Increasing the share of your home that you own is called ‘staircasing’. 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 before staircasing as this can vary from scheme to scheme.
The minimum additional share you can purchase when you staircase is 10%. When you make your final allowed staircasing transaction you can only purchase the remaining share to ensure you own 100% of your home. For example, if you initially buy a 40% share and then staircase two further times, buying an additional 20% the first time and 10% the second time (so you own 70% of your home), you must purchase 30% when you staircase a third and final time.
In order to continue 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 solicitor simultaneously.
For more information please contact 020 7613 7480 or email email@example.com.