To apply to extend the lease on your property you must have owned your property for two years. Before you can proceed we would advise you to obtain the services of a solicitor.
Typical costs required to extend a lease (all payable by the applicant). These costs are all subject to change:
Admin Fee: £75 plus VAT
Independent Valuation: £545 - £630 plus VAT
Lease Extension: £800 - £5000
Bolton at Home's Legal Fee: £575 - £750
Building Works Permission Fee (retrospective): £150
If you'd like further information about extending your lease, please contact Bolton at Home on 01204 328000 or email firstname.lastname@example.org.
Sub-letting (renting out) your shared ownership home
You cannot sub-let (rent out) your shared ownership home.
Selling your shared ownership home
You can sell your home at any time.
If you haven’t staircased to 100% of your home at the time of wishing to sell, you will be required to sell your home on a Shared Ownership basis. The buyer will need to meet all relevant eligibility criteria, and will be required to purchase a share equal to or higher than what you currently own.
For all sales Bolton at Home have the right to buy back the property before it is marketed to anyone else. Each property will be looked at individually.
Shared ownership Staircasing
Staircasing is when you buy additional shares in your property.
The greater the share you buy in your home the less rent you will pay to Bolton at Home.
If you staircase to 100% you become an outright owner and pay no rent.
The cost of your new share will depend on how much your home is worth when you want to buy the share.
There are no restrictions in the majority of cases however we would recommend in the first instance that you refer to your lease.
Please contact Bolton at Home on 01204 328000 or email email@example.com to discuss further.