Extending your Shared Ownership Lease
As a shared owner you will be party to a lease. This lease forms your agreement between you and bpha. Depending on the age of the lease you will have been granted either a 99 or 125 year lease. 
Shared owners do not have a statutory right to extend the leasebpha policy is to enable Shared Ownership lease extensions on a voluntary basis.
Why Extend my Lease? 
If your lease drops below 80 years on the remaining term you may find it difficult to secure affordable lending. You may also have trouble selling your property.
What Fees Do I Need to Consider?
You will be subject to fees. These may include but are not limited to:
- Royal Institute of Chartered Surveyors (RICS) Valuation cost
- Solicitor fees - both bpha and your own fees
- Mortgage fees (including valuation fees if applicable)
- bpha processing fee
- The cost of the lease extension
What to Expect From a RICS Market Valuation 
Once you have paid bpha for the valuation the survey is instructed. The surveyors will contact you directly to arrange access.
The inspection will usually last around 15 – 30 minutes but this will depend on the size of property being valued. During the inspection you may be asked questions such as, how much rent you pay or have you had an improvement carried out on the property.
Following the inspection, the survey report is issued directly to bpha for review. This is usually available to bpha within 10 working days following the inspection.
Once the valuation has been reviewed by a member of the management team at bpha you will be provided the report.
The valuation will remain valid for a period of three months. It is important that you extend your lease within this time to prevent the value from changing.
Can I extend my lease?
You can extend your lease at any time providing you are the shared owner of the property.  The lease term would be extended by 90 years.
Considerations
- Your rent and service charge payments will not be affected.
- You may be asked to clear arrears prior to completing a lease extension.
- If you are obtaining further borrowing to fund your lease extension you will be required to speak with one of bpha’s panel of financial advisors. The financial advisor will carry out affordability assessments and various identity and money laundering checks on behalf of bpha. They will also be able to offer you independent financial advice you are not obliged to use their products or services.
- It is important to be aware that should you fund the purchase of the lease extension with a mortgage this may increase your monthly costs. Please ensure you get financial advice to ensure this is affordable for you.
