Extending your lease
A shared ownership lease typically lasts for 125 years or 99 years from the commencement date in the lease (unless you have a new model lease). Your solicitor should have given you a copy of your lease when you bought the property. You can obtain a copy of your lease from Land Registry by paying a small fee.
The length of a lease goes down over time. If the property is sold the original lease is simply assigned to the new owner rather than a new lease being created. If your lease term falls under 85 years it could affect the value of your property, and you may find it more difficult to sell and secure a mortgage.
For Shared ownership customers there is no statutory right to a lease extension, however, we will consider granting lease extensions on shared ownership leases on a voluntary basis where there is less than 85 years remaining on the existing lease.
At LiveWest, we want to make it as easy and affordable as possible for you to extend your lease. Here’s everything you need to know.
Frequently asked questions
What is a lease and why does it get shorter?
When you buy a leasehold home, you’re buying the right to live there for a set number of years — for example, 125 years. Each year that passes, your lease term reduces.
As your lease term gets shorter, your property’s value can be affected and some mortgage lenders may be less willing to lend against it.
Why might I want to extend my lease?
Extending your lease can make your property easier to sell or remortgage and helps protect its long-term value.
When a lease has 80 years or fewer remaining, some mortgage lenders will not lend against it. In recent years, we’ve also seen more lenders require at least 85 years remaining.
So if your lease is approaching this point, it’s worth considering an extension sooner rather than later.
Can I extend my lease with LiveWest?
Yes. LiveWest offers voluntary lease extensions for both shared owners and leaseholders.
Shared owners don’t currently have a legal (statutory) right to extend their lease, but LiveWest provides this option on a voluntary basis because we want to give everyone the opportunity to protect their home’s value.
Our voluntary process is similar to the statutory one, but is usually quicker and less expensive.
What’s the difference between statutory and voluntary lease extensions?
Statutory route: Leaseholders who own 100% of their property can extend by 90 years (flats) or 50 years (houses), paying their own and landlord’s fees.
Voluntary route: Shared owners and leaseholders can extend up to 990 years (or the maximum allowed under any headlease). LiveWest pays our own legal fees, and shared owners only pay their share of the premium (LiveWest covers the rest).
What’s new under the Leasehold and Freehold Reform Act 2024?
The government’s Leasehold and Freehold Reform Act 2024 received Royal Assent in May 2024. Once fully in force, it will:
- Increase standard lease extensions to 990 years for both flats and houses
- Remove the need to have owned your home for two years before you can extend
- Require landlords to pay their own legal costs
Although these changes aren’t yet in effect, LiveWest is already adopting the spirit of the reforms early through our voluntary lease extension route.
How does LiveWest’s new voluntary process work?
We’ve updated our voluntary lease extension offer so it’s fairer and simpler:
- You can extend your lease by up to a maximum term of 990 years (or the maximum allowed by any headlease)
- LiveWest covers our own legal fees
- Shared owners only pay for their share of the premium
- External surveyors will provide both 90-year and 990-year premium options
Example: If your premium is £2,500 and you own 40%, you’ll pay £1,000 and LiveWest will cover £1,500.
We’ve also removed our £300 administration fee following feedback from our Shared Ownership Virtual Panel.
What is 'marriage value'?
Marriage value is the increase in the property’s market value after the lease is extended. When your lease falls below 80 years, this value becomes payable to the landlord — which can make extensions more expensive.
That’s why it’s worth acting before your lease drops below 80 years.
What costs should I expect?
The total cost depends on your lease term, valuation, and legal fees.
Guide:
- Premium: Based on valuation
- LiveWest admin fee: £0 (previously £250)
- LiveWest solicitor fee: £0
- LiveWest valuation fee: £400–£600
- Customer solicitor fee: For customer to arrange
- Customer valuation fee: For customer to arrange
What if LiveWest isn’t the freeholder of my building?
If another organisation owns the freehold or headlease, you can still extend your lease, but the extended term can’t exceed the term of that headlease.
How do I start the process?
- You can get a cost estimate via the calculator on the Leasehold Advisory Service website.
- If you want to proceed, get in touch by emailing: homeowner@livewest.co.uk or find your Homeownership Officer Link.
- Get a valuation which determines the premium payable. You will need to obtain an independent valuation, we have a panel we work with and we can provide their details. Alternatively, LiveWest can arrange a valuation but upfront payment will be required, this is usually £400-£600.
- Take legal advice – lease extensions are a legal process, so you’ll need a solicitor.
LiveWest cannot give legal or financial advice, but we’ll guide you through the process.
Want to find out more?
If you’re thinking about extending your lease, or just want to understand your options, please look at our website or contact your Homeownership Officer.
You can also read our lease extension overview or visit the LEASE website for more information on how lease extensions work.
Key takeaways:
- Extending early can save you money
- Up to 990-year extensions now available (where possible)
- Shared owners pay only for their share
- We cover our own legal fees
- Always seek independent legal advice