Buying more shares in your home

If you already own part of your home through a shared ownership scheme and want to increase this share, then this is possible through a process we call 'staircasing'.
 

Checking the value of your home

There are a few things to consider before you buy more shares. Firstly you'll need to check the approximate value of your home. You can do this by: Once you have an idea of the value of your property, you can calculate how much extra shares might cost. For example: If the property value is £200,000 the cost to purchase a further 50% share is £100,000 and a further 25% share would cost £50,000.
 

Think about how your monthly payments will change?

  • If you staircase up to 100% you'll no longer pay rent. If you staircase to less than 100%, there'll still be rent to pay but it'll be reduced depending on the percentage of the property you own.
  • If you pay a service charge it will remain the same 
  • If you extend your mortgage to buy more shares, your monthly payments will increase.
To see what your new mortgage could be you can use an online mortgage calculator or talk to an Independent Financial Advisor.
 

Ready to go ahead?

If you have decided that you want to buy more shares in your home, then you need to do the following:
  1. Get your home valued by a surveyor (we can provide you with a list - click here to contact us) and then complete our staircasing form

  2. Once we know you want to go ahead with staircasing, we'll then send you an offer letter. You'll also need to pay an administration fee of £240.

  3. After returning the offer letter to us, you then need to give us your solicitor's details and contact your mortgage lender to ensure funds are agreed (if applicable). It's then just a matter of staying in touch as we go through the sale process.

  4. The final steps will see us agree a completion date. At this point you'll also need to make sure any rent and service charges have been paid. Once paid all paperwork will be finalised.