You may purchase more equity in your property by "Staircasing". You may buy shares from 10% of the remaining equity or buy the remainder outright. Because of the fees involved, it is often more worthwhile to buy as large a percentage as you can afford rather than staircase two or three times. This of course depends upon your financial position.

Once you staircase to 100%, that is when you own all the equity in the property, you are allowed to sublet and allowed to sell directly on the open market.

The process for staircasing is in your lease, but begins by you telling Octavia that you want to buy more shares in your home. Your service charge account must be in credit for you to proceed.

The percentage you wish to purchase will need to be valued by a surveyor agreed by both Octavia and yourself. You will be responsible for paying the surveyor’s fees for the valuation whether you decide to staircase or not. The valuation is valid for three months. If you have not decided to go ahead with your purchase within that time, you will need to have another valuation.

In addition to the surveyor’s fee you will be responsible for paying solicitors’ costs (both Octavia’s and your own) and of course the cost of the additional share.

Once you have staircased, your rent will go down-the more equity you buy, the less rent you will pay. Remember that even if you buy all the shares in your property, you will still be responsible for paying service charges and these will remain at the same proportion as is stated in your lease.