I want to buy more shares in my home
The legal term used to buy additional shares in your home is called staircasing. The timeframes and rules on this process can be found in your lease document under the staircasing provisions.
Firstly, you need to establish how you will fund the purchase. If this is via a mortgage, then you will need to get a decision in principle (DIP) from your mortgage lender. If you are a cash buyer, you need to provide evidence of funds.
You need to send your request to us in writing. You can email us at firstname.lastname@example.org or via post to Futures Housing Group, PO Box 141, Innovation House, Coniston Court, Blyth, NE24 9FQ.
You need to include:
- Leaseholder(s) names and property address
- The percentage you already own
- The additional share you are looking to buy
- The decision in principle (DIP) or evidence of funds
How do I know what share of my property I own?
Your lease document will state the share initially purchased.
What if I’ve already bought additional shares?
If any additional shares have been purchased, these will be noted on the Land Registry registered leasehold title. You should have a document called a memorandum of staircase, this is issued to you and confirms the amount you need to pay and will confirm the additional share purchased. You should hold a copy of the memorandum of staircase, but if not, this can be requested from the solicitor who dealt with the staircase.
What happens after I’ve submitted a request to buy additional shares?
If you have submitted the request to buy additional shares the next steps are:
- We will instruct a RICS (Royal Institute of Chartered Surveyors) accredited person to come and value your home in accordance with the lease.
- As the leaseholder of the property, you will have to pay for the property valuation as per the terms of the lease. The valuation price will be valid for 3 months, therefore legal completion will need to take place within 3 months. If you don’t complete in the time frame it could mean that you need another valuation which will be at an additional cost to you.
If you are looking to buy your home in full for 100% of the leasehold/free hold interest, we are legally obliged to produce an Energy Performance Certificate (EPC). The EPC is done at cost to us but will involve a site visit to your home.
An offer will be issued to you following on from the valuation and EPC if required. If you decide to go ahead with the additional purchase, you will need to appoint a solicitor/licenced conveyancer to deal with the conveyance. This will be at cost to you.