Step by step guide to buying more shares
- Step 1: Valuation - Ask an independent RICS surveyor to write a valuation report.You pay them and they send the report to you and us.We can provide you with a list of our recommended RICS surveyors.
- Step 2: Home Improvements? If you’ve made major home improvements, make sure you give the RICS surveyor details because they might affect the value of your home and what you pay for your share.
- Step 3: Offer letter - Look out for our offer letter with the price, then complete and return the Acceptance of Offer form that comes with it.We need details of your solicitors so ours can work with them, and certified identification documents, including a proof of name, address, photo and date of birth for each home owner. Read the accepted certified ID process.
- Step 4: Instruct a solicitor - Instruct a solicitor as soon as possible and provide them with all of the required paperwork, so they can answer questions from our solicitor and keep things running smoothly. We’re here to make sure the transaction goes as smoothly as possible and ensure you complete your purchase by the valuation expiry date. For more info read our weekly guide to the legal process.
- Step 5: Completion - Make sure your mortgage funds or savings are ready on the completion date.
What are the costs?
Follow our guide to staircasing costs, including a monthly payment calculator.
How do I start the process?
Got a question?
Here are some commonly asked questions or get in touch with us below.
Typically when you're buying more shares of your shared ownership home the process should take about 6 weeks.It helps if everything is in order. For example, make sure you are sending all required documents to your solicitor and your lender on time.Keep in regular contact with your solicitor and your lender/financial advisor to make sure they are also doing the work on time to complete your purchase by the valuation expiry date.
This is known as a Transfer of Equity.You can add or remove someone to/from the property at the same time as buying more shares.Contact us and we can talk you through our Transfer of Equity process. We also recommend you seek legal advice before starting the process of adding someone to your mortgage and title deeds.Contact your solicitor and mortgage lender to way up your options.
Before you apply to buy more shares, it is wise to speak to your mortgage lender or an independent financial adviser to ensure you will be able to afford to buy more shares of your shared ownership home.We recommend you make sure your mortgage funds or savings are ready on the completion date.
The main cost is for the bigger share you are buying.But you’ll also need to pay for - a valuation report from a RICS surveyor, mortgage lender’s fees for arranging extra borrowing on your mortgage, solicitor’s fees for the legal work involved.You may also need to pay Stamp Duty.If you need to pay this your solicitor will let you know. Read our guide to staircasing costs here.
The share you want to purchase is determined by getting an independent RICS surveyor to value your home.They calculate how much this share is now worth in the current market.We also recommend you use our handy calculator in the guide to staircasing costs here.
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