The following pages will tell you how you can buy further shares of your shared ownership home. As a shared owner you have the right to buy all, or part of your home from us if you can afford to do so but there is a special process to go through.
Buying further shares in your home is often called ‘staircasing’. Usually, your lease will say that you have the right to ‘staircase’ until you own 100% of your home.
As you buy more shares of your home, your rent will go down in proportion. Your service charges will not be affected as they reflect the actual cost of the services that your lease says that we must provide.
What steps do I take to buy further shares in my home?
If you would like to buy further shares in your home you must let us know of your intentions to staircase in writing. This can be via email. The value of the share is worked out as a percentage of the current market value of your property, not as a percentage of the price you paid when you first bought your home, therefore, your home needs to be re-valued.
When we have received your notice to staircase we will ask you to fill out a Valuation Request Form and send it to us. This form asks you for information about any major improvements you have made to your home so that the surveyor can take them into account when arriving at a figure. Any improvements that have been made that the surveyor believes has affected the value of the home, would be deducted from the market value.
For example, if you have renovated your kitchen or built an extension onto your home, this would be taken into account when determining the market value. If you purchased your home with another person, then both of you will need to sign this form.