Did you know that if you live in one of our shared ownership homes, you could buy more of your home after you become the owner? This process is called staircasing.
As with all shared ownership homes, you only pay rent on the shares of your home that you do not own. So the more shares you own the less rent you will have to pay.
What costs are involved?
When buying more shares you will have to pay:
- Valuation Fees
- Legal Fees
- Mortgage arrangement fees
- Stamp duty (if applicable)
There may be other costs from your mortgage lender and you must carry on paying your rent while going through the process.
Here is what you need to do to staircase:
- Email email@example.com to check if you're able to staircase
- Arrange for you home to be valued, this must be done by a RICS qualified surveyor - RICs website
- Contact your mortgage lender to organise the extra amount needed to purchase more shares
- Speak to a solicitor - if you increase your shares your lease will change so you will need to involve a solicitor. It is important that you use a solicitor with the right experience as shared ownership sales are different to open market sales
Email firstname.lastname@example.org for more details.
Use this link for Staircasing application form