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Shared Ownership Lease Agreement

Shared Ownership Lease Agreement Template for Ireland

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Key Requirements PROMPT example:

Shared Ownership Lease Agreement

"I need a Shared Ownership Lease Agreement for a new-build apartment in Dublin, with an initial 40% share purchase and monthly rent payments on the remaining share, including standard staircasing provisions allowing share increases of 5% annually starting March 2025."

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Document background
The Shared Ownership Lease Agreement is a specialized legal instrument used in Ireland's affordable housing framework to facilitate gradual property ownership. It's typically employed when a qualified purchaser wishes to buy a property incrementally, starting with a partial share while paying rent on the remaining portion. This document type emerged from Ireland's housing policy initiatives to make homeownership more accessible to moderate-income households. The agreement must comply with Irish property law, particularly the Land and Conveyancing Law Reform Act 2009 and the Housing (Miscellaneous Provisions) Acts. It's commonly used by local authorities and approved housing bodies implementing shared ownership schemes, providing a structured pathway to full ownership while protecting the interests of all parties involved.
Suggested Sections

1. Parties: Identifies and defines the Lessor (typically the local authority or housing body) and the Lessee (the shared owner)

2. Background: Sets out the context of the agreement, including the property details and the shared ownership scheme framework

3. Definitions: Defines key terms used throughout the agreement, including 'Initial Share', 'Total Share', 'Purchase Price', and 'Rent'

4. Grant of Lease: Details the formal grant of the lease and the initial ownership share percentage

5. Term and Payments: Specifies the lease duration and payment obligations, including rent calculations and adjustment mechanisms

6. Staircasing Provisions: Outlines the process and conditions for increasing the tenant's ownership share over time

7. Maintenance and Repair: Sets out responsibilities for property maintenance, repairs, and improvements

8. Insurance: Details insurance requirements and responsibilities

9. Restrictions on Use and Alienation: Specifies restrictions on property use, subletting, and transfer of interests

10. Service Charges: Details any service charges and management fees applicable

11. Default and Remedies: Addresses consequences of default and available remedies

12. Termination: Sets out circumstances and procedures for termination of the agreement

Optional Sections

1. Management Company Provisions: Required when the property is part of a managed development, detailing obligations regarding management companies

2. Mortgage Provisions: Required when the shared owner is obtaining mortgage financing, including lender protection clauses

3. Break Clause: Optional provision allowing early termination under specific circumstances

4. Death and Succession: Optional detailed provisions for succession rights and procedures following death of the shared owner

5. Environmental Provisions: Required for properties in environmentally sensitive areas or with specific environmental obligations

6. Disability Adaptation: Required when the property includes or may need disability adaptations

7. Buy-Back Provisions: Optional clauses giving the housing body right of first refusal on sale

Suggested Schedules

1. Property Description: Detailed description of the property including plans and boundaries

2. Initial Purchase Price Calculation: Breakdown of the initial purchase price and share calculations

3. Rent Calculation: Formula and details for calculating the rent on the unpurchased share

4. Staircasing Procedures: Detailed procedures and forms for implementing staircasing transactions

5. Service Charge Schedule: Detailed breakdown of service charges and calculation methods

6. House Rules and Regulations: If applicable, rules governing use of the property and common areas

7. Maintenance Schedule: Detailed breakdown of maintenance responsibilities between parties

8. Prescribed Forms: Standard forms for various notices and applications under the agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions










































Clauses






























Relevant Industries

Real Estate

Social Housing

Public Sector

Financial Services

Legal Services

Property Management

Construction

Urban Development

Relevant Teams

Legal

Housing Operations

Property Management

Compliance

Real Estate

Social Housing

Administrative Support

Financial Operations

Policy and Planning

Contracts Administration

Relevant Roles

Housing Officer

Legal Counsel

Property Manager

Conveyancing Solicitor

Housing Director

Compliance Officer

Financial Advisor

Mortgage Advisor

Housing Policy Manager

Real Estate Manager

Social Housing Coordinator

Property Administrator

Legal Administrator

Housing Scheme Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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