Over time you will be able to buy additional shares in the property and this is referred to as “staircasing”.
The greater the share you own the less rent you will have to pay. The price of the shares are based on the current market value and not what it was at the time of your original purchase. This means if the property value has increased then the cost of buying additional shares will also go up.
If you have staircased to a 100% of the value of the property you will normally be able to sell it on the open market. If you do not own 100% share then you will need to liaise with your landlord with regard to the sale. There may be also be a mandatory buy back lease in which case either the landlord will purchase the property from you or find someone else to buy your home.
Our solicitors are experienced in transactions involving the various Help to Buy schemes and can help make the process smooth for you.