Shared owners can buy more shares of their home from us, known as ‘staircasing’. If your lease allows it, you can eventually buy up to 100% and own your home outright.
You are under no obligation to staircase, so you can remain a shared owner for as long as it suits you. If you decide to increase your share of ownership, contact us straight away.
The staircasing process
Firstly, we will ask you to provide us with a ‘RICS certified’ valuation of your property, which will determine the price of the extra shares you are buying. The valuation must be carried out by a person accredited by the Royal Institution of Chartered Surveyors. You will need to pay for the valuation yourself and send us a copy of the report.
You should ask the valuer to disregard any increase in the valuation of your property as a result of any home improvements you may have carried out that have had our approval. This is so you are not paying for the added value of any improvements that you have made at your own cost, so it works to your advantage.
We’ll write to you with an ‘offer notice’ setting out the price of the extra shares, which you’ll need to confirm you agree to. You’ll also need to send us a copy of your new mortgage offer if you’re buying with a mortgage.
You’ll need to appoint a solicitor to work on your behalf. We will assist you and your solicitor throughout the legal side of the staircasing process.
Once the legal work is finalised, we will agree a completion date with you and update our records with the details of your new level of ownership.