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STEP BY STEP GUIDE TO
buying 5% or more
What to expect if you decide to buy 5% or more shares
Before you start
Before you tell us you're ready to start, check your lease length, read the latest EWS1 requirements relating to fire safety and speak to a financial adviser to confirm you can afford the extra shares. If you don't do these things, you may encounter problems later on.
Step 1 – Create a SO Resi account
Create a SO Resi account and go to the Buying more shares section to let us know you want to go ahead.
Step 2 – Get a property valuation
Ask an independent RICS surveyor to write a valuation report. You pay your surveyor directly, and they provide the report.
If your lease has less than 85 years remaining, it may be helpful to ask the surveyor for a lease extension premium at the same time.
At your valuation, give the surveyor details of any structural home improvements you’ve made. Where relevant, they will deduct the value of these from their written valuation – and that could reduce the cost of the extra shares you buy. Cosmetic improvements are not taken into account.
Step 3 – Your offer letter
You’ll receive an offer letter by email. This will tell you the cost of the extra shares you want to buy. Complete and return the Acceptance of Offer Form that comes with your letter. We’ll also need details of your solicitors and some identification documents.
Step 4 – Appoint a solicitor
Appoint a solicitor as soon as possible and give them all the paperwork they ask for quickly, so they can answer questions from your landlord’s solicitor. The SO Resi team are here to keep things running smoothly and help you complete your purchase before your valuation expires.
Step 5 – Completion
Make sure your mortgage funds or savings are ready on the completion date. We’ll deal with your solicitors and send a completion statement setting out the final amount to buy your extra shares and get all your rent payments and services charges up to date.
Let's get started
If you’ve read this guide and are happy with the process, let’s get started! You'll need a SO Resi account to access the Buying more shares section.