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Buying more share in a shared ownership property

Hi, Just wanted to ask a couple of silly question, I own only 40% of a shared ownership property, if I want to buy more share in the same property, will I be still considered as first time buyer or 2nd, as I don't own any other property. Second Q is are there any financial organisations that help you buy more shares in a share ownership property? Thanks in advance.

Asked on Nov 16 2017, General in Oxford | Report content

Answers (1)

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  • Hello, probably best to check with the organisation you jointly own the property with but I don't think you would be classed as a first time buyer anymore. You can sometimes acquire more shares through a process called "staircasing". Should it be allowed you will either get a further advance or remortgage. There will be a number of extra costs and early redemption penalties I would imagine. But I would contact the organisation ("landlord") with whom you share the property with to get a clearer picture of things.

    Answered on Nov 17 2017, Report content

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