Buying more shares in your home

When you own a shared ownership property, you have the option of buying more shares in your home, also known as staircasing. As you gradually increase your shares in your home, the amount of the property that we own reduces and so your rent decreases in line with this.

You can staircase all the way up to 100%* and own your property outright.

*your lease will say what the maximum share you can own in your home.

The process

Here’s a quick overview of the steps in the staircasing process:

Key information

We’ve got lots of useful information and FAQs on our website that cover things like:

  • Freehold queries
  • Service Charges
  • Staircasing increments
  • Extending your lease
  • Buildings and Contents Insurance
  • Administration Fees

Next steps

If you want to go ahead with purchasing extra shares of your home, there are a few things to remember:

  • You need to cover the cost for of the valuation and administration fee to start the process.
  • You’ll need to allow the Valuer access to your property within their working hours.
  • If you decide to go ahead once you’ve had your valuation, you’ll need to know how you’re funding it, for example if you require a mortgage you’ll need to engage a financial advisor or mortgage broker, or go directly to your mortgage lender, and we’ll need to see a copy of the mortgage in principle.
  • You’ll need to instruct a solicitor. It can be a good idea to get a few quotes before deciding on one as some can charge a fixed rate and others by the hour.
  • If you have arrears on your account, you’ll need to pay these on completion. If we pay another provider for service charges, you’ll also be required to pay any services which have been paid in advance.

If you are selling your home at the same time as purchasing the remaining shares:

  • You’ll need to consider moving fees i.e. removal company and you should also take final meter readings on the day completion and update all your utility suppliers.
  • If you currently pay a service charge and you’re buying the remaining shares and simultaneously selling, other fees may be applicable i.e. leaseholders’ information pack and or possibility a deed of covenant. Your solicitor will confirm this.

Our role

We’ll be there to offer you advice and talk you through the process while you’re still deciding whether this is the best step for you.

If you confirm that you want to proceed and have provided us with proof of funds, then we’ll instruct our solicitors. At this point, your solicitor is the best person to contact for updates and if you have questions.

However, if you do have any queries throughout the process that you think we’re best placed to answer, we’ll do our best to resolve them. Please note that we aren’t legally trained and some queries will need to be answered by your solicitor.

We’ll get back in touch with you if your valuation expires (this is valid for 3 months from the date the report is written). If a new valuation is required you’ll need to pay for a new report.

Following completion, if you have a credit on your account we’ll refund you within 14 days of receiving your bank details.

Meet the team

If have any queries during the purchasing of additional shares, please contact your Leasehold Officer directly or, if you’re simultaneously selling, please contact the Resales Officer.

If you have queries in the future or want to enquire about other aspects of shared ownership, our Housing Advice Team are here to help. You can contact them on 0345 60 20 540.