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Buying a bigger share FAQ

Here we’ve answered some of the questions we get asked. If you have a different question or would just like to talk things through, we’re here to help.

The minimum you can buy is an extra 10% of your home’s full market value at that time. You can buy bigger shares than that in multiples of 5% – 15%, 20%, 25% and so on – right up to the point where you own 90%. Your next step after that is to buy the last 10% in one go, so that you own 100%.

Your So Resi payments will stop, but you may still need to pay service charges and ground rent. Depending on your lease, the freehold may be transferred to you, so you own the land as well as the home on it. We’ll tell you more if you let us know you are thinking about owning 100%.

If you sell your home for a higher price than the valuation, we may be able to claim back some of the extra profit you make. The time limit for us to do this is set out in your lease. It is normally three months.

Once you’ve told us to go ahead, the whole process usually takes six to eight weeks. The So Resi team will be able to put you in contact with surveyors and solicitors who are knowledgeable about shared ownership and they will keep you up to date with the process. 

Improvements that could affect the value of your home include replacing single glazing with new double glazing, or adding central heating to a home that didn’t have any. Things that do not usually add value include rewiring and replumbing, replacing heating systems or changing flooring. The change in a property’s value is not linked to the actual cost of improvements. If you’ve made changes that you think increase your home’s value, tell the RICS surveyor and show them evidence. If they agree, we will deduct the change in value from the full value. This is so that you don’t pay extra for improvements you have made yourself.

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