Buying more of my home

Are you hoping to buy a larger share of your home? We're here to guide you through the process with our step by step guide.

As always, our team is here to answer any questions you have and help you through this.

1. Do your homework

Before you start it is a good idea to understand how much you can afford and any costs. You can estimate the value of your home by checking property websites for similar homes or speaking with an estate agent.

If you are planning to increase your mortgage to pay for the further share, you should also talk to your mortgage adviser or lender to estimate how much you can borrow.

Co-Ownership do not require you to appoint a solicitor unless you are buying the final share of your home. If you are remortgaging with your existing lender they may require you to appoint a solicitor. If you are moving your mortgage to a new lender you will need to appoint a solicitor to ensure the correct legal paperwork between us and your new lender is put in place. Co-Ownership does not instruct its own solicitors for any of this work.

The costs and expenses involved in buying a further share of your home will be covered by you so we recommend that you check this out ahead of time and factor it into your calculations.

Doing this homework will help you decide your next steps.

2. Home improvements

Before you request your valuation it’s important to understand the difference between repairs and maintenance, and home improvements.

Improvements are anything that adds value to your home. If you have made home improvements, please tell us about them when you request your valuation and we will take these into account. Only you will benefit from the value of the improvements you have made to your home.

Within your agreement with Co-Ownership the maintenance of your home is your responsibility. Repairs and maintenance include items that need updating within your home due to general wear and tear. These don’t typically increase your home’s value and so you don’t need to include these.

To help explain this further a full list of the categories for improvements, repairs and maintenance can be found here.

3. Ready to buy a further share?

Once you’ve done your homework and are ready to buy a further share, complete a valuation request on your online account. The valuation costs £70 and is valid for 12 weeks.

4. Valuation completed

A RICS registered valuer will visit your home and inspect it externally and internally. They will also consider other houses in your area for comparison. We’ll inform you of the valuation, and how much it will cost to buy more, normally within two weeks.

5. Decision to buy a further share

Once you receive your valuation, tell us if you’d like to progress with your purchase.

If you are remortgaging with your existing lender, or intend to move to a new lender, you should let your mortgage adviser or lender know the outcome of your valuation. This will help them progress your mortgage.

If you decide to proceed, the buyout needs to be completed and the funds with Co-Ownership within 12 weeks of the valuation (the exact date is included in your next steps letter). If something goes wrong and you are going to miss this date, please get in touch with us as we may need to carry out a second valuation.

6. Your share is increased

Once all paperwork has all been completed you will own a bigger share of your home.

Congratulations!

Once you are ready to request a valuation you can do this in your online account. If you need help with this click here, or call us on 028 9032 7276.

Next Steps

Step 1
Calculate the cost of buying out

Step 2
Log in to request a valuation

Trustpilot