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Can I Buy My Home?

Can I Buy My Home? Can I Buy My Home?

Owning your home outright is possible in several ways, depending on whether you’re a leaseholder or a shared owner. Here’s what you need to know:

If you’re a shared owner

  • You can buy more shares in your home over time. This is called staircasing.
  • The more shares you own, the less rent you pay.
  • Once you own 100%, you’ll stop paying rent and may become the freeholder if you own a house.
  • If you have the new model lease, you can buy shares in 1% increments for the first 15 years.

How does staircasing work?

  • Contact us and complete a Request to Buy More Shares form.
  • We’ll arrange a valuation and confirm the cost of the extra shares.
  • You’ll need a solicitor to handle the legal side.
  • Once complete, your rent will reduce in line with your new share.

If you’re a leaseholder

You already own your home under a lease, but you might want to:

Extend your lease

adding 90 years to a flat or 50 years to a house. This protects your home’s value and makes it easier to sell or remortgage.

Buy the freehold

if you live in a block of flats, you may be able to join with other leaseholders to buy the freehold. This is called enfranchisement.

Why extend your lease?

  • Easier to sell or remortgage.
  • Protects your home’s value.
  • Removes ground rent charges once extended.
  • If you bought through Right to Buy or Right to Acquire, you already own your home under a lease.
  • If you want to sell or make changes, check your lease for any restrictions.

FAQs

Costs vary depending on your home’s value and the terms of your lease. You’ll also need to pay for a valuation, legal fees, and any admin charges.

Yes. Buying shares, extending a lease, or buying the freehold involves legal work, so you’ll need a solicitor.

Absolutely. Contact us for guidance, and we can also signpost you to independent advice services like the Leasehold Advisory Service (LEASE).