# Shared Ownership Agreement Analysis — Clause by Clause _Buyer's personal knowledge base. Analysed 2026-05-16. British English._ > **This is not legal advice.** It is an analytical reading of real public documents to help you ask your own conveyancing solicitor the right questions before you sign. Always take independent legal and financial advice — every document analysed here says the same thing. --- ## TL;DR (read this first) - **The single biggest structural difference** between a Shared Ownership lease and ordinary home ownership: you pay **rent on the share you do not own**, that rent **only ever goes up** (upwards-only review, RPI/CPI **+0.5%** every year), and the landlord can **forfeit the lease and you can lose all your equity and deposit** if you fall behind. This is confirmed by both the government model lease and the provider's own key-information document. - **Two worlds of lease exist.** A **2021-model lease** (Affordable Homes Programme 2021–26 onwards) gives you a **990-year term**, a **10-year "initial repair period"** where the landlord covers external/structural repairs plus a **£500/year** general repairs allowance, and **1% staircasing** for 15 years. An **older lease** (typically **99 or 125 years**, pre-April-2021) gives you **none of that**: full repairing liability from year one, 5% minimum staircasing, and a wasting term that becomes a mortgage/resale problem below ~80 years. - **Check the lease term and the rent-review formula before anything else.** A 99/125-year lease bought second-hand can already be a problem. An RPI+0.5% or CPI+0.5% upwards-only clause compounds relentlessly. - **The model lease is a _template_ with `[ ]` blanks.** Every number that matters to you (Gross Rent, Initial Percentage, Review Date, Term, service charge proportion) is filled in per-property in the "Particulars" and the "Summary of costs" / "Key information about the home" documents. Get all three and cross-check them. - The **red-flag checklist** is the section to print and take to your solicitor. It is near the bottom. --- ## Documents analysed | # | Document | Type | Saved locally | |---|----------|------|---------------| | 1 | **MHCLG/Homes England Standard Shared Ownership model lease — House (Oct 2023, RPI rent review)** | Official government model lease (DOCX), drafted by Trowers & Hamlins LLP | `sources/model-lease-2021-house-RPI.docx` → `sources/extracted/model-lease-2021-house-RPI.txt` | | 2 | **MHCLG/Homes England Standard Shared Ownership model lease — Flat (Oct 2023, CPI rent review)** | Official government model lease (DOCX) | `sources/model-lease-2021-flat-CPI.docx` → `sources/extracted/model-lease-2021-flat-CPI.txt` | | 3 | **Plumlife — "Key information about shared ownership" (KID3, 2021–26 new model)** | Real housing-association statutory key-information document (PDF, 19pp) | `sources/provider-key-info-plumlife.pdf` → `sources/extracted/provider-key-info-plumlife.txt` | | 4 | **Homes England "Key information about Shared Ownership" / "…about the home" / "Summary of costs" — New Model unified templates** | Official government KID templates (ODT) | `sources/key-info-about-shared-ownership-newmodel.odt`, `sources/key-info-about-the-home-newmodel.odt`, `sources/summary-of-costs-newmodel.odt` | | 5 | **Sage Homes — "Your guide to Shared Ownership"** | Real housing-association buyer guide (PDF) | `sources/provider-guide-sage-homes.pdf` | | 6 | **L&Q — "Our Complete Guide to Shared Ownership"** | Real housing-association buyer guide (PDF) | `sources/provider-guide-lq.pdf` | Citations: documents 1–4 are the primary analytical basis. Source URLs are in `sources/INDEX-07.md`. Interpretive claims about general law/standard practice (forfeiture and loss of equity, full repairing liability on older leases, the 80-year lease-extension threshold) are corroborated by the **Leasehold Advisory Service (LEASE)** — `[source: Shared Ownership Leases — LEASE](https://www.lease-advice.org/advice-guide/shared-ownership-leases/)` and `[source: Differences between a shared ownership lease and an ordinary long lease — LEASE](https://www.lease-advice.org/leasehold/basics/shared-ownership/how-shared-ownership-leases-are-different/)` (LEASE blocks automated fetch; relied on via search excerpt — verify directly). --- ## How the documents fit together A buyer is given a **package**, not one document: 1. **The lease** — the binding legal contract. Generic clauses + a property-specific **"Particulars"** table where `Gross Rent`, `Initial Percentage`, `Initial Market Value`, `Review Date`, `Term`, `Specified Proportion` etc. are filled in `[source: MHCLG model lease — House, Particulars table](https://www.gov.uk/government/publications/affordable-homes-programme-2021-to-2026-standard-shared-ownership-model-leases)` (local `model-lease-2021-house-RPI.txt`). 2. **"Key information about Shared Ownership"** — explains the model generically (Plumlife KID3 is a real instance). 3. **"Key information about the home"** — property-specific facts: exact lease length, max share, nomination period, repairs-allowance years remaining. 4. **"Summary of costs"** — the actual £ figures: rent, RPI vs CPI, service charge, reserve fund, fees. > The KID **"does not form part of the lease"** and explicitly tells you to "carefully consider the information and the accompanying lease, and discuss any issues with your legal adviser before signing" `[source: Plumlife KID3, §intro](https://www.plumlife.co.uk/wp-content/uploads/sites/2/2024/07/KID3-Key-information-about-Shared-Ownership-2021-26.pdf)` (local `provider-key-info-plumlife.txt`, lines 20–21). **The lease wins in any conflict.** --- ## Clause-by-clause analysis ### 1. Term length (990-year vs 99/125-year) - **2021 model:** `Term` in the Particulars is **`[990] years`** from the Commencement Date (model lease, Particulars, line 250–251; clause 2 "letting terms"). 990 years is effectively permanent — the wasting-asset / lease-extension problem largely disappears for new-model homes. - **Older leases (pre-April-2021):** typically **99 or 125 years**. These are wasting terms — they shorten every year. - The Plumlife KID warns directly: **"a short lease can make it more difficult to sell or get a mortgage… A short lease is generally considered as one with 80 years or less left on the term"** and lease extension "can be expensive" — premium + valuation + the landlord's legal costs (`provider-key-info-plumlife.txt`, lines 121–151). Shared owners who own **less than 100% do not currently have a statutory right to extend** (line 108–109) — extension is on the landlord's policy terms. - **Why it matters:** on a second-hand ("resale") older lease, always get the **remaining** term, not the original. A 125-year lease granted in 2003 has ~102 years left in 2026 — fine now, but check the landlord's extension policy and cost. Below ~85 years, treat it as a live financial problem (mortgage availability + marriage value on extension). `[source: LEASE — Shared Ownership Leases]` ### 2. Rent clause and rent review (the compounding cost) - **What you pay:** "Specified Rent" = the **Unacquired Percentage of the Gross Rent** (model lease, Definitions; Particulars line 247–248). Buy more shares → rent falls proportionately (Plumlife §1.3, §3.2). - **Review frequency:** every **Review Date** as set in the Particulars (annual in practice) — and it is reviewed **even if you have not owned the home for a full year at the first Review Date** (`provider-key-info-plumlife.txt`, line 192–194). - **The formula — the critical clause.** Schedule 4 "Upwards only rent review" makes the reviewed Gross Rent the **greater of**: - previous Gross Rent **× 1.005**, and - previous Gross Rent **× ((B/A) + 0.005)** where B/A is the change in the index (model lease, Schedule 4, paras 3.1.1–3.1.2, lines 570–574). The **`Index`** is **"the all items retail prices index" (RPI)** in the house RPI lease (line 566); the flat lease uses **CPI** instead `[source: MHCLG model lease — Flat (CPI)](https://www.gov.uk/government/publications/affordable-homes-programme-2021-to-2026-standard-shared-ownership-model-leases)` (local `model-lease-2021-flat-CPI.txt`). - **Plain meaning:** rent rises by **inflation + 0.5% every year, and can never fall**. Even in a year of negative RPI/CPI, the `× 1.005` floor still raises the rent (Plumlife confirms: "In the event of an RPI or a CPI decrease, your landlord does not have to decrease your rent and they may still increase it… once the additional percentage is taken into account" — lines 204–206). Over 25–30 years this compounding materially outpaces wage growth in many years. - **RPI vs CPI:** RPI is historically ~0.7–1.0 percentage points higher than CPI. A **CPI+0.5% lease is materially better for the buyer than RPI+0.5%.