Buying a home of your own with Be West

If you would like to buy a home of your own but can’t quite afford to, you might be eligible forWaterside heights development shared ownership. Shared ownership helps people who cannot afford to buy a home outright. You buy a share of one of our shared-ownership properties and pay rent on the share you do not own. Gradually, you can buy more shares and eventually own all of your home. 

If you are interested in home ownership, take a look at the options available  via our sales brand BE WEST website where we have a range of mixed tenure developments with different styles, sizes and prices within West London.

To find out more you can contract the team on 020 8996 8925 or email sales@bewest.co.uk

Staircasing

Now you’re on the property ladder you may wish to consider buying a greater share in your home as your savings increase over time...

You can staircase three times on a property. If the value of your home increases over time, the value of your shares will too.

Staircasing is how you increase the share you own in your Shared Ownership home. The greater the share you own, the less rent you pay. You may increase the percentage you own in separate stages or in one stage to 100% (depending on any restrictions within your lease).

As the value of your property is likely to have changed since you first became a Shared Owner, one of the key elements to staircasing is obtaining a valuation to establish how much it is worth today. This will determine how much any new shares in your home will cost. To give you an idea of your home’s value before getting a formal valuation, you can use a home property website like Rightmove or Zoopla or ask a local estate agent to give you a free market estimate.

Any additional shares you purchase are based on the current market value of the property. An independent valuation will need to be carried out by a RICS independent surveyor at the time of your application to determine this. Once you staircase to 100% ownership you will no longer pay rent, but you may have to pay ground rent and service charges if you own a flat, or estate maintenance charges if you own a house. This is known as final staircasing. Buying further shares, but not to 100%, is known as interim staircasing. There are costs involved every time you staircase that you need to factor in. These can be found on page 9 of this guide.

If you are thinking about staircasing, you should get in touch with an Independent Mortgage Advisor (IMA). They will take time to understand your finances and help to calculate how much you can comfortably afford to staircase, based on the anticipated value of your home.

Find more information in our Staircasing guide here

Alternatively, you can contact us via email Resale.staircasing@bewest.co.uk or telephone 0208 996 8925.

Selling your Shared Ownership home

There may come a time when you decide to sell your shared ownership home. Here is a brief summary of the steps:

  •  A survey will be carried out to establish current market value.
  • We will market your home on your behalf to people who are approved/qualified for shared ownership during the “nomination period” (This is determined in the lease and is usually up to two months).
  • If a buyer is found during this period, a formal offer to purchase your share is made by us on behalf of the purchaser.
  • Upon receipt of your agreement, solicitors are notified and the conveyance process begins.
  • Your sale should complete in approximately two to three months from the buyer introduction.
  • If we have not introduced a purchaser for your share by the end of the nomination period, we will provide you with permission to sell your home on the open market. You can instruct an estate agent of your choice to sell your share or and simultaneously staircase (increase your equity share in your home) to 100% on completion of your sale. This is financed with funds from your purchaser on completion.

To find out more please contact us via email  Resale.staircasing@bewest.co.uk or telephone 0208 996 8925.