Are you currently a shared owner? If so, have you considered looking into staircasing? Many people don’t know that you can buy more shares of your home when you can afford to. We’ve put together a handy Q&A below to help you make a decision.
How many shares can I buy?
As a shared owner, you can buy additional shares of your home as and when you can afford them, this is called “staircasing”. For example, if you currently own a 50% share, you can buy an additional 25% or 50% share. If you buy the additional 50%, you will then own your home outright!
How much will it cost me?
You will need to pay for a RICS valuation, which is around £160. This will determine the value of your home, and therefore the value of the shares you are looking to buy. There will also be legal costs, from both your own solicitor and Plus Dane’s which may incur a cost dependant on what your lease states.
What are the benefits of staircasing?
Staircasing takes you one-step closer to owning your home outright! It puts you in control of your home ownership journey – you can choose when to buy more shares and how many based on what you are able to afford. The more shares you own, the less rent you pay on the rest – meaning costs are going towards your homeownership rather than paying rent.
If you have any more questions on staircasing or want to chat through your options, you can email us at [email protected], or call 0800 169 2988 to speak to a member of our team.