As a Shared Ownership customer you’re entitled to buy extra shares in your home to increase the equity you own in your property This process is called staircasing. The more shares in your home you own, the less rent you’ll pay.
You can either buy shares in tranches or purchase the remaining shares to take you up to 100%, which is known as final-staircasing.
The minimum share you can purchase depends on the terms of your Shared Ownership lease. Please get in touch or check your lease for further details.
If you’re a new model shared ownership customer, you’re also entitled to buy 1% shares in your home, each year for 15 years from when you move in. There is no fee to do this. The cost of the 1% share is based on the original price of your home, increased or decreased in line with the Land Registry UK House Price Index (HPI). The HPI is a national statistic that shows changes in the value of residential properties. We’ll provide you with an up-to-date HPI valuation each year or if you ask to buy a 1% share.
The price you pay for extra shares will be based on the current market value of your home at the time of your staircasing application. For example, if your home is now valued at £400,000 and you wish to buy an additional 10% share, this will cost £40,000.
You’ll need to pay the cost of the valuation, your legal costs and any costs imposed by your mortgage company. It’s important to think about all the costs involved in a staircasing application before you decide to go ahead.
For more information please read our Guide to Staircasing and our Staircasing FAQs, or if you have any questions you can contact us by emailing property.sales@goldinghomes.org.uk