** This is the single biggest variable between otherwise-identical homes — check which index applies in the Summary of Costs. - **Interest on arrears:** unpaid rent accrues interest at **Bank Rate + 3%** after 14 days (model lease, clause 3.2, line 351). ### 3. Repairing obligations and the 10-year landlord contribution - **Baseline rule (all models):** the leaseholder must "repair and keep the Premises in good and substantial repair and condition" (clause 3.5, line 363–364), decorate (3.6), and provide floor coverings (3.7). The Plumlife KID states it bluntly: **"you will pay 100% of the costs no matter what share you own"** and the landlord is **not** responsible for refurbishment/decoration e.g. replacing kitchens/bathrooms (`provider-key-info-plumlife.txt`, lines 377–386). You own 25% but pay 100% of repairs — a defining Shared Ownership asymmetry. - **2021 model — the "Initial Repair Period" (Schedule 6):** a **10-year period from the lease start** (while you own <100%) during which: - The **landlord covers "External and Structural Repairs"** at no cost to you — load-bearing framework, external fabric, roof, foundations, joists, external walls, and non-exclusive Service Media (Schedule 6, paras 2 + definitions, lines 618–635). You do **not** contribute to any warranty/insurance excess (line 635). - A **General Repairs and Maintenance Allowance of £500/year** to reimburse essential repairs to water/gas/electric installations and heating (Schedule 6, para 5; definition line 624). Unused allowance **rolls over one year**, capped at £500 (so max £1,000 in any year) — the Plumlife worked example confirms this (lines 529–539). - Conditions: you must **notify the landlord**, not have caused the damage by neglect/breach, and use a **TrustMark-approved tradesperson** or the landlord's approved panel (Schedule 6 definitions line 617; Plumlife §5.8.7.3). The landlord decides if a repair is "essential" and can inspect/reject; if it rejects it must tell you why **in writing within 7 days** and set out the dispute route (Plumlife lines 552–561). - The allowance/IRP **transfers to a buyer on resale but is lost if the new owner buys 100%** (Plumlife line 568–571). - **Older leases:** **none of Schedule 6 exists.** Full repairing liability from year one (subject only to any new-build defects/warranty period). LEASE: older shared ownership is "a self-repairing lease… you are responsible for maintaining all parts of the property" `[source: LEASE — Shared Ownership Leases]`. This is the **most valuable practical difference** between buying a new-model home and an older resale. - **Reserve / sinking fund:** during the IRP, reserve-fund money **cannot** be used for external/structural repairs (Schedule 6 para 4.2, line 647; Plumlife §5.7.2). You usually **cannot reclaim** reserve-fund contributions when you sell, even if no works were done (Plumlife line 459–461). ### 4. Staircasing (buying more shares) Two parallel mechanisms in the 2021 model — Schedule 5 and Schedule 7: - **Schedule 5 — conventional staircasing.** Buy a "Portioned Percentage", **minimum 5%** each time (Definitions, "Portioned Percentage", line 311). The price = that percentage of **Market Value** determined by a **RICS Valuer** (Schedule 5 paras 1.3–1.5, lines 593–595). Valuation is on the **unimproved value** — improvements you made are disregarded (Definition of "Market Value" excludes "any improvement made by the Leaseholder"; Plumlife §6.4.5–6.4.6, lines 613–627). **You pay the Valuer's costs** (Schedule 5 para 3, line 606) plus the landlord's admin fee (Plumlife §6.4.3). The Valuer's decision is **final and binding** (line 607). - **Schedule 7 — 1% staircasing (new-model only).