Your lease (contract) sets out when your lease begins and ends, and a lease extension extends the term of your lease. We offer lease extensions for the existing terms plus another 90 years, as long as we’re the freeholder.
For example, if your lease commenced on 1st April 1990 for 99 years, this would end in 2085. By extending your lease by 90 years this would add 90 years onto 2085 and your lease would come to an end in 2175.
Next steps
If you want to go ahead with purchasing your lease extension, there are a few things to remember:
- You’ll need to allow the Valuer access to your property within their working hours.
- If you decide to go ahead once you’ve had the valuation and you have received the sales offer price, you’ll need to provide the following information within 12 weeks of that offer :-
a) We’ll need to know how you’re funding it, for example if you require a mortgage you’ll need to engage a financial advisor or mortgage broker, or go directly to your mortgage lender, and we’ll need to see a copy of the mortgage offer or proof of funds if you are not obtaining a mortgage.
b) You’ll need to instruct a solicitor. It can be a good idea to get a few quotes before deciding on one as some can charge a fixed rate and others by the hour.
- If you have arrears on your account, you’ll need to pay these on completion. If you decide not to proceed with the purchase, we’d be really grateful if you could let us know.
If you decide not to proceed with the purchase, could you please let us know by calling 0345 60 20 540.
Our role
We’ll be there to offer you advice and talk you through the process while you’re still deciding whether this is the best step for you.
If you confirm that you want to proceed and have provided us with proof of funds, then we’ll instruct our solicitors. At this point, your solicitor is the best person to contact for updates and if you have questions.
However, if you do have any queries throughout the process that you think we’re best placed to answer, we’ll do our best to resolve them. Please note that we aren’t legally trained and some queries will need to be answered by your solicitor.
We’ll get back in touch with you if your valuation expires (this is valid for 12 months from the date the report is written), so all being well you should complete within this time.
Following completion, if you have a credit on your account we’ll refund you within 14 days of receiving your bank details.
Meet the team
If have any queries during the purchase, please contact the Resales Officer and Right to Buy/Right to Acquire.
If you have queries in future or want to enquire about other aspects of your home or the services you pay for, our Housing Advice Team are here to help. You can contact them on 0345 60 20 540.