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Hi,
I have a shared ownership property. I'm in the process of staircasing to 65% share. I have lived in my property 18 years in July. My property valuation is 260,000. My housing association have informed me my lease was created 2003 and have advised to extend the lease before it goes down to 80 years due to the marriage value and the cost of extending the lease will be more expensive. Also reading the pack I was sent. As I will not be 100%home owner. It will be done informally and I will also have to cover the housing association solicitors cost as well as my own which is very unfair as it will be an extra 500+vat . Also valuation of over £400
My question is the government will be introducing new lease reform in the future, making lease extensions simpler and more affordable. , would it worth my while waiting a few years for the new lease reform to be introduced my lease will be under 80 years when introduced and does this apply to shared ownership or should I look into extending the lease before 80 year which could cost me roughly 10,000. Speaking to a neighbour that has done this as in the process of selling his property . I'm not position currently to extend the lease.
Many thanks for your help and advice, would be kindly appreciated
I have a shared ownership property. I'm in the process of staircasing to 65% share. I have lived in my property 18 years in July. My property valuation is 260,000. My housing association have informed me my lease was created 2003 and have advised to extend the lease before it goes down to 80 years due to the marriage value and the cost of extending the lease will be more expensive. Also reading the pack I was sent. As I will not be 100%home owner. It will be done informally and I will also have to cover the housing association solicitors cost as well as my own which is very unfair as it will be an extra 500+vat . Also valuation of over £400
My question is the government will be introducing new lease reform in the future, making lease extensions simpler and more affordable. , would it worth my while waiting a few years for the new lease reform to be introduced my lease will be under 80 years when introduced and does this apply to shared ownership or should I look into extending the lease before 80 year which could cost me roughly 10,000. Speaking to a neighbour that has done this as in the process of selling his property . I'm not position currently to extend the lease.
Many thanks for your help and advice, would be kindly appreciated
