It’s your choice. Each year, we’ll just get in touch to ask if you want to go ahead. If you decide not to, that’s absolutely fine.
Your monthly 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%.
You can opt in to buy a 1% share in any of the 15 years. If you decide not to buy in a particular year, the fixed price for the 1% share relating to that year is no longer available.
Some people are happy to stay as part owners of their home. So the traditional way of buying more shares suits them well.SO Resi Plus is designed for people who know from the start that they want to buy a bigger share of their home in a way that spreads out the costs and makes sure there are no legal or valuation fees to pay.
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.
No. After the first year, the cost will increase at 3% each year. We’ll set everything out for you before you go ahead with SO Resi Plus, so you know exactly how much your extra 1% will cost each year.
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.