As well as becoming a homeowner after buying a shared ownership property, you also become a leaseholder. This is because you've bought a share of your home, with Futures owning the rest. A lease is created as a legal contract between us and you, and it's a really important document. It outlines all the responsibilities that you have and that we have as your housing association.
- Your solicitor will have given you a copy of the lease during the buying process. This will also contain the term of your lease, another really important thing to be aware of.
- If you bought your shared ownership home before 1 April 2024, your lease term will usually be in place for anywhere between 99 years and 125 years, starting from the lease commencement date. If you bought after 1 April 2024, the lease term on your home can range from 125 to 990 years.
- As your lease term gets shorter, your home can be more difficult to sell. It's best to take action before the lease term falls below 80 years. This will reduce the premium paid by you significantly and will increase the lease term by an additional 90 years.
- If you're concerned about your lease length, please email resales@futureshg.co.uk.
