‘Staircasing’ is when you buy more shares in your Shared Ownership home, increasing your equity 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 it.
You can staircase at any time whenever you can afford to, but be aware that every time you buy more shares in your home you’ll be liable for the cost of valuing the property, solicitors’ fees and an 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 by Plus Dane Housing will be on hand to offer advice at this stage to help you on your property journey.