Extend your lease with Sovereign Network Group Homes

If you own a leasehold or shared ownership property with Sovereign Network Group Homes, extending your lease can help protect your home’s value and reduce long-term costs. A longer lease also makes your home more attractive to buyers and lenders.

Act before your lease drops below 80 years

Once your lease falls under 80 years, extension costs increase sharply, and lenders may refuse mortgage applications. Acting early avoids delays and if wanting to sell helps keep your property attractive to buyers. Those with leases under 80 years may benefit from the changes to the legislation and a discussion with us.

Leasehold Reform Act: Changes are coming, but not yet

The Leasehold and Freehold Reform Act 2024 will introduce 990-year lease extensions, remove ground rent, and simplify valuations. However, these updates won’t take effect until 2026 or beyond. If your lease is already getting short, it may be better to act under the current rules. Understanding your position now will allow you to make an informed decision on whether you extend now or wait.

Formal and informal lease extension options

If you own 100% of your property, you have a legal right to extend your lease using a formal process. If you’re a shared ownership leaseholder, you can still request an extension, but only through the informal route. Either way, you’ll need to work with Sovereign’s Home Ownership team and possibly negotiate a price.

Need help with your Sovereign lease extension?

At Attwaters Solicitors, we help leaseholders, shared or outright, understand their options and secure fair lease terms. Whether you’re staircasing or extending, we’ll guide you every step of the way. We have regular dealings with this freeholder so understand how they work.

Contact us today at leasehold@attwaters.co.uk or call 0203 871 0039.