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 Wednesday, 24 January 2018
 
Leaseholders
 

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Leaseholder Frequently Asked Questions

 

 

FAQs

 1.  What is a leaseholder?

If you have a lease agreement, then you are a leaseholder. The lease will state how many years you will own the property and will set out our obligations as your landlord and your responsibilities as a tenant.

If you have purchased a share in the property (shared ownership) and you have a lease agreement, then you are still defined as a leaseholder.

2.  Who carries out repairs in my home?

Once you become a leaseholder, you effectively become a home owner. If you are in a house, this will mean that you are responsible for internal and external repairs. If you are in a flat/apartment, this will mean that you are responsible for internal repairs and the landlord is responsible for external repairs.

3.  What if I want to make structural alterations to the property?

You will need to contact Connect Housing in writing and clearly state your intentions. We will accept an email as written notification. 

Connect Housing will contact you and arrange for a Surveyor to meet you at the property and discuss your plans with you. We will then write to you to let you know whether or not we will allow you to carry out a structural alteration. If we permit your application, we will:

  • Write  to you, clearly stating what we will allow
  • Give you a time limit within which to carry out the alteration to a maximum of 12 months 
    • If the work is not carried out within the specified time, then the written consent will no longer be valid.
  • Ask for details and or qualifications of the tradesperson carrying out the work, i.e. Gas Safe registered (if applicable).

Once the work has been carried out, you will need to notify Connect Housing, at which point, our Surveyor will visit you to carry out a post inspection check. 

4.  Why do I have to pay you for buildings insurance?

It is a condition of the lease that Connect Housing must insure the structure of your building. There is also a clause in your lease which states that you have to pay for the provision of buildings insurance. However, you are responsible for obtaining your own home contents insurance.


5. 
My buildings insurance comes with my mortgage - what can i do?

If buildings insurance is included with your mortgage, you will need to inform your mortgage provider that it is a condition of your lease that Connect Housing provides buildings insurance.

As this is a condition of your lease, Connect Housing cannot withdraw this provision, even though you may have buildings insurance with another provider.


6. 
What is staircasing?

Once you have lived in your home for a while, you may wish to obtain further shares in the property*. This is called staircasing.

You will need to refer to the terms of your lease but some leases state that you may  only staircase 12 months after you have purchased the property.

* You will need to refer to your lease as some leases state that the maximum you can staircase to is 75%.

7. What do I do if I wish to purchase a further share of my home (staircasing)?

You will need to contact Connect Housing in writing, clearly stating how many shares you wish to purchase.* We will accept an email as written notification. 

Connect Housing is a responsible landlord and as such, if you are in arrears, we can not allow you to purchase any further shares, until you clear the arrears on your account.

If we allow you to purchase a further share of the property, we will commission a property valuation and you will  have to pay for this. Once the valuation report is received, we will write to you to let you know the price of the further share. The price of the share will be based on how much the property is worth when the valuation is
carried out. You will be given three months within which to arrange a mortgage and complete the purchase. 

* You will need to refer to your lease as some leases state that the maximum you can staircase to is 75%.

7. Associated Fees

  • You will have to pay legal fees.
  • You will have to pay a valuation fee. 
      • If you do not staircase within three months of the valuation, then the valuation is no longer valid and you will have to pay for another property valuation. This may result in additional costs from your lender and Solicitor.
  • You will need to apply for another mortgage and pay associated fees to your mortgage provider. 
      • If you already have the additional monies, you will still need to inform your mortgage provider. There may be a fee associated with this.
  • In some circumstances, you may need to pay Stamp Duty. Your Solicitor will advise you regarding this.

8.  What happens if I want to sell my property?

  • You will need to Inform Connect Housing in writing. We will accept an email as written notification. 
  • You will need to appoint an estate agent to sell the property on your behalf.
  • You will need to instruct a Solicitor.
  • You will need to arrange a property valuation. You can appoint any Surveyor you wish but the Surveyor must be appointed by RICS (Royal Institution of Chartered Surveyors). We can commission a property valuation on your behalf but you will have to pay for this.

Once the valuation report is received, we will write to you to let you know the cost of the remaining shares. The cost of the share will be based on how much your home is worth when the valuation is carried out. You will be given three months within which to arrange a mortgage and complete the purchase.

If you need anymore information, don't hesitate to contact our leasehold team on 0300 5000 600.

 

 

 

 
 
 
 
 
 
 
 
 
 
 
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