Shared Ownership - Extending your lease
The legislation which allows long leaseholders to purchase an extension to their lease is the Leasehold Reform Housing & Urban Development Act 1993. Shared Owners do not have a statutory right under this Act to extend their lease until they own the full 100% share of the property.
Milton Keynes Council appreciates that Shared Ownership leases are reducing in term and as such will become increasingly more difficult for the owner to re-mortgage or sell their share. Therefore MKC have developed their own procedure to allow Shared Owners to pay to extend their lease in the same way that a long leaseholder with a 100% share can.