Shared Ownership - 'Staircasing'
How much of the property can I purchase?
This can vary from scheme to scheme. It may be anything from 10% to 75% of the property value, with 40% being the most common amount. The remaining percentage is retained by us as your landlord. This means you buy your share as a leasehold purchase on a long lease, (125 years or 990 years depending on the property).
How do you result in owning your home?
After settling in one of our Shared Ownership properties, you may move from your initial share to full ownership in a number of stages. The decision to buy further shares or 'tranches' over time is called 'Staircasing'.
Alternatively, if you can afford to, you can move up to full 100% ownership, by buying the entire share currently held by us in one go. You can only buy 100% of the property after one year of occupancy. In a few instances, staircasing may be limited to a maximum share of 80%.
For a house, once you own 100% of the property, you will move from leasehold to freehold ownership. For a flat, the property will generally remain on a long leasehold.
When is the right time to Staircase?
If you have been one of our shared owners for a year, you might think about the option to buy further shares of the home. Some residents may have had a change in job role resulting in a large pay increase or gathered inheritance. These are the type of opportunities where you can put money into investment for your home.
We're here to help, if you have any questions about our Shared Ownership properties please get in touch with our Contact Centre.