Extending your lease
When purchasing your home through a leasehold arrangement, you will have the right to occupy it for a set number of years. This is known as ‘the term’ which is normally over a 99- or 125-year period.
Most leaseholders choose to extend their lease when the term drops below 80 years, however you can extend at any time. Under Leasehold Legislation, you have the statutory right to extend your lease for an addition 90 years. For example, if your lease has 70 years left and you choose to extend, the term will increase to 160 years.
Should you not wish to extend your lease, at the end of the term you will hand your property back to Onward.
If you are a shared owner, the right to extension does not apply. Please find more information on extending your lease within the ‘Shared ownership’ topic below.