Buying Guide
Buying More Shares
Under the terms of the lease, the share of the property owned by the purchaser can be varied by “staircasing”. Normally, this is upward, to increase the share owned. Once the period specified in the lease has elapsed from the initial purchase, the leaseholder can “staircase” up to a maximum of 100% and own the property outright.
You will usually have lived in your home for at least a year before you are allowed to purchase more shares.
The price you pay for each share depends on the value of your home at the time you want to buy another share. This price is normally held for three months from the date your home is valued. You will have to pay all the costs involved such as legal fees, valuation fees or any deposits. You will also need a solicitor to act on your behalf.
If you buy 100% of your home you will stop paying rent, although you will still have to pay a service charge if services are provided.
If you choose to buy further shares in your home, please put your request in writing to:
The Homebuy Coordinator,
Firebird Homes,
Bank House,
30 Manor Row,
Bradford,
BD1 4QE
