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You can buy further shares in your home, usually in 10% or multiple blocks (i.e. you may for instance, wish to purchase a 30% share). This process is called ‘staircasing’. In some rural areas, your ability to buy additional shares may be restricted.
The shared owner must inform us in writing of their desire to purchase additional shares, including the size of the share. We will then arrange for your home to be independently valued. This valuation fee is payable by the shared owner and a cheque for this amount should be sent with your letter. The valuation will be valid for a specified period of time.
You will then have a specified period of time to arrange your mortgage and complete the additional purchase of the share. When you complete your purchase, the rent amount will be adjusted from the next payment date to reflect the higher share that you now own.
Please be aware that you will incur costs when buying further shares. If you purchase the full 100% of a home, the freehold of the property will usually be transferred to you, incurring additional legal costs.
You may sell your home at any time, but you must inform us in writing to let us know that you want to move. The lease agreement details how you can sell your home. Also be aware that you may be affected by any fall or increase in value.
Unless you own the property outright, clauses in the lease provide us with a period of time (normally, of up to eight weeks) to put forward a prospective buyer. The value of your share is set by an Independent Valuer at the start of this period and will reflect the current market value for your home. There will be a fee for the valuation, payable by the shared owner.
If we cannot find you a buyer during this period, you are free to sell your share on the open market. Your purchaser will need to complete one of our application forms and be approved by us before proceeding.
If you have purchased the full 100% of your home and wish to sell, in most cases, we have first refusal to buy it back, at a price agreed by an Independent Valuer. This right is granted to us for the first 21 years after the 100% purchase is completed.
For queries regarding buying more shares or selling your home, please contact us on 01525 844460.