If you are in a shared ownership home you can buy more shares until you own it outright.
This is known as ’staircasing’, as you take a number of steps towards owning your property outright.
You can buy a minimum of 10% extra shares at a time. This reduces the rent you pay to us. The more shares you own, the less rent you pay.
Your lease explains how to increase your ownership share. You need to consider all the costs involved in staircasing before you go ahead. When you apply to us to increase your ownership your rent must be up-to-date and must remain so throughout the staircasing process.
How to staircase
We can help you through the process. You can help by having your mortgage offer ready and arranging for a solicitor to act for you.
You will need to get your home valued by a qualified surveyor. We can give you a list of approved valuers who may reduce their fee to you as our customer. Or you can choose your own qualified surveyor.
You will have to pay the valuation fee – even if you don’t go ahead with the staircasing. The valuation will be valid for three months.
The valuation will take into account any improvements you have registered with us – but the valuation will not necessarily reflect the full cost of the works you have carried out.
What happens once I own 100%?
If you live in a house and buy all the shares in your home you stop being the leaseholder and become the freeholder.
This means that we will no longer own any part of your home. In most cases you become the freeholder three months after you complete the final staircasing process. You will still have to pay rent and our management fees until the staircasing is complete. You may still have to pay an ongoing service charge to us if you live on an estate with shared facilities.
If you live in a flat you will continue to hold the lease but won’t have to pay any more rent on your property. You will still have to pay service charges for the running of the building and the estate.
Your lease has all the essential information you need if you want to buy more shares in your home or you can contact us.