Buying more shares in your home
Buying extra equity in your shared ownership home is known as 'staircasing'. You can either staircase by an incremental percentage such as 25% or staircase from your existing share to 100% ownership in one transaction.
The first stage is to have a valuation carried out to determine the current market value of your home. Two values are obtained. One is prior to any improvements you have carried out to your home. The second reflects current market value with improvements (if any).
This is then used to calculate the 'staircasing premium' which is the cost to buy an extra share in the home, or the cost to buy the remaining full share of your home. If you staircase to 100%, you will still have to pay any applicable service charges but no rent.
If you buy an extra share, your rent will be adjusted accordingly.
Offer for shared ownership tenants
For all tenants who are shared owners of a SBHG home, we're now offering you £500 towards your legal fees for your staircasing process. We hope this grant will help you find the process easier. For more information, please contact firstname.lastname@example.org.