This is known as 'staircasing' and allows you to own more of your home. As you buy an increasing share in your home, the rent you pay goes down.
Your lease will tell you what the stipulations are, but usually you can 'staircase' out up to a maximum of 3 separate stages, in multiples of 20% or 25% at a time.
Most leaseholders staircase to 100% of the property in one go;
When you own 100% of the property you will not have to pay any rent;
If you live in a flat and staircase, you will own it on a long lease. You will still have to pay service charges;
If you live in a house you will only have to pay charges if you are liable for estate costs such as gardening, external cleaning, or communal repairs.
We will arrange for an independent valuer to assess what your property is worth. You will have to pay for this valuation. The valuer will contact you and arrange a visit to your home. You will then be sent the valuation report. If you then decide to staircase you will have to confirm to us that you wish to proceed and the amount you wish to buy. You will then have to pay that percentage of the value. You will have three months to complete the purchase, during which time the valuation will be valid. After 3 months you will have to pay for another valuation.
You are responsible for your own solicitor's fees.
If you would like a pack giving you more information about buying an increased share in your home, please contact the Home Ownership Department on 0845 35 12345 and select option 5.