The shares in your home are purchased subject to a leasehold contract, usually 125 years. Your lease allows you to buy further shares in your property which, in most cases, 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.
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
- 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 - your rent will decrease as you increase your ownership)
If you would like to know more about increasing your equity you can contact Raglan's Leasehold Sales Advisor by emailing firstname.lastname@example.org or by calling 023 8065 8847