Buying more shares

As a shared owner you may be able to buy more shares in your home. This is called 'staircasing'. Our step by step guide will explain how you can buy more shares in your home.

Checking the value of your home Young-Couple-meeting-real-estate-agent-to-buy-property,-presentation-tablet-sml.jpg

There are a few things to consider before you buy more shares. You'll need to check the approximate value of your home. You can do this by:

Once you have an idea of the value of your property, you can calculate how much extra shares might cost. For example: If the property value is £200,000 the cost to purchase a further 50% share is £100,000,  a further 25% share would cost £50,000.

 

Think about how your monthly payments will change?

  • If you staircase up to 100% you'll no longer pay rent. If you staircase to less than 100%, there'll still be rent to pay but it'll be reduced by the same percentage

  • If you pay a service charge it will remain the same

  • If you extend your mortgage to buy more shares, your monthly payments will increase.

To see what your new mortgage could be you can use an online mortgage calculator.  Or talk to an Independent Financial Advisor.
 

Buying more shares in your home leafletReady to go ahead?

If you have decided that you want to buy more shares in your home, then you need to do the following:
  1. Get your home valued by a surveyor (see page 5 of our leaflet for full details) and complete the Lease holder Intention Form

  2. Once we know you want to go ahead with staircasing, we'll then send you an offer letter. You'll also need to pay an administration fee of £240.

  3. After returning the offer letter to us, you then need to give us your solicitor's details and contact your mortgage lender to ensure funds are agreed (if applicable). It's then just a matter of staying in touch as we go through the sale process.

  4. The final steps will see us agree a completion date. At this point you'll also need to make sure any rent and service charge has been paid. We'll are made and all paperwork will be finalised.

  5. Here's a list of RICS qualified valuers and solicitors who work on shared ownership.

You can find more information about the process involved in buying more shares in your home in our Staircasing leaflet.