When you own a shared ownership property, you have the option to buy more shares of that property, this is known as staircasing.
How does staircasing work?
If you buy extra shares in your property, your rent will be reduced. Or if you purchase the remaining shares in your home, you’ll own this outright and there’ll be no rent to pay.
*Please note that if you pay a service charge, this will continue.
Interest rates
If you are considering purchasing your home, now is a good time for you to consider this as mortgage interest rates have reduced in recent months.
If you are concerned interest rates could increase, you can protect yourself by selecting a fixed or tracker mortgage as with increased living costs it’s good to know what your committed outgoings are going to be.
We work alongside a couple of independent mortgage advisors who’ll be happy to help.
Shaun Hartnell of Index Mortgages
Mobile: 07775 624452
Email: shaunhartnell@indexmortgages.net
Anne Dale of Piafs
Phone: 0121 4453964
Mobile: 07791 101414
Email: anne.dale@piafs.co.uk
They’ll be able to check the whole mortgage market for you. Their advice is free, so feel free to make a call and discuss your options.
A charge would be payable if you decided to go ahead and an application is made to a lender. This is non-refundable. This charge is to cover the mortgage advisor’s admin fees, subject to the mortgage approval.
You can contact your own mortgage provider who’ll offer advice, or if you wish to look at different mortgage deals and understand this better, you can visit the Money Saving Expert website.
What happens if I want to ‘staircase?’
Once you notify us that you wish to staircase, we’ll send you information including the costs of up to three RICS valuers who could value your home.
You can then choose which valuer you’d prefer, pay the cost of the valuation and once they’ve inspected your home, we’ll be able to send you a copy of the valuation and let you know the purchase price.
If you decide to proceed, you just need to send us a copy of your mortgage and advise a solicitor. Your solicitor and our solicitor will speak with each other until the process is complete.
We usually charge an administration charge to manage this process, but if you quote ‘STAIRCASING2024’ before 30th November 2024, we’ll waive this fee for you.
If you’d like more information on staircasing or would like to get the process started, then get in touch with our Housing Advice Team on 0345 60 20 540 who’ll be happy to help (select the option for leasing or owning your home).
