Your lease will tell you if you have the right to purchase further shares in your property. This is known as staircasing. If you are in any doubt as to the type of lease you have please contact us and we will advise you.
If you are able to purchase further shares you could buy as little as 10% each time, or you could buy all of the remaining shares in your property up to 100% ownership. The lease allows you the right to purchase further shares. Look at your lease for full details.
Valuation
If you decide to purchase a further share you will need to arrange for your property to be valued through an estate agent. This must be done by an RICS approved surveyor. Prior to the valuation it is a good idea to make a list of any improvements you have carried out to your home at your own expense. These items will be valued separately and excluded from the valuation figure. Improvements that would normally be taken account of would be larger items such as new bathrooms and kitchens, double glazing, installation of central heating, conservatories and extensions.
Please be aware that we can only take account of improvements you have undertaken if you have advised us in writing at the time they were carried out. If you have not notified us then you will need to send us proof that these works have been undertaken such as copies of receipts/invoices.
On receipt of your written offer, we will write to you with our opinion of the valuation. You should then confirm in writing that you wish to proceed. You will have three months from the date of the valuation report in which to complete your purchase. (This is the length of time the valuation report is valid.) If completion takes place outside this period a new valuation will be required which may affect the price of the further share.
If you live in a house and staircase to 100% ownership, the freehold of the property will be transferred to you on completion. At this stage you will need to make sure that you arrange your own buildings insurance.
Flexible tenure
If your personal and/or financial circumstances change to an extent where you are struggling to sustain ownership of your home, Home has now developed a policy that provides a safety net.
In certain situations, and at Home’s discretion, it may be possible to reduce the amount of shares that you own. You should contact us to discuss your circumstances.