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What if I want to buy more shares in my home?
You can buy more shares in your home; this is known as ‘staircasing’. You can usually buy additional shares in 10% stages, in most cases up to 100% so you own the property outright. The exception is with some rural properties which are sometimes capped at 80%. This is to ensure that the home remains available to local people. If this is the case, you will be advised before you purchase a share in your home.
You would need to contact the Association first to arrange for a mutually agreed independent valuer to inspect your property, to determine the market value of your home. The price you pay for the additional shares depends on the value of your home at the time you wish to buy further shares. Remember that house prices go up and down. This sometimes means that you pay more for buying additional shares, or have to sell your shares at a price less than you originally paid.
As the shared owner, you are responsible for the valuation and solicitor fees and any admin charges that the association may charge.