** Buy **1% per year for the first 15 years** (Plumlife §6.5.1, lines 631–632). Price based on **original market value indexed by the House Price Index (HPI)**, up or down (Plumlife §6.5.2). **No admin fee** on 1% purchases (Plumlife §6.5.6). You **cannot** buy 2/3/4%, and unused 1% options **do not roll over** (Plumlife §6.5.5, §6.5.7). - **Final Staircasing** = buying the last slice so the Unacquired Percentage hits nil (Definitions, line 270). On a **house**, the freehold then transfers to you **for no charge** (Schedule 5 Part 1 para 2.1, line 604; Plumlife §2.6.2). On a **flat**, the lease continues but some clauses fall away (Plumlife §2.6.2). - **Restricted / Designated Protected Area (DPA) staircasing:** in some rural/DPA areas staircasing is capped (e.g. 80%) or subject to mandatory buyback — these are **separate model-lease/KID variants**. The standard model analysed here is **not** restricted, but **always check whether the home is in a DPA** (gov.uk publishes specific DPA KID templates) `[source: AHP 2021–26 / SAHP DPA key information documents — GOV.UK](https://www.gov.uk/government/publications/ahp-2021-to-2026-and-sahp-2026-to-2036-shared-ownership-homes-in-a-designated-protected-area-80-restricted-staircasing-key-information-documents)`. ### 5. Resale / assignment and the landlord's pre-emption ("nomination") - **You must notify the landlord** of any assignment/underletting/charge within **one month** and pay a registration fee (clause 3.21, line 430). - **Nomination period:** if you own **<100%**, when you give notice to sell your share the landlord gets a **nomination period** to find a buyer (defined in the Particulars; Plumlife §7.4.1). The model lease wording uses a **4-week Nomination Period**, and the landlord's nominee then has up to **12 weeks** to exchange (clause 3.20.4, lines 425–427). Confirm the actual figure in the "Key information about the home" document. - **The "pay the landlord the unowned share" trap (clause 3.20).** If you assign the lease while owning <100% **without** properly following the nomination route, the landlord can **demand a sum equal to the Unacquired Percentage of Market Value** — effectively forcing immediate Final Staircasing (clause 3.20.1, lines 412–414; Plumlife §7.4.5, line 705–707). Exemptions: death, divorce/dissolution and certain family-law orders (clause 3.20.3, lines 416–422). - **Resale price basis:** RICS valuation of the current market value of **your share** (Plumlife §7.4.4, §7.6.1). Once the nomination period ends the lease sets no max/min price, but if you still own <100% the landlord must approve the buyer and their mortgage and may refuse if the price is not RICS-supported (Plumlife §7.6.3). - **Selling/admin fees:** the landlord may charge a sale fee (stated in Summary of Costs); you also pay your own legal fees and the valuation (Plumlife §7.5). ### 6. Sub-letting and occupation restrictions - **Permitted Use:** "a single private residence in the occupation of a single household" — home-working from a home office is allowed (Definitions, "Permitted Use", line 310); clause 3.17 forbids any other use. - **No subletting of the whole** without the landlord's prior written consent — and the lease expressly says it is **reasonable for the landlord to withhold consent** where subletting breaches Homes England guidance/grant conditions (clause 3.19.2, line 409). Plumlife: whole-home subletting only if you own 100% **or** in "exceptional circumstances" (e.g. armed-forces posting) **and** with mortgagee consent (`provider-key-info-plumlife.txt`, lines 50–62). You **can** rent out a room while living there (§1.4). - **No assigning/charging/parting with possession of _part only_** of the premises (clause 3.19.1, line 408). ### 7. Forfeiture / re-entry and the mortgagee protection clause - **Forfeiture (clause 5.2):** if rent is unpaid for **21 days** (demanded or not) **or any leaseholder covenant is breached**, the landlord may — subject to obtaining any required court order — **re-enter and terminate the lease** (lines 449–453). - **The equity-loss warning is real.