Buying an extra 1% each year in your Shared Ownership Home
Am I eligible to purchase 1% extra each year?
If you purchased your Shared Ownership home with Muir and your home was developed with grant funding after April 21, your lease may allow you to buy an extra 1% share each year.
You can still apply to buy shares in larger tranches if you prefer - as explained here muir.org.uk/buying-more-shares
I'm a shared owner – does this 1% option apply to me?
This applies to homes purchased at Mill Lane in Warrington and Cromwell Road in Ellesmere Port only. These are the only developments where this option is currently included within the shared ownership lease.
How long do I have the option to purchase 1% for?
You can purchase an extra 1% each year for the first 15 years after the lease has been entered into. You don't have to be the first shared owner of your home for this to apply.
Can the 1% roll over if I don’t purchase an extra 1% each year?
The amount you can purchase is limited to a maximum of 1% each year.
How is the purchase price calculated?
We use the original valuation of the property when it was developed as a start point. That valuation amount is then adjusted based on the latest House Price Index to calculate the 1% share.
Keeping you informed
We'll write to you once a year to let you know how much it will cost to purchase an extra 1%.
You can also request a valuation from us at any time by completing the form below
Are there any extra costs?
There is no cost to you for Muir providing you with a House Price Index valuation. There are no solicitor costs or administration fees to pay.
If you chose to take legal advice you will be responsible for that cost.
How long does the valuation last?
You have three months from the date the additional 1% valuation is sent to you to pay for that additional 1%. Any rent arrears or other monies due must be paid at the same time.
Once I receive the valuation do I have to go ahead?
It is your choice whether you decide to go ahead with the purchase of the extra 1 % share
What happens to my rent?
When you purchase an extra 1% your rent will reduce, and we will let you know how much this will be. Other charges such as buildings insurance and service charges will stay the same.
How is the purchase recorded?
A memorandum recording the purchase of the extra 1% is signed by both yourself and Muir.
How do I apply?
To apply to purchase an extra 1% share each year, fill out the form below.