As a shared ownership leaseholder you are able to buy further shares in your property, all the way to owning 100% of your home if you wish. This is called staircasing. The choice to staircase is completely up to you, as and when you can afford to do so, but it does bring a number of benefits.
Any additional shares you purchase are based on the current market value of the property. So, if your home is valued at £300,000 and you wish to purchase an additional 25% share, the purchase price will be £75,000.
There aren’t normally any restrictions on whether you can staircase or not but the first step would be to refer to your lease where the process is set out. We recommend you discuss this with your solicitor.
The benefits of staircasing are:
- Lower Rent; you reduce the amount of rent you pay to Gateway
- Higher return on investment; when you decide to sell your home, the greater percentage you own the more profit you could make
- Greater control; if you staircase to 100% and you own the property outright, you can sell your property on the open market, using an agent of your choice
Our guide GHA_Staircasing_Flyer details the process in full, including information on costs involved. If you have any queries, please do speak to a member of the Gateway Housing team by emailing firstname.lastname@example.org