Buying more shares in your home
This is known as ‘staircasing’ and allows you to own more of your home
- As you increase the share you own your rent goes down
- When you own 100% you do not pay any rent
- You can staircase in set multiples set out in your lease
- If you live in a flat you will own it on a long lease and will stay pay service charges
- If you own a house you will pay service charges if you are liable for estate costs, such as gardening or external cleaning
How to staircase
Contact us to let us know you wish to buy more shares in your home. We will then arrange for an independent valuer to assess what your property is worth. We will then send you the valuation report.
If you wish to proceed you need to let us know and tell us what percentage you want to buy.
You then have three months to complete the purchase. After that time you will have to pay for another valuation.
If you wish to staircase, please download our information booklet for full details of the process, along with the Valuation Form, Instruction to Proceed Form and a list of recommended solicitors.
Selling your property
If you own a percentage of your home:
You must tell us if you wish to sell your home.
Then, you need to:
- Have the property valued
- Sell you share at a price that does not exceed the valuation.
We will nominate a new buyer from our waiting lists. If we find a buyer we charge an administration fee of 1%
If we have not found a buyer after 3 months, you are free to sell your property on the open market.
Some residents choose to staircase to 100% and sell the property on the open market. This is known as ‘simultaneous staircase and sale’.
If you own 100% of your home:
If you have owned the property for a period of at least 3 months, you do not need to have a valuation done.
Please do make us aware you have sold your home via your solicitor.
For more information on staircasing, selling your property, and information packs for both, contact our Home Ownership department on 0845 600 6699 and choose option 3.