Flexible tenure for L&Q shared owners

What is flexible tenure?

Flexible tenure is also known as downward staircasing.

Flexible tenure is the re-purchase of some of a residents share in their home. The scheme is only available to L&Q shared owners who are in severe financial difficulty, who have exhausted all other options and require this option as a last resort.

Flexible tenure is regulated by The Tenant Services Authority. According to their rules L&Q can only buy back shares in a property to the value of the outstanding mortgage and any rent and/or mortgage arrears. Funding for this requires special approvals that may, or may not, be granted. Flexible tenure is not a given right or entitlement for shared owners.

Who Can apply for flexible tenure?

We will assess applications for flexible tenure (buying back shares in your property) from people in severe financial difficulties who have purchased a shared ownership home through L&Q.

This option is only available to people who have exhausted all other options and require this assessment as a last resort. We can only help people whose financial difficulties are connected with their inability to pay their mortgage and/or rent, not those who have accumulated debts through unsecured loans or credit cards.

Please note, once a property has been repossessed by the lender, flexible tenure ceases to be an option.

You will need to be a L&Q shared owner, currently owning less than 100% of the property. You must be paying rent on the unsold equity in the property. The term rent excludes ground rent and service charges. Flexible tenure is not available to other owner occupiers, including former shared owners or those who have bought a property through a discount or incentive scheme such as Right to Buy, Right to Acquire, the Tenants Incentive Scheme or the HomeBuy (shared equity) scheme.

Please contact L&Q on 0844 406 9000 to explore flexible tenure options that may be available to you.

**Please note: There are some conditions that must be met by applicants. Please read the guide to Flexible tenure for more information

What other options are available to me?

If you are in financial difficultly and have trouble paying your mortgage, you should contact your lender. There may be the possibility that your lender can work with you to reduce your mortgage payments.

You should also seek professional help, most local authorities offer free debt advice or may be able to put you in touch with independent debt counseling agencies. In addition you can seek advice from them regarding any benefits you may be entitled to such as; housing benefit, tax credits or job seekers allowance.

How to apply? 

For more information, please contact the L&Q Conveyance team on 0844 406 9000 and ask for "Conveyancing team" or our extension number is - 6955

Please download and complete the application form and return to the conveyance team at L&Q Direct:

Conveyance Team
Cray House

3 Maidstone Road
Sidcup
Kent
DA14 5HU

You can also download the Guide to Flexible tenure to read some of the most commonly asked questions and further information about the scheme.