If you’re interested in owning as much of your shared ownership home as possible, we’d like to tell you about SO Resi Plus.
An even more flexible version of SO Resi. SO Resi Plus is offered on selected shared ownership new build homes. If you qualify for our basic SO Resi option then just ask us to add SO Resi Plus.
Let’s recap on SO Resi first
With SO Resi, you start by buying a share of your home, usually between 25% and 75%. Your monthly outgoings include your mortgage, a SO Resi payment on the share you don’t own, your service charge for looking after the shared areas of the building and the usual monthly household bills. You can buy extra shares when it suits you, from 10% extra each time. It’s a great way to build up to owning 100% of your home, but there are legal and other costs each time you buy a bigger share
What’s better about SO Resi Plus?
If you choose SO Resi Plus you have all the benefits of SO Resi with much more flexibility. You can choose to buy 1% extra of your home each year at a price you know from day one, with no extra costs to worry about.
• No solicitor’s fees
• No valuation fees
So how does it work?
SO Resi Plus gives you the option of buying an extra 1% of your home each year at a price that is set from day one, even if property prices go up.
• In the first year it will cost 1% of your home’s full value
• Then the amount you pay will go up by 3% a year
We’ll get in touch each year to confirm the price and ask whether you want to go ahead. SO Resi Plus lasts for 15 years, so you can buy up to an extra 15% of your home this way.
Got a question?
No problem, we’ve answered some of the most commonly asked questions about buying a bigger share here