Flexible options
How to buy more shares in your home
You have the right to buy more shares (increase your equity) in your home. This is called staircasing. You can buy further shares starting from 10% to the full amount. However, you can only do this three times, with the third purchase achieving 100% ownership. To staircase, you must have lived in your home for at least one year.
When you staircase you buy the additional share at the current market value. If you staircase to 100% ownership, you no longer pay us rent, although if you paid service charges, these will continue. If you staircase to less than 100% ownership, your rent is reduced in proportion to the share you purchase.
To assess the current market value, an MRICS or FRICS qualified valuer must carry out an independent valuation of your property. You will be responsible for their fees. We cannot accept valuations from estate agents.
We will also ask you if you have made any improvements or alterations to your property. This is because when you purchase additional shares, we do not take these improvements into consideration. For example, if your home is valued at £150,000 including the value of a new kitchen you had fitted, we will ask the valuer to assess how much the kitchen has increased the overall value. If this is, say, £1,000, we deduct this off the full value, giving a value of £149,000, and your extra shares are based on a percentage of the 'unimproved' price. We will check our files to make sure you requested permission for any improvements you wish to be taken into consideration.
We must formally approve the valuation to you. If you confirm that you wish to proceed, we will contact your solicitor to set the purchase in motion. You will have to pay your own legal costs and any costs associated with your mortgage.
If you would like to apply to staircase, we recommend you first check with your lender that you are able to get a larger mortgage to cover the share you wish to buy.
We must formally approve the valuation to you. If you confirm that you wish to proceed, we will contact your solicitor to set the purchase in motion. You will have to pay your own legal costs and any costs associated with your mortgage.
If you would like more information on how to staircase, please click on the staircasing leaflet and if you would like to apply, please click on the application form. You will need to print off the application form and send it in to us.
Your home is at risk if you do not keep up rent and mortgage repayments or payments on other loans secured on it.
Please note the value of properties can go down as well as up.