Shared Owner Lease
You have bought a lease on your home which will either be a 99 or 125 year lease. Some leases include a requirement that when you sell, priority must be given to those with a local connection.
Fixed Equity leases
In some schemes leases are sold on fixed equity terms. This means that the percentages of the equity owned by you and by Hastoe are fixed and cannot change.
Staircasing leases
In other schemes leases contain terms permitting the shared owner, after one year, to purchase extra shares in the equity. In some schemes shared owners can only staircase to a maximum of 80%. In others shared owners can staircase to full ownership and acquire the freehold of the house.
If you are not sure which type of lease you have, please ask your Area Housing Manager.
Leaseholders
The lease is the legal document which sets out the rights and responsibilities of the landlord (Hastoe) and the leaseholder (the owner of the flat or maisonette).
If you bought your flat from Hastoe, the lease will probably be for 125 years and will have your name on it.
If you bought your flat on the open market, the lease will have been assigned to you for the remainder of the original term and you will have a Notice of Assignment confirming that you have purchased the lease.