Buying more shares
Shared owners start off by purchasing
a 25-75% share of their home so almost all shared owners can buy
more shares at a later date if they want to and can afford to.
There are occasionally some properties where you can’t quite buy
When's a good time to buy more shares?
- If you have just been promoted
- changed jobs or got a large pay increase
- inherited some money
- if you have a new partner living with
Also, if you bought your property a few years
ago, you may be pleasantly surprised to find out that you have
built up some equity in the property which could put you in a
strong position to buy more shares.
Shared owners can increase the share they
own in their property at any time but it is important to consider
all the related costs before you proceed.
In addition, your rent account and any other
charges due must be up to date now and throughout the process.
Don’t forget, the more additional shares you purchase, the lower
the rent you’ll pay your Housing Association!
If you are a shared owner with Affinity
Sutton you’ll need to fill in a Staircasing Instruction Form which
gives us the necessary details to get going.
If you have improved your property, the
value of these home improvements will be disregarded by the valuer
for staircasing purposes. This means that you will not pay the
increase in value due to improvements that you have already paid
Getting your property valued
You’ll need to pay for an independent
valuation will be carried out on your home by RICS registered
When you have received the valuation you
will need to work out whether you want to buy some more shares (in
minimum 10% share tranches) and if so, how many. The valuation will
be valid for 3 months.
If you are purchasing more shares in your
property, but not the full 100%, we’ll put you in touch with an
independent financial adviser who will help you work out how much
more you can afford to buy.
We’ll then send you an offer which will
detail how much it will cost and what your new rent will be. There
will also be a list of any fees payable.
If you are buying 100% then you will own the
property outright and there will be no rent payable any more
although you will still be liable for service charges.
Like any legal process, you’ll need to
appoint a solicitor and find a mortgage, unless you are buying more
shares with cash.
The lender will value your property and will
issue a mortgage offer if this is required.
The solicitor will advise you and provide
new documents for you to sign.
Once all this is done you’ll be the proud
owner of even more of your home!