Staircasing is the process of buying some or all of the remaining shares in your Shared Ownership home
Typically tenants obtain shares in 10 or 25% tranches, depending on what your lease says. Here is a simple checklist that explains the process:
How do I Staircase?
- You must inform Mosscare St Vincent’s by completing the Shared Ownership Staircasing form
- Find out from your Bank or Building Society whether they are willing to lend you a further amount of mortgage
- You should appoint a Solicitor to act for you as the documentation involved is complex
- Upon receiving written notification of your intention to purchase further shares, Mosscare St Vincent’s will instruct a valuer
- Within a week of receiving the valuation, we will inform you of the Current Market Value of your home and the cost of purchasing further shares, this must be completed within 3 months after which the valuation is no longer valid
- Once the transaction is complete your rent amount will be adjusted accordingly to reflect the new share balance
What happens when I get to 100% ownership?
Once you have staircased to 100% you will no longer pay Mosscare St Vincent’s any rent and are free to sell your property on the Open Market, however, please check the terms of your lease for any restrictions and any ground rents or service charges still payable.