Opening Doors - Enhancing Lives

Clwyd Alyn Housing Association
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Buying Further Shares

You have the right to buy more shares (increase your equity) in your home. This is called "stair casing". You can buy further shares starting from 10% to the full amount. However, you can only do this three times with the third purchase achieving 100%.

There are some leases where you are unable to purchase up to 100%. To staircase you must have lived in your home for at least one year. When you staircase you buy the additional share at the current market value. If you staircase to 100% ownership, you no longer pay us rent, although if you do pay service charges, these will continue.

If you staircase to less than 100% ownership, your rent is reduced in proportion to the share you purchase.

To asses the current market value, a qualified surveyor must carry out an independent valuation of your property. You will be responsible for their fees. We cannot accept market appraisals from estate agents. Valuations must state the open market value and be dated within three months of the transaction.

We will ask if you have made any improvements or alterations to your property within the time you have lived there. This is because when you purchase additional shares, we do not take these improvements into consideration.

We must formally notify you of the open market valuation. If you confirm that you wish to proceed, we will contact your solicitor to set the purchase in motion.

You will have to pay your own legal costs and any costs associated with your mortgage. If you would like to apply to staircase, we recommend you first check with your lender that you are in a position to obtain a larger mortgage to cover the share you wish to buy.

We must approve your new mortgage if you are not stair casing to the full 100% ownership. We will approve maximum lending of the amount of your original share plus the amount for the new share.

We cannot approve any extra borrowings for improvements or repairs unless the repairs are to enable you to comply with the covenants in your lease or if you are buying as a joint owner. We cannot approve stair casing if there are arrears outstanding on your account, until these have been cleared.

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