If you are an existing shared ownership customer, you have the option to purchase additional shares in your home, with the aim of eventually owning your property outright. This process is known as ‘staircasing’.
The cost of purchasing the additional shares will be based on the market value of your home at the time the staircasing takes place.
Purchasing more shares in the property means the monthly rent on the percentage you do not own will reduce and, if you eventually purchase 100% of the property, you will pay no monthly rent at all.
To define the price for further shares to be purchased, we will arrange for an independent valuation of your property, in accordance with the terms of the Shared Ownership Lease. You will be responsible for the appropriate valuation fee.
A RICS (Royal Institute of Chartered Surveyors) qualified Surveyor will determine the current open market value of your property, excluding any improvements you have carried out to the property.
If you want to find out more about staircasing, simply complete our enquiry form and a member of our team will be in touch to advise.
Alternatively, you can call the Commercial Transaction Team on 01925 592610.