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Shared Ownership Lease Agreement
"I need a Shared Ownership Lease Agreement for a two-bedroom apartment in Manchester where the initial share will be 25%, with an option to staircase up to 100% ownership, and the property will be part of a managed development with service charges."
1. 1. Parties: Details of the housing provider/landlord and the shared owner/leaseholder
2. 2. Background: Context of the shared ownership arrangement and property details
3. 3. Definitions: Key terms used throughout the lease including 'Initial Percentage', 'Market Value', 'Rent'
4. 4. Grant of Lease: The formal grant of the lease and its term
5. 5. Rent Provisions: Details of rent calculation, payment terms, and review mechanisms
6. 6. Leaseholder Covenants: Obligations of the shared owner including maintenance, repairs, and use restrictions
7. 7. Landlord Covenants: Obligations of the housing provider including insurance and structural repairs
8. 8. Staircasing Provisions: Process for increasing ownership share
1. Mortgagee Protection Clause: Required when the property will be mortgaged - include if shared owner requires mortgage financing
2. Management Company Provisions: Details of property management arrangements - include for properties in managed developments
1. Schedule 1: Property Description: Detailed description of the property including plans
2. Schedule 2: Easements and Rights: Rights granted and reserved in relation to the property
3. Schedule 3: Service Charge Provisions: Details of service charge calculation and included services
4. Schedule 4: Staircasing Provisions: Detailed procedures for staircasing including valuation requirements
5. Schedule 5: Rent Review: Detailed rent review mechanism and calculations
Authors
Additional Rent
Affordable Housing Scheme
Basic Rent
Commencement Date
Common Parts
Default
Disposal
Equity Percentage
Estate
Fair Rent
Final Staircasing
Ground Rent
Homes England
Initial Market Value
Initial Percentage
Insurance Rent
Lease
Management Company
Market Value
Minimum Rent
Mortgagee
Outgoings
Permitted Use
Premium
Property
Relevant Percentage
Rent
Rent Review Date
Reserved Rights
Service Charge
Service Charge Year
Services
Shared Ownership Lease
Specified Rent
Staircasing
Structural Parts
Term
Total Percentage
Transfer
Unacquired Percentage
Valuation Date
Valuer
Term and Rent
Rent Review
Staircasing Provisions
Insurance
Repair and Maintenance
Service Charges
Use Restrictions
Subletting and Assignment
Mortgagee Protection
Landlord Covenants
Tenant Covenants
Default and Forfeiture
Management Obligations
Alterations and Improvements
Alienation
Common Parts
Rights and Reservations
Sale and Transfer
End of Term Provisions
Notice Requirements
Costs and Expenses
Registration Requirements
Stamp Duty
Severance
Entire Agreement
Third Party Rights
Governing Law
Dispute Resolution
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