Did you know that if you live in one of our shared ownership homes, you can purchase more shares in your home after you have lived there for a year? 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.

Benefits of staircasing

  • Increased ownership: By staircasing, you have the opportunity to gradually increase your ownership share in your home. As you purchase additional shares, you move closer to owning the property outright.
  • Greater control and flexibility: Owning a larger share gives you more control over decisions regarding your home, such as potential renovations or alterations. You also gain greater flexibility in terms of selling the property, as a larger ownership stake can make it easier to find buyers.
  • Potential financial benefits: As you increase your share, you may benefit from any increase in property value. This can lead to potential equity growth and financial gains in the long run.
  • Reduced rent: As you purchase more shares, your rent payments to us decrease. This can result in increased affordability and financial stability.

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.

Housing Solutions Staircasing services

We offer comprehensive support and guidance to ensure a smooth and transparent experience.

Our services include:

  • Information and eligibility assessment: We provide detailed information about staircasing, including the eligibility criteria and the steps involved in the process. Our team can assess your eligibility for staircasing based on your current circumstances and the terms of your shared ownership agreement.
  • Valuation and share purchase calculation: We work with independent surveyors to conduct property valuations, determining the current market value of your home. This valuation helps calculate the price of the additional shares you wish to purchase.
  • Application support: We assist you in preparing and submitting your staircasing application. Our team ensures that all necessary documents and forms are completed accurately, and we liaise with solicitors and conveyancers to facilitate a seamless process.

Here is what you need to do to staircase:

  • Email homeownership@housingsolutions.co.uk to check if you're able to staircase.
  • Arrange for you home to be valued, this must be done by a RICS qualified surveyor.
  • 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 homeownership@housingsolutions.co.uk for more details.