Staircasing - what shared owners need to know
If you own a share in your home under a shared ownership lease, you might be interested in going through the process known as staircasing, which enables you to own a greater proportion of your property. This is a brief explanation about how it works.
To start with, you will need to get some financial advice, for example from your mortgage lender, and share their assessment with us so that we know that you can afford to purchase the additional share before we proceed.
Staircasing can either increase or decrease your monthly housing costs, depending on your situation. Factors that can influence this include:
- the interest rate on the mortgage
- how large the share is that you decide to purchase
- the rate of rent you pay
- how long you’ve owned a share in your property.
You should also check the terms of your lease, which will indicate how many times you can staircase, and whether there is a minimum share you need to purchase. The solicitors who helped you with the initial purchase should be able to assist you.
Since 1st July 2024 HHS has introduced fees for shared owners reselling or staircasing (in order to recover some of our costs).
These fees are as follows:
New staircasing customers - Administrative costs of £300 plus VAT on completion
You will also need to appoint a RICS qualified valuer and a solicitor and will have to pay fees for these services.
Contact us in the first instance so we can guide you through the process.
Telephone: 01223 315036
Email: info@hhs.org.uk