Shared ownership house Leasehold to Freehold
Discussion
Hi I am currently looking for a house to buy (currently lodging to save costs)
Seen some new builds going up but built by a Housing Association. They are advertised as leasehold on Rightmove, that I understand due to the Housing Assocation having a share in them and you paying them rent.
What happens though legally when you are in a position to take 100% ownership yourself?
Would it become freehold in my name? Or Does it remain Leasehold to the Housing Assocation?
Seen some new builds going up but built by a Housing Association. They are advertised as leasehold on Rightmove, that I understand due to the Housing Assocation having a share in them and you paying them rent.
What happens though legally when you are in a position to take 100% ownership yourself?
Would it become freehold in my name? Or Does it remain Leasehold to the Housing Assocation?
I worked in this area and suspected the extract below ie yes for a House no for a Flat
From Hastoe Group website - will be the same for other HA's I'm sure but would obviously triple check.
"What happens if I staircase to 100%?
Once you have staircased to 100% you will no longer pay Hastoe any rent. If you own a flat you will remain a leaseholder and you are still required to pay your service and management charges as well as ground rent. If you own a house, the freehold of your home can be transferred to you when you have staircased to 100%. You will need to serve notice to Hastoe requesting the freehold of the property be transferred to you. There is no charge for this transfer, however you will have to pay your legal costs. Once this has taken place, you will no longer be charged for buildings insurance. In some cases you may still have to pay a service charge to Hastoe if you live on an estate and are responsible for some of the communal cost."
From Hastoe Group website - will be the same for other HA's I'm sure but would obviously triple check.
"What happens if I staircase to 100%?
Once you have staircased to 100% you will no longer pay Hastoe any rent. If you own a flat you will remain a leaseholder and you are still required to pay your service and management charges as well as ground rent. If you own a house, the freehold of your home can be transferred to you when you have staircased to 100%. You will need to serve notice to Hastoe requesting the freehold of the property be transferred to you. There is no charge for this transfer, however you will have to pay your legal costs. Once this has taken place, you will no longer be charged for buildings insurance. In some cases you may still have to pay a service charge to Hastoe if you live on an estate and are responsible for some of the communal cost."
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