Staircasing
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.
Why Staircase?
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
You can find out more abut how staircasing works by watching our video here
Further information
View our latest webinar here to help you understand how you can own a greater portion of your own home.
Thinking about buying a bigger share of your home? Our Gateway Staircasing Guide walks you through the whole process, including what it costs and how it works.
Ready to take the next step?
Download the application form to get started today. If you have any questions, were here to help - just get in touch with our team at: sales@gatewayhousing.org.uk