Staircasing is the name given to the process where you buy further shares in your home. Most (but not all) shared ownership leases allow you to 'staircase' normally in multiples of 10% or 25%. You will never be required to increase your share, it will always be entirely up to you.
If your lease allows you to do this and you would like to buy more shares you will need to contact our
Homebuy Sales Team.
The current value of the property will need to be assessed by a Chartered Surveyor. We can then work out how much you will have to pay for extra shares.
If you have made any improvements, any increase in the value of your property as a result of the work you have done will not be counted in the valuation of the property.
What will I have to pay?
You will have to pay for the valuation fee yourself as well as your solicitor's fees. You will have three months from the date of the valuation to buy additional shares.
If you decide to increase your share, we will adjust your rent downwards by the same percentage. For example, if you decide to increase from 50% to 75% ownership, your rent will be decreased from 50% to 25%.
Unless you staircase to full ownership, your rent can never drop lower than £250 per year, as this is the minimum amount allowed under the Leasehold Reform Act 1989.