Can I buy more shares?
Subject to the terms of your lease you can usually purchase further shares in your home (known as ‘staircasing’) afterthe date of completion in increments of 10% or more until you own the property outright. This increases the share you own and reduces the rent. The price for the additional shares will be based on the market value of the property at the time you wish to staircase.
We will instruct a chartered surveyor to value your home. As the value of the property can go up or down, the valuer will provide a valuation report which will determine the current market value of the property.
The valuation is normally valid for three months. During this time you can buy further shares or buy outright. If you proceed after three months you will need another valuation. The costs that you’ll need to pay if you do decide to staircase include the valuation fee, administration charges and legal fees. The Home Ownership team will assist you with this process.
