Owing to a change in personal circumstances you may wish to purchase additional shares in the Shared Ownership property that you live in. This is called Staircasing.
Most properties allow you to Staircase out to full ownership therefore you would own 100% of your home and would no longer be required to pay rent and in some circumstances you will no longer be required to pay a service charge. For more details please check the terms and conditions in your lease i.e. some rural locations are restricted to a maximum ownership of 80% and you can only staircase in increments of at least 10% - 25%.
If you wish to apply to buy additional shares you will need to take the following action:
Contact us to advise of your intention to staircase.
The property needs to be valued by a surveyor appointed by Bromford. You are liable for this fee.
Once we are in receipt of the valuation report, we will email you a copy of the report with an application form to complete to confirm the share you wish to purchase. This form will need to be signed by all relevant parties.
Once we are in receipt of your application form, we will confirm what rent or service charges will be payable on completion and a purchase price for the additional share that you wish to purchase will be agreed.
We will then instruct our solicitor to make the necessary arrangements for the property to be transferred to the new % ownership. Under the conditions of your lease you will be liable for any charges incurred for this transfer including our solicitor’s fees.
Also, please be aware that all valuations are only valid for three months. Should the transfer take longer than that to complete we will require a reconfirmation from the Valuer that the valuation is still current. You will be liable for any cost incurred.
Please be aware that some of the costs that you may incur when purchasing additional shares are as follows, for more in depth costings we advise you to speak to your solicitor. Please note that if you are a customer of Gloucestershire Rural Housing these costs may differ and you must contact us or refer to your lease for details.
Are there any costs involved?
You will need to pay for the valuation, our administration fee,s your solicitor’s fees, our solicitor’s fees and any disbursements. These will be explained in advance by your solicitor and Bromford where applicable.
It is important to obtain professional advice when buying/selling a property, there are however non-refundable costs (such as solicitor, valuation and financial adviser fees) that may be incurred if a purchase/sale does not go ahead.
We hope that this has helped to explain the process in a clearer light and if you have any questions please do not hesitate to contact us (Commercial Property Team) on 0330 1234 034 or firstname.lastname@example.org