Leaseholder Scheme for the elderly
Kemble Housing has a limited number of Leasehold Schemes for the Elderly (LSE). Because of this, we hold a limited waiting list and you may have to wait some time before a suitable property becomes available.
More often than not, the properties are self-contained bungalows that you can purchase in stages up to a total of 75% ownership - you pay rent on the percentage that you don’t own.
To buy one of these properties, you should apply to the association at the address given below and your name will be added to the waiting list. To help you understand more about these properties, we have listed a number of the most frequently asked questions about these schemes.
What are Leasehold Schemes for the Elderely?
Leasehold Schemes for the Elderley (LSE) are a form of shared ownership introduced to help elderly people who need to move from property that is no longer suitable and can’t afford to buy outright themselves. Through this form of ownership you buy a share of the property and pay rent on the remaining share you do not own. Gradually, you may purchase further shares usually up to a maximum of 75%.
For answers on our Leasehold schemes for the elderly please see our 'FAQs' list below:
Who can buy through the LSE scheme?
The scheme is intended for elderley people - usually those over age 55 - who cannot afford to buy a suitable home in any other way. They must be in housing need and be unable to afford outright purchase. Priority will normally be given to existing public sector tenants or those on local authority or registered social landlords’ waiting lists.
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Can I buy a LSE home with someone else?
Up to four people can become joint owners but all joint applications must individually and jointly meet the eligibility criteria.
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What does the LSE lease entitle me to?
Whether you buy a house or a flat under LSE terms, the registered social landlord will grant you a lease usually for 99 years (unless the property is not brand new in which case the term will be reduced to when the lease was first granted). It will entitle you to live in your home as an owner-occupier. It will also entitle you to buy further shares in the property up to a maximum of 75% and sets out how you can do this. It also states how you can sell your property. Other points covered in the lease set out your responsibility for the repairs and payment of rent and service charge. Although you have not bought the property outright, you have the normal rights and responsibilities of a full owner-occupier.
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Can I sell my share in the property?
Yes. You must contact the office for full details of how to do this but we will normally require one month in which to nominate a suitable candidate to purchase your property. If after this time we haven’t been able to nominate anyone, you may place your property for sale on the open market either through an estate agent or privately. However, proposed purchasers still have to be assessed by us before you can proceed with any sale.
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Is there any service charge to pay?
Sometimes. Each scheme is different but you will be given full details in the lease. If in doubt, you should speak to your solicitor or legal adviser before proceeding with any purchase.
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Can I make improvements to the property?
Normally, yes you can as long as you ask for written permission first but be aware that you are fully responsible for any work you carry out on the property and that any alterations may affect the re-sale value of your property good or bad.
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Will I get the full value of any improvements I make if I sell?
When you decide to sell, the property must be valued by an independent qualified valuer such as the District Valuer and it is that valuation that will decide the worth of your alterations. Don’t forget that every body has different tastes so adding a conservatory may not necessarily get back what you paid for it.
This is not a definitive guide. For more information contact us (our contact details are below) and we will be happy to answer any further questions you may have.
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