Shared Ownership - Extending your lease

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Please note:  It is essential to take legal advice before deciding to proceed with a lease extension. You should ensure you have sufficient information and advice to decide whether a lease extension is the correct route. The need to extend a lease for saleability and mortgage requirements always needs to be balanced against the issue of whether it is better to purchase further shares.

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.

Request to extend your lease (PDF, 136KB)

Last Updated: 16 August 2016