The New Shared Ownership Lease At A Glance

Term of Lease

Where a standardised commencement date is required for multiple leases for good estate management, the Commencement Date should ensure that the first lease is granted with at least a 990 year term from the date of the lease and that no lease is granted with an unexpired term of less than 989 years. Where sales are expected to span longer periods and a standardised Commencement Date is required, the first lease should be granted for a term in excess of 990 years to facilitate the intended sales period.

Definitions

These are now at the beginning of the lease which will no doubt please a few people!

Repairs Contribution

The tenant's repairing obligation at Clause 3.4 is stated to be subject to Schedule 9 which sets out the repair contribution arrangements.