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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
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