‘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 charges – the more you own the less rent you pay.
The main thing you need to know about Staircasing is that the price you pay for each additional percentage of your home depends on the value of your home at that time. Your home will have to be revalued by the Royal Institute of Chartered Surveyors (RICS) every time you want to buy more shares in your home, to ensure your home is in line with current market values.
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. That’s why many people choose to save up to purchase the full remaining shares in their home to buy it outright, meaning they no longer pay any Shared Ownership rent – but it’s your property journey, so you can staircase as and when you want to!
You will 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.