As a shared owner, you are likely to have the right to purchase further shares in your home. This is commonly known as ‘staircasing’. It is a good idea to make plans for staircasing when you first buy your shared ownership home.
If you would like more information on staircasing, we would be happy to discuss your options either over the telephone or face to face at our Moat office in Dartford, Kent. We can also put you in touch with an independent mortgage advisor from our panel. Please contact us on 0300 323 011 to speak with a member of the Home Ownership team in the first instance. You may also email the team at firstname.lastname@example.org.
You can buy as little as a 10% share per staircasing transaction; although many shared owners purchase larger percentages. You are limited to three staircasing transactions and so you must achieve 100% ownership by your third transaction. You will purchase the share at the current market value.
With each share purchase, your rent reduces according to the new percentage owned. When you reach 100% ownership, you no longer pay us rent, although you are still liable for service charges and ground rent (if applicable).
If you have made improvements or alterations to your home, providing you have informed us about these in advance of the works, you will purchase your home at the current market value – excluding the increase in value that these improvements have created.
If you would like to apply to staircase, we recommend you first check with your lender that you are able to get a larger mortgage to cover the share you wish to buy.