Leases and reselling
The 999-year leases we offer on Downsizer Homes give you similar control to freehold ownership.
You have the right to remain in your home (subject to the lease terms and conditions) for as long as you want. The lease explains how you can sell your home and the approvals you’ll need from Hanover, for which a charge applies.
A lease is a legally binding contract, so we recommend that you get independent legal advice to make sure you understand both your and our rights and obligations.
As well as the usual costs associated with purchasing a property, such as the initial purchase price, Stamp Duty and solicitor’s fees, you are also responsible for internal repairs and the usual costs of running a home (for example, Council Tax, fuel and telephone bills).
You also have to pay a monthly service charge to cover maintenance and services.
We do not charge ground rents at any of our new developments.
You may also be interested in:
- Ways to buy, including leasehold and shared ownership
- Steps to buying
- Renting a property
- Find a property