Your guide to staircasing

You can purchase further shares in your home from us at any time up to 100% ownership.

For example, if you currently own 40% of your home but would like to buy another 20% share, you would own 60% of the property and continue to pay rent on the remaining 40% share.

This process is commonly known as staircasing and simply means you are one step closer to owning your property in full. Please note, in some areas, the amount of shared you can purchase may be limited so please check the terms in your lease.

Benefits of staircasing

• The more shares you own, the less rent you will pay
• Once you own 100% of the property, you will become the freeholder (unless you are purchasing an apartment)
• Once you own 100%, you can sell your property on the open market whenever you would like to, without first having to serve the eight week nomination period with Selwood Housing first.

How to staircase

If you are interested in purchasing more shares in your Selwood Housing shared ownership home, the first thing to do is to call our home ownership team on 01225 715 715 and give notice that you intend to staircase.

As the homeowner you are required to obtain a current valuation from RICS accredited chartered surveyor. There will be a charge for this. You can either source your own or we can arrange it on your behalf.

The valuation will normally be valid for six months, meaning if you do not want to staircase following the valuation right away, a new valuation may be needed.

Shares are sold at their current market value, for example if your home is valued at £200,000 and you would like to buy an additional 20% share, it will cost you £40,000 plus any relevant costs.

You will also need to appoint a solicitor to act on your behalf during the staircasing process.

Ways to pay for more shares

• Increase your existing mortgage
• Re-mortgage
• Cash savings

If you are considering extending your existing mortgage to purchase more shares, then your monthly mortgage payments are likely to increase. You will need to contact your mortgage lender or financial adviser to discuss the implications of this.

Expected costs to be aware of

As well as the cost of purchasing more shares, there can be other costs involved, these include:

• Valuation fees
• Your legal fees
• Mortgage arrangement or independent financial adviser fees
• Stamp duty where applicable
• Selwood Housing administration fees
• Increased monthly mortgage repayments