Leasehold to freehold problem

[megmooo]

I’m about to sell my 50% shared ownership house. The lease only has 63 years left on it and I’ve been quoted 40k to extend it. I do have the option of a simultaneous staircase sale where I purchase the other 50% at the same time as selling, and the property then becomes freehold.

Does anyone know if whoever then buys the house will still have to pay the service charges, and at the same rate? I assume they would maybe change to something like an estate management charge.

I currently pay £91 a month service charge for the housing association to trim the bushes out the front once a year!

I know this is quite a specific question but I’m hoping someone might have some knowledge.

It seems like I can’t sell as shared ownership because the lease extension is extortionate, but I also may not be able to sell as freehold either as no one will want to pay the charges. I want to cry!

It will depend on the lease; is the service charge in place on the whole estate covering the managed areas or just covering specific repairs/maintenance on the house itself.

you need to read the lease

It covers the whole estate (which is made up of a few roads).

ask the people who know, your housing assoc or whoever manages the estate instead of expecting us to guess. "Estate management charges" may be higher than leaseholders pay.... you won't know until you ask

a 85 year lease will make it unmortgageable for a buyer so either you sell as shared ownership with current %, or you must staircase to 100% (on sale is the best method) and sell as freehold.

Thanks. Ive asked the housing association multiple times and have had no response.

Selling as shared ownership with a 64 year lease remaining means no one will get a mortgage for it.

Staircasing and selling as freehold was the only option but now I’m not sure anyone will buy it if they still have to pay charges on it.