After you’ve bought your initial share in your home, you can then buy further shares. Buying more shares in your home is called Staircasing. The minimum share you can buy is 10% in addition to what you already own. You can usually buy up to 100% of your home for shared ownership, or up to the maximum equity within the lease on Shared Equity properties.*
The greater the share in your home you buy, the less rent you pay. If you buy 100% of your home, then you won’t pay any more rent to us (apart from ground rent).
To buy more shares, you must:
- Call or email us and state that you want to buy further shares in your home and we will then send you the relevant paperwork.
- Arrange and pay for a valuation undertaken by an independent RICS qualified surveyor (not an estate agent), to determine the current market value of your home - this price determines the price for calculating the premium you would pay to buy an additional share.
- Ensure you don’t have any arrears on your rent and / or service charge account.
- Demonstrate that you have a mortgage agreement in place if you are not able to pay for a larger share outright.
- If you are only buying an interim share you will need to be financially assessed for affordability.
- Fees and expenses
- You will incur some legal and administrative expenses when you buy more shares – see our Administration Charges leaflet for more information.
As part of this process you may choose to remove the pre-emption rights from your lease under a deed of variation. This means that certain clauses within the lease can be removed at a charge once 100% home owensrhip is achieved. Removing the pre-emption rights from your lease may make it more attractive to future buyers should you choose to resell. However, this is not compulsory and there are administration fees to do this.
* An example of this is our Chancellor Park scheme in Chelmsford, which is a fixed equity scheme and therefore is exempt from staircasing.