If you are a Shared Owner then you have the opportunity to buy more shares in your home. This is known as staircasing.
The greater the share you buy in your home, the less rent you will pay and if you staircase to 100% you will pay no rent and become an outright owner. It is entirely up to you if you want to staircase.
Most Shared Owners have the right to staircase, but you should check your lease to make sure.
You can usually staircase up to a maximum of three times in addition to the initial share you purchase. Please remember to check the terms of your lease beforehand as this rule can vary from scheme to scheme.
The minimum additional share you can purchase when you staircase is 10%. When you make your final permitted share purchase it must be enough to ensure you own 100% of your home. For example, if you start by buying a 40% share of home and then staircase two further times, buying an additional 15% the first time and 15% the second time, you must purchase 30% when you staircase the third and final time.
The value of your home can change over time depending on the state of the housing market. So the value of your home at the point you want to staircase may be different to the value when you bought your initial share. The additional share you want to purchase will be sold at the market value at that time.
In order to start the process you must complete a Staircasing Instruction Form, which you can find below. You will also need to select a surveyor from our approved list of independent valuers, and pay for a valuation. Once the valuation is received then if you decide to proceed you will need to complete a Notice to Proceed form, and instruct a solicitor. We will instruct our solicitors at the same time.
For more information please contact 020 7613 7480 or email email@example.com.