Staircasing - buying more shares

Your lease will tell you if you have the right to buy further shares in your property - known as staircasing. If you are in any doubt as to the type of lease you have, please contact us| and we can
say whether you may buy more shares.

 

If you can staircase, you can buy as little as 12.5% each time, or you can buy all the remaining shares in your property up to 100% ownership. The lease allows you the right to buy shares as many times as you wish, although some leases restrict the amount of further shares you can buy. If you decide you would like to buy a further share, we will arrange for your property to be valued. The valuer will contact you directly to make an appointment. 

Home Improvements

Before they arrive, it is a good idea to make a list of any improvements you have done to your home at your own expense. The valuer will assess these items separately and exclude them from the property valuation figure, to make sure you are not charged again in the purchase price for improvements you have already paid for. Examples of this type of improvement are larger items such as new bathrooms and kitchens, double glazing, central heating, conservatories and extensions.

 

Please be aware that we can take account of improvements you have done only if you told us about them in writing at the time you did them. If you have not notified us, you will need to send us proof of the work you did, for example copies of receipts or invoices.  

Cost & Timings

When we get the valuation we will write to you to tell you how much it is and the price of the extra share you wish to buy. You should then confirm in writing that you wish to proceed. You will have 3 months from the date of the valuation report in which to complete your purchase. (This is the length of time the valuation report is valid for.) If completion takes longer than 3 months, we will need a new valuation, which may affect the price of the further share. You must pay the cost of the valuation.

 

The current cost of a valuation is £100.00 (figure as at 30.10.06) 

Full Ownership

If you live in a house and staircase to 100% ownership, the freehold of the property will be transferred to you on completion.  

Further Information

If you wish to discuss any of this information or are unsure if your lease type allows you to purchase further shares, then please contact the Council’s legal section for advice on 01452 396120.