Extend My Shared Ownership Lease

Extending your lease

When the original shared ownership lease was entered into on your home this was typically for 99 or 125 years.   

The value of the property can reduce when there are fewer than around 80 years left on the lease.

This can make it difficult to remortgage or sell a property.

 

Can I extend my lease?

There is no statutory right to extend a shared ownership lease. We will consider granting  extensions on a shared  ownership lease on a voluntary basis if:

  • You have a shared ownership lease with Muir
  • You are not in breach of your lease. (Rent arrears for example )
  • There are less than 70 - 80 years left on your shared ownership lease.

 

What if Muir don't own the freehold of my home?

If Muir do not own the freehold of your home there may be a head lease in place. We would need to check the length of the head lease and agree an extension.

 

How long can I extend my lease by?

We can add an extra 90 years onto your lease.

For example, if your lease had 70 years left, the lease extension would mean your new lease would be for 160 years.

 

Will I still pay rent?

Yes  - if you extend your lease you will continue to pay  rent on the share which Muir own.

If you live in a house you may want to consider buying more shares in your home if your lease allows you to buy 100% of the shares and own the freehold of your home instead of extending your lease.

If you live in an apartment and purchase 100% of the shares in your home you will still have a lease.

We recommend you take your own independent legal advice.

 

Costs of extending my lease

You will be responsible for the cost of :

  • The valuation fee to determine the premium
  • Muir’s administration fee – payable on completion
  • The Premium
  • Your solicitor’s fees
  • Muir’s legal fees

If Muir is not the freeholder a freeholders legal and administration fees.

 

How much is the premium?

We cannot give you any advice on how much the premium will be. The valuer needs to confirm this.

The premium will be in proportion with the share you own.

 

How do I apply?

  • You instruct an independent valuer from the Panel of Surveyors (Panel of Surveyors - 2023.pdf [pdf] 162KB ) or obtain a separate Royal institute of chartered Surveyors  (RICS ) Valuation. Estate Agency valuations are not acceptable.

The valuer will ask you to provide a copy of your lease. Your solicitor should have given you this  when you bought the property  or you can obtain a copy from land registry for a small fee

https://www.gov.uk/government/organisations/land-registry

  • Send the valuation report to homeownership@muir.org.uk and complete the form below.
  • We will confirm the premium to you and ask you to confirm you want to go ahead.
  • We both instruct solicitors and our solicitors will prepare the new lease.

 

How long does it take?

The process should take no more than three months.

 

More information

You can find more information about lease extensions on the Leasehold Advisory Service website at www.lease-advice.org

 

Shared Ownership Lease Extension

Note: Questions marked by * are mandatory


*