** Plumlife states plainly: **"If the landlord terminates the lease, you may lose any equity in the home you had bought. You could also lose any deposit or monies you have contributed"** (`provider-key-info-plumlife.txt`, lines 223–225). This is the harshest feature of Shared Ownership and is **not** how an ordinary mortgaged freehold works. Corroborated by LEASE `[source: LEASE — Differences between a shared ownership lease and an ordinary long lease]`. - **Mortgagee Protection Clause (clause 6 + 5.2.3).** This protects your **lender**, not you. Before forfeiting, the landlord must **notify the mortgagee** and give it **28 days** (or longer) to remedy the breach (clause 5.2.3, lines 455–456). On enforcement the lender can deduct a capped "Mortgagee Protection Claim" (loss capped at ~the loan + 18 months' interest + enforcement costs ≤3% of value) from staircasing proceeds (Definitions "Mortgagee Protection Claim", lines 303–307; clause 6.1, line 488). **Conditions:** the landlord must have **consented to the loan terms**, the sale must be at arm's length/best price, and you must not already have staircased to 100% (clause 6.3, lines 490–494). Practical effect: lenders will only lend on Shared Ownership where this clause is present and unamended — any deviation can make the home **unmortgageable**. ### 8. Service charge / estate charge and reserve fund - **Service Charge** (clauses 7.1–7.7, optional block in the model) = the **Specified Proportion of the Service Provision**, paid in advance, **estimated before the year** and then **balanced to actual** with a top-up/refund (clauses 7.2, 7.3, 7.5, lines 503–521). It can include a **reserve fund** contribution (clause 7.3.1, line 507) and a wide range of management costs including the landlord's own employee allowance and **administrative charges** for approvals, breaches and information requests (clause 7.4, lines 510–519). - **Specified Proportion** is either a fixed `%` or "a fair and proper proportion… **conclusively determined by the Landlord** (who shall act reasonably)" (Particulars, line 245–246). "Conclusively determined by the landlord" recurs across insurance, Outgoings and Communal Facilities clauses (3.3, 3.4) — a buyer should pin down the actual percentage in the Summary of Costs rather than accept landlord discretion. - **Statutory protections still apply:** clause 7.7 confirms **ss.18–30B Landlord & Tenant Act 1985** and **Part V LTA 1987** apply — so the service charge must be reasonable and you have the **s.20 consultation** right (≥£250 planned works / ≥£100 p.a. ongoing) and the right to a cost summary (Plumlife §5.6.4, lines 433–441). - **Estate/management charges** on the wider estate ("estate rentcharge"/Communal Facilities) are payable as a "fair and proper proportion" (clause 3.4.3, lines 357–361). Estate charges on freehold-style estate rentcharges are a known sector problem — check the figure and the escalation mechanism. ### 9. Alterations, pets, use, insurance - **No exterior, structural or new-build alterations**, and no removing the landlord's fixtures (clause 3.9.1, lines 372–376). **Non-structural interior** alterations need prior written landlord consent, **not to be unreasonably withheld** (clause 3.9.2, line 377). Plumlife: you may decorate freely but must check what counts as a "home improvement" and get permission first (§5.5). - **Pets:** the standard model lease has **no express pet clause**; control is via the nuisance/annoyance restriction (clause 3.18, lines 402–406) and any provider house rules. **Check the specific lease and any estate regulations** — provider-added pet restrictions are common. - **Insurance:** the **landlord insures the building** (clause 4.2, line 440); you **refund a proportion of the premium on demand** (clause 3.3, line 353) and must arrange your own **contents** insurance (Plumlife §4.5–4.6). On