Buying Further Shares

You can buy further shares in your shared ownership home at any time after the first year of your initial purchase (this does not apply to purchasers of a re-sale property, who may purchase further shares straight away assuming the lease is over one years old)

The size of the share you can buy depends on your lease. In most cases you can buy 100% of your home. If you live in a house you will then obtain the freehold of your home. If you live in a flat it will remain leasehold.

If you are interested in buying more shares in your home, you will need to:

Contact Midsummer to arrange for a valuation

Midsummer will arrange for an independent valuation to be carried out on your home, which is based on its current market value. The valuation excludes any major alterations or improvements you have done to your home and assumes that the property is maintained in good order. There is a valuation fee, which is paid for by the shared owner.

What happens next?

Midsummer will send you an offer of sale. This will tell you how much the extra share will cost based on the valuation received and how much your rent will reduce by. The offer is valid for three months.

What do I need to do if I decide to buy more shares?

If you wish to purchase further shares you need to tell us the size of share you wish to buy within one month of receipt of the offer of sale. You will have a total of three months from the date of the offer of sale to complete your purchase.

What fees are involved?

You will need to pay a valuation fee for the valuation of your home. If you are arranging an increased mortgage on your home, you will need to speak to your mortgage lender to see what you would be expected to pay. If you are buying all the shares in your home you will also have solicitors fees and Midsummer's legal costs to pay.

Do I need a solicitor?

If you paid full stamp duty when you purchased the property, it will not be necessary to instruct a solicitor if you are not buying all of your remaining shares. If you decided to pay part rather than full stamp duty when you first purchased your home, you are advised to contact your solicitor as additional stamp duty is due each time you buy further shares.

If you are buying all the remaining shares in your home, you will need to instruct a solicitor to carry out legal work for you.