Increasing your Share in your Home

Shares in your home are purchased subject to a leasehold contract, usually 125 years. In most cases your lease allows you to buy further shares in your property which can eventually progress to 100% ownership. Increasing equity in this way is called staircasing.

You will never be required to increase the share in your home, it is entirely your choice.

After 12 months of ownership, a shared ownership lease usually allows you to increase your ownership %. However, you will need to check the details for your own property as some schemes have specific conditions imposed by the Local Authority.

If you would like to know more about increasing your equity you can:

• Write to:
  Lyn King, Leasehold Sales Advisor
  Raglan Housing Association
  Westover House
  West Quay Rd
  Poole BH15 1JF
  
• Email lyn.king@raglan.org
  
• Call 01202 645997

The Price of Extra Shares
The value of your property will be assessed by an independent valuer so we can calculate how much extra shares will cost.

Costs associated with Staircasing
You will have to pay for:

• The valuation and any extension or revaluation required
• Your legal fees and any Stamp Duty where applicable

The Effect on Rent Payments
Rent is payable at 2% of the share you do not own. Therefore your rent will decrease as you increase your ownership.