the purchase of the share of shared ownership property. The seller (Housing Association in the case of staircasing) begins the legal process to extend the lease, but assigns the right to the incoming leaseholder (me), who can complete it when they take ownership.So, instead of having to wait two years to extend a lease, the purchaser can buy an extension straight away.

          Any idea if it can be done with the extension of the lease for shared ownership property at the time of staircasing (purchase of the remaining share).

          Sorry if it sounds unclear.

          Comment


            #6
            Originally posted by leaseholdanswers View Post
            Some RSL's I deal with have a set policy and will offer extensions on flats, as well as at the same time of staircasing, by negotiation. Ask...if you dont - you dont get!
            True, but OP won't have statutory rights to extend until two years after acquiring the remaining %. By s.7(1) of the 1993 Act, a shared ownership lease is not a 'long lease' unless T already owns 100% by staircasing- and holding a long lease for at least two years is a necessary step to exercising statutory rights to extend. In this situation, T has to hope that L will co-operate voluntarily.
            ALTERNATIVE: OP acquires the 100% (+ unextended new lease) then collective leaseholders exercise RTE, as there's no two-year wait then.
            JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
            1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
            2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
            3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
            4. *- Contact info: click on my name (blue-highlight link).

            Comment


              #7
              Originally posted by jeffrey View Post
              True, but OP won't have statutory rights to extend until two years after acquiring the remaining %. By s.7(1) of the 1993 Act, a shared ownership lease is not a 'long lease' unless T already owns 100% by staircasing- and holding a long lease for at least two years is a necessary step to exercising statutory rights to extend. In this situation, t has to hope that L will co-operate voluntarily.
              ALTERNATIVE: OP acquires the 100% (+ new long lease) then collective leaseholders exercise RTE, as there's no two-year wait then.
              Thank you Jeffrey.

              Comment


                #8
                Originally posted by CpakaKupkopoBa View Post
                Thank you Jeffrey.
                My point was to simply ask. There is no right as posted, however many have a set policy to offer extensions ( which saves assuming that you avoid even considering the the statutory route).

                These are cash strapped times and cash flow is very important.
                Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

                Comment

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