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Extending your lease

If you own a flat then you will have a lease which gives you the right to live in your property. Most of our leases last for either 99 or 125 years. Lenders are consistently increasing their minimum lease term requirements, meaning if a lease decreases below a certain number of years, lenders generally will not lend against these properties. Until recently the standard requirement was 70 years based on the mortgage term plus 25 years.

Why should I be extending my lease?

A lease extension can increase the property's market value and can provide longer-term value protection. This means if you consider selling or re-mortgaging in the future, it can help you to avoid your property from being valued at a lower price or facing unnecessary delays when you come to sell your home.

I am unsure how long is left on my lease

Your lease contains a 'commencement date' which is the date from which your lease starts. Your lease also states how long the lease is granted for. If you can't find this information or do not have a copy of your lease, then please contact Origin's Home Ownership Team and we will provide you with this information. 

I wish to extend my lease. What should I do next?

To extend your lease there are two options:

  • serve us with a Section 42 notice (formal route)
  • apply for a contractual extension (informal route)

Section 42 Notice: You must get an independent valuation of the property and complete the relevant form, known as a section 42 notice and send this through to Origin Housing.

Contractual Extension: You will still need to get an independent valuation of the property and provide this and the proposed premium to Origin Housing. This way we can then renegotiate the terms of the lease and cost with you. You may also be able to reduce your legal fees by following this route.

If you would like to discuss the above options further or make an application for a lease extension, please contact our Homeownership Team by calling 0300 323 0325 or via email at enquiries@originhousing.org.uk, please use the subject heading ‘Lease Extension’ and ensure to provide your full name and full address details.