Buying More Shares

If you hold a Shared Ownership Lease, you are entitled
to increase your ownership on the property once your
lease is 12 months old. This process is called staircasing.

The minimum share you can purchase when staircasing
is 10% (if the property is worth £100,000 and your current
share is 50% the minimum required to purchase is
10% = £10,000). The more you purchase the lower the rent & service charge will become.

There are 8 simple steps to follow:

  1. Write in expressing your interest to purchase further shares
  2. YHG will write to you confirming the terms and conditions
  3. You must agree with the terms & conditions and pay the valuation fee. Also your Solicitors details will need to be provided
  4. YHG will instruct and independent surveyor to value your home
  5. YHG will then calculate the purchase price of the shares you wish to buy and once the valuation fee is paid a formal offer will be sent
  6. You must then write to confirm you wish to proceed
  7. YHG’s Solicitors will lease with your solicitors to finalise a completion date
  8. YHG will contact after the completion to advise rent & service charge amendments

Please note: If you purchase the full 100% share you will then need to arrange your own Buildings Insurance to commence from the completion date

 

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