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You can buy more shares in your Shared Ownership home which means you will own more of the property.
What is staircasing?
Staircasing is when you increase the share of the property you own. You can do it gradually over time and in most cases you can eventually own 100% of your home. Please check your lease agreement or speak to a member of our home ownership team for further details.
What are the benefits to Staircasing?
Increasing shares in your property will reduce the amount of rent you pay. The amount of rent you will pay will depend on the share we own. The cost of additional shares is calculated by the market value of your home at the time you decide to start staircasing.
Your mortgage repayments may increase, but you will own more of your own home and you may be better off financially. Your lease agreement will state that rental costs increase annually, so it's worth reviewing your rent and mortgage regularly.
If you are able to staircase to own 100% of your home, you will have more mortgage choice as you will be able to get a standard mortgage. You will also have the freedom to sell on the open market and will not be subject to the new buyer meeting Shared Ownership eligibility criteria.
How does Staircasing work?
When you decide you want to staircase you will need to:
- get an independent RICS valuation to find out the current market of your home
- check your lease agreement for any restrictions on how many times you can staircase
- check your lease agreement for the any rules on the amount of shares you want to buy
- decide how you will pay for the shares which can be through savings or will require an advance on your current mortgage or a new mortgage
- pay for any additional costs which may include solicitors' fees, mortgage fees, Stamp Duty and a Land Registry fee
Each time you want to buy more shares in your home, you will need an affordability assessment to confirm that your purchase meets the Government's affordability criteria.
Our home ownership team will be able to help you with the Staircasing process.
Get in touch
To discuss your financial situation and find out how staircasing could benefit you, or for help with financial planning, please get in touch with our Home Ownership team:
- on 01642 668256
- or email email@example.com
This is a non-regulated service, and you may wish to seek independent financial advice.