‘Staircasing’ is when you buy more shares in your Shared Ownership home, increasing your share of the equity you own in your home and reducing your rent – the more you own the less rent you pay.
The main things you need to know about Staircasing are:
- The price you pay for each additional percentage of your home depends on the value of your home at that time
- Your home will need to be revalued by the Royal Institute of Chartered Surveyors (RICS) every time you want to buy more shares in your home
You can Staircase at any time whenever you can afford to, but just be aware that every time you purchase more shares in your home, you’ll be liable for the cost of valuing your home, solicitors’ fees and a small administration charge.
You will also need to get mortgage advice when you wish to buy more shares to see if you can afford to buy the rest of your home. HomesHub will be on-hand to offer advice at this stage to help you on your property journey.