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ARTICLE · 12 MARCH 2010

Changes To Shared Ownership Leases

Anthony Collins Solicitors
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A revised model shared ownership lease has been created by the Homes and Communities Agency (HCA) to provide clarity to buyers and lenders alike.

United KingdomReal Estate and Construction
Michelle Knight
Michelle Knight

A revised model shared ownership lease has been created by the Homes and Communities Agency (HCA) to provide clarity to buyers and lenders alike. The lease has been developed in conjunction with the Communities and Local Government, the Council for Mortgage Lenders, the National Housing Federation and a number of lenders. The revised new build Home Buy lease will be adopted by all lenders & housing providers and will come into force on 6 April 2010.

The lease contains the fundamental clauses along with one additional obligation that the landlord must provide to the prospective buyer a cover sheet entitled Key Information for Shared Owners. The cover sheet provides a brief plain English guide for shared owners.

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