SHEPHERDS BUSH HOUSING ASSOCIATION LEASE EXTENSION POLICY
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1 (UNCONTROLLED WHEN PRINTED) SHEPHERDS BUSH HOUSING ASSOCIATION 1. INTRODUCTION Shepherds Bush Housing Association (SBHA) recognises the desire of residential leaseholders to extend the term of their lease upon and ahead of its expiry, both in order to continue to hold the property, and in order to secure a mortgage again the property. Leases are granted for a fixed term, typically 99 years, 125 years or 999 years. As the number of years remaining on the lease reduces so does the value of the leaseholder s interest in the property. Mortgage lenders may become reluctant to lend when the term remaining has reduced to below 80 years. On expiry of the lease the property reverts back to the landlord; many leaseholders therefore elect to negotiate an extension to the lease. 2. AIMS This policy aims to: Offer the opportunity for lease extension to all leaseholders, including where there is no statutory right (such as shared owners with less than 100% equity) Provide clear information on the processes applicable to lease extension Clarify the costs incurred in lease extensions 3. LEASE EXTENSION The particulars of a lease extension will depend on the type of lease (100% leasehold or shared ownership) and on whether the process is statutory or informal. SBHA will only consider requests for lease extensions where the leaseholder has no rent or service charge arrears, or clears any arrears or other sundry debts prior to implementation of the lease extension process. We may exercise discretion in instances where the leaseholder has debts to the association but has maintained a repayment agreement. 1
2 3.1. FEES Leaseholders will incur a valuation fee in order for SBHA to obtain a valuation to provide costs relating to their options, where instructed. Further administration and other fees will become payable if the leaseholder elects to proceed with the extension process. Fees will be payable in advance, or as per the statutory process. The leaseholder will have to reimburse SBHA the valuation fee and our legal fees, and pay their own legal fees and the. Valuations will be sought from a qualified RICS surveyor to determine the. The is calculated with reference to: i. economic loss to SBHA where ground rent is reduced to a nominal peppercorn rent deferred reversion of the property to SBHA i marriage value, where the lease has less than 80 years remaining Marriage value is the increase in the value of the property following the completion of the lease extension, reflecting the additional market value of the longer lease. As this increased value arises from our obligation to grant the new lease it must be shared equally between SBHA and the leaseholder. 4. LEASE EXTENSION FOR 100% LEASEHOLDERS SBHA will consider both statutory and non-statutory applications to extend the lease from leaseholders who own 100% equity in their property. We will ask the valuer to provide a valuation for the lease extension under both the statutory and non-statutory informal processes where appropriate in order to allow the leaseholder to consider which process they wish to pursue. We will not advise the leaseholder which process to use; however, the non-statutory process will usually cost less, while providing a comparatively shorter lease term STATUTORY PROCESS Leaseholders (including shared ownership leaseholders) with 100% equity of the lease for a flat have a statutory right to acquire a new lease, providing that certain criteria are met. Leaseholders must meet the statutory criteria in order to utilise this process; specifically the leaseholder must have held the lease for the past two years or otherwise been assigned an active application form the previous owner at the point of sale. The statutory process provides for the grant of a new lease for the unexpired term of the original lease plus an additional 90 years at a nominal peppercorn ground rent. The leaseholder and landlord have the opportunity to vary the terms of the new lease, such as 2
3 to modernise any provisions, and both may appeal to the independent First-Tier Tribunal Property Chamber if the terms cannot be mutually agreed. i their legal fees iv. our recoverable legal fees The leaseholder must formally serve a Section 42 notice upon SBHA to use the statutory process; however, we also offer the statutory terms on a discretionary basis in the absence of such notice NON-STATUTORY INFORMAL PROCESS The non-statutory informal process provides for the grant of a new lease for the same initial term, in effect resetting the clock, at an increased modern ground rent rising periodically. The will be calculated using the standard formula used for the statutory process. iv. their legal fees v. our legal fees i administration fee vi. increased ground rent Should the leaseholder opt to pursue the statutory process, having begun the nonstatutory process, they will be charged any additional or consequential costs incurred by SBHA and the administration fee will not be refunded. The ability to switch from the statutory process to the non-statutory process will be solely at SBHA s discretion and will likewise incur further costs for the leaseholder. 5. LEASE EXTENSION FOR SHARED OWNERS Shared owner leaseholders with less than 100% equity have no statutory right to extend their lease, however SBHA will consider all requests from shared owners of both houses and flats to extend their lease on a discretionary and non-statutory informal basis in accordance with best practice. A lease extension will not be considered an improvement when calculating the market value for staircasing. This process provides for the grant of a new lease, via a Deed of Variation, for the same initial term, in effect resetting the clock. The will be calculated using the standard formula used for the statutory process. Shared owners will be required to pay the full. 3
4 iv. their legal fees v. our legal fees i administration fee 6. SUBLEASES Where SBHA is not the freeholder of the property, but are ourselves an intermediate landlord, requests for lease extension must be considered on an individual basis in conjunction with the competent landlord (the landlord with the ability to extend the lease; usually the freeholder). We will pursue extension of our intermediate lease, and extend our leaseholder s sublease accordingly, where permitted by the competent landlord and will charge the leaseholder our fair costs. 7. EQUALITY AND DIVERSITY SBHA will ensure that this policy is applied fairly and consistently. We will not directly or indirectly discriminate against any person or group of people in line with our Equality and Diversity Policy. We will act sensitively towards the diverse needs of individuals and communities and will take positive action where appropriate. 8. TRAINING SBHA will provide all staff responsible for implementing this policy with comprehensive training as required. 9. MONITORING SBHA will monitor requests for lease extensions. We will report on our performance to our Senior Management Team and Board on a regular basis. 10. REVIEW SBHA will formally review this policy every three years, unless changes in legislation or regulation require an earlier review. 4
5 11. SCOPE This policy applies to employees with statements of terms and conditions from the following organisations: Shepherds Bush Housing Association 12. STATUTORY AND REGULATORY FRAMEWORK This policy is informed by the following legislation and regulation: Leasehold Reform Act 1967 Leasehold Reform, Housing and Urban Development Act 1993 Leasehold Reform (Collective Enfranchisement and Lease Renewal) Regulations 1993 Commonhold and Leasehold Reform Act 2002 Leasehold Reform (Amendment) Act ASSOCIATED DOCUMENTS This policy is supported by the following documents: Home Ownership Policy Leaseholder Handbook 5
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