reaching 100% + freehold (house) you insure the building yourself (Plumlife §4.6). ### 10. Buyer obligations, restrictions and "deed of covenant" - Beyond rent/repair: pay **Outgoings** (rates/taxes), refund insurance/communal costs, permit landlord inspection on notice and remedy defects within **3 months** of a notice or the landlord may enter and do the works at your cost (clause 3.14, lines 388–392), pay the landlord's **s.146 notice costs even if forfeiture is avoided** (clause 3.12, lines 383–385), and **yield up** the property in good repair at the end (clause 3.16, line 397–398). - A **Land Registry restriction** (Prescribed Clause LR13 / clause 3.23) is entered against your title so **no sale can be registered without the landlord's certificate of compliance** with the assignment clause (lines 206–208, 433–434). This is the registry-level lock that enforces the pre-emption. - On estates with a management company you may have to enter a **direct deed of covenant** with third parties on reaching 100% (Plumlife §2.6.4, line 173–174) — budget for third-party notice/consent fees. --- ## RED-FLAG CHECKLIST (print this; take it to your solicitor) Priority: 🔴 = deal-breaker risk · 🟠 = negotiate / price-in · 🟡 = confirm | # | What to check | "Good" looks like | "Bad" / red flag | Source clause | |---|---------------|-------------------|------------------|---------------| | 1 | 🔴 **Lease term (remaining, not original)** | 990 years (2021 model); or 99/125-yr with **>90 yrs left** + cheap extension policy | <85 yrs remaining; no statutory right to extend (<100% owned); landlord not the freeholder | Particulars `Term`; Plumlife §2.5 | | 2 | 🔴 **Rent review formula & index** | CPI **+0%** (rare) or CPI+0.5%; clearly stated in Summary of Costs | **RPI+0.5% upwards-only**; "× 1.005" floor in a low-inflation year; uncapped | Schedule 4 paras 3.1.1–3.1.2 | | 3 | 🔴 **Starting rent vs your budget over 25 yrs** | Modelled forward at RPI+0.5%, still affordable | Rent already a large % of income; compounding makes it unaffordable by yr 10 | Particulars `Gross Rent`; Plumlife §3.3 | | 4 | 🔴 **Repairing model** | 2021 model with 10-yr Initial Repair Period + £500/yr allowance | **Older lease — full repairing liability from year one**; no Schedule 6 | Schedule 6; Plumlife §5.2, §5.8 | | 5 | 🔴 **Forfeiture / equity-loss exposure** | Standard clause 5.2 + mortgagee 28-day cure (clause 5.2.3) intact | Any amendment weakening mortgagee protection (clause 6) → unmortgageable | Clauses 5.2, 5.2.3, 6 | | 6 | 🟠 **Designated Protected Area / restricted staircasing** | Not in a DPA — standard model lease/KID | DPA: staircasing capped at 80% or mandatory buyback; wrong KID variant used | DPA KID variants (gov.uk) | | 7 | 🟠 **Service charge + reserve fund level & history** | Specified Proportion is a **fixed %**, modest reserve fund, full cost summary given | "Conclusively determined by landlord", high/rising charge, large opaque reserve fund, non-refundable | Clauses 7.1–7.7; Particulars `Specified Proportion` | | 8 | 🟠 **Estate / management-company charge** | Low fixed estate charge, capped escalation, statutory protections apply | Uncapped estate rentcharge; s.121 LPA remedies; mandatory deed of covenant fees | Clause 3.4.3; Plumlife §2.6.4 | | 9 | 🟠 **Staircasing valuation basis & costs** | Unimproved value; RICS; 1% option available (new model); modest admin fee | High admin fee; valuation disputes "final and binding"; no 1% route (older lease) | Schedules 5 & 7; Plumlife §6 | | 10 | 🟠 **Resale / nomination terms** | Short nomination period (≈4 weeks); clear RICS-based pricing | Long nomination period locking you in; clause 3.20 "pay the unowned share" trap on non-compliant sale | Clauses 3.19–3.21; Plumlife §7 | | 11 | 🟡 **RPI vs CPI on this specific home** | CPI lease | RPI lease (≈0.7–1.0pp/yr worse, compounding) | Schedule 4 `Index`; Summary of Costs | | 12 | 🟡 **Subletting / occupation** | Room-letting allowed; clear exceptional-circumstances policy | No subletting at all; restrictive household definition vs your plans | Clause 3.19; Definitions "Permitted Use"; Plumlife §1.4–1.5 | | 13 | 🟡 **Alterations & pets** | Reasonable consent regime; pets permitted or workable | Blanket alteration bar; pet ban incompatible with your situation | Clause 3.9, 3.18 + estate regs | | 14 | 🟡 **New-build warranty & defects period** | 10–12 yr structural warranty + ≥12-mth defects period documented | No/short warranty; unclear defects liability; warranty not transferring on resale | Plumlife §5.6 | | 15 | 🟡 **Cross-check the three documents** | Lease Particulars = Key Information about the home = Summary of Costs | Figures disagree (rent, %, term, Review Date) → query before exchange | All four documents | ### Questions to put to your conveyancing solicitor 1. Exactly how many years remain on the lease, and if <100% owned, what is the landlord's lease-extension policy and indicative premium + costs? 2. Is the rent review **RPI or CPI**, and what is the **modelled rent at years 5/10/25** on the lease formula? 3. Is this a **2021-model lease with the Schedule 6 Initial Repair Period**, or an older full-repairing lease? How many IRP years remain (resale)? 4. Is the home in a **Designated Protected Area** (restricted staircasing / mandatory buyback)? Which KID variant applies? 5. Is the **mortgagee protection clause (clause 6) and forfeiture clause (5.2/5.2.3) unamended** and on the lender's panel-approved terms? 6. Is the service-charge **Specified Proportion a fixed percentage**? What is the 3-year service-charge and reserve-fund history? Is the reserve fund refundable? 7. Is there an **estate rentcharge / management-company charge**, is escalation capped, and are LPA s.121 remedies excluded? 8. What is the **nomination period**, the sale fee, and does clause 3.20 expose me to "paying the unowned share" if a sale doesn't follow the nomination route? 9. What alteration, subletting and **pet** restrictions apply under this specific lease and any estate regulations? 10. Confirm the lease Particulars, "Key information about the home" and "Summary of costs" all state the **same** figures. --- ## Differences observed between the documents | Aspect | 2021 Model Lease (docs 1–2) | Plumlife KID3 (doc 3) | Older 99/125-yr lease (general, LEASE) | |--------|-----------------------------|------------------------|----------------------------------------| | Term | 990 years (Particulars) | Refers buyer to "Key info about the home" for length | Typically 99 or 125 yrs — wasting; extension issues <80 yrs | | Repairs | Schedule 6: 10-yr landlord cover for external/structural + £500/yr allowance | Explains IRP, £500 allowance, roll-over example, TrustMark requirement | **No IRP** — full repairing liability from year one | | Staircasing | Schedule 5 (≥5%) + Schedule 7 (1% for 15 yrs) | Both explained; 1% priced by HPI, no admin fee | Usually 5%/10% minimum; **no 1% route** | | Rent review | Schedule 4: RPI (house doc) / CPI (flat doc), +0.5%, upwards-only | States RPI **or** CPI per lease; no decrease obligation | Often RPI+0.5% upwards-only (varies by vintage) | | Forfeiture/equity | Clause 5.2 mechanism + clause 6 mortgagee protection (technical) | Spells out the **plain-English equity/deposit loss** consequence | Same legal risk; older mortgagee-protection wording may differ — lender check essential | | Register lock | LR13 restriction / clause 3.23 (legal mechanism) | Describes the practical "must inform landlord / nomination" effect | Equivalent restriction; pre-emption periods vary by provider | **Key observation:** the **lease (docs 1–2)** is precise but abstract — it never tells you the £ numbers; the **KID (doc 3)** is plain-English and consumer-facing but explicitly **not binding**. A buyer must read both, and reconcile them against the property-specific "Summary of costs" and "Key information about the home". The most consequential single difference between two otherwise-identical homes is **(a) 2021-model vs older lease** (repairs + term) and **(b) RPI vs CPI** rent review. --- ## Sources See `sources/INDEX-07.md` for the full, dated source list and which files were saved locally.