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Buy more shares

How to buy a larger part of your home (more shares). This is something we call ‘staircasing’, because you take steps up to buying more.

Step by step

To do it, you need to do four things

  1. Fill in this Shared Ownership form (PDF 207kb)
  2. Get your home valued by a qualified surveyor so we can work out how much more the shares cost
  3. Speak to a financial advisor so you can be sure what you can afford (we can suggest people to talk to. It’s important you choose someone who understands shared ownership)
  4. Find a solicitor to do all the legal work (we can also recommend some independent people to talk for this. It’s important you choose someone who understands shared ownership)

We’ll go through each step in more detail in the next section.

You can’t buy extra shares if

  • You’re behind with your service charge or rent payments (you need to get up-to-date first)
  • There’s a restriction on the amount you can own (and you’re at that limit). Check your lease to see if this affects you.
Shared Ownership Form (PDF 207kb)

Buying more shares - step-by-step

To find how much your home is worth (and how much you need to pay for the extra shares), you need to arrange a valuation.

 

  • The valuation must be done by a RICS (Royal Institute of Chartered Surveyors) qualified surveyor. We can’t use a ‘mortgage’ valuation
  • You’ll need to pay for it to be done
  • It will be valid for three months (so you must buy the extra shares within this time or you’ll need to get a more up-to-date valuation)
  • You can normally get your valuation updated at a cut price, as the surveyor won’t have to visit again. But if the value of your home has gone up, the share you’re buying will cost more
  • Email your valuation to leasehold@vividhomes.co.uk

To make it easier for you, here are a list of local valuers that are RICS qualified. You’re free to find another RICS valuer if you’d prefer.

 

Valuers we recommend

 

  • All areas - Bartley West Surveyors | 02380 861123 
  • Portsmouth area - Chandler Hawkins | 02392 820420
  • Southampton area - Now Survey | 02380 224189
  • Aldershot area - Cresswell Associates | 01252 515551
  • Woking/Guildford area - Frazers Surveyors Ltd | 01483 730909
  • You need to speak to a financial advisor to talk through your money situation and options
  • Shared Ownership mortgages are different to normal mortgages, so it’s really important you use a financial advisor who really knows about shared ownership
  • We’ve got a panel of people who can help - they're also independent. Although they’ve been approved by us, they're nothing to do with us, our partners or any group we’re connected with. But, they know we expect our customers to go to the front of the queue
  • You’re free to find another qualified Independent Financial Advisor if you’d like
  • If you’re taking on a bigger mortgage to buy more shares, you may need to contact your bank and building society to organise the extra money

 

The financial advisors we recommend are:

 

  • Buying more shares will mean changes to your existing lease. So, you’ll need to involve a solicitor
  • Shared ownership sales are different to normal sales, so it’s really important you use a solicitor who knows about and understands shared ownership
  • Our approved solicitors are independent. Although they’ve been approved by us, they’re nothing to do with us, our partners or any group with linked with. But, they know we expect you to go to the front of the queue
  • You can, of course, find another firm of solicitors if you like.

 

The solicitors we recommend are:

 

  • Abels Solicitors - Southampton | 02380 220317
  • Eric Robinson Solicitors - Bitterne | 02380 425000
  • Galloway Hughes Solicitors - Surrey | 01372 237070
  • Jasper Vincent Solicitors - Fareham | 01329 285341

When you buy more shares, you’ll have to pay for:

 

  • The valuation
  • Your solicitor
  • Your new mortgage arrangement fees (if there are any)
  • Stamp duty (if it’s due)

You may also have to pay for other things. And you must keep paying your rent while the sale goes through. If you don’t, you’ll be breaking your lease and we’ll have to stop the sale of the extra shares.

What happens if...

The home improvements you’ve made have added to the value of your home

  • If your improvements have added value to your home (and not all improvements do) they won’t be included in your valuation
  • This means your extra shares will be based on the value of the home without your improvements

You buy all the shares (and we own none)

  • Once you own 100% of your home you won’t pay us rent anymore
  • If you own a flat you’ll still be a leaseholder, so you’ll still have to pay service and management charges
  • If you own a house, the freehold of your home may be transferred to you. There's no guarantee of this - you’ll need to ask your solicitor
  • Once this has happened, you won’t be charged for buildings insurance (but you will have to arrange your own)
  • Sometimes, however, you may still have to pay us a service charge (for example, if you live on an estate and have to pay towards shared costs). We’ll let you know if this is something that affects you

Remortgage

How to change your mortgage deal and borrow more money

Remortgage my home

Sell my home

Four steps to selling your shared ownership home

Sell my home