Take the next step

16 Oct 2020

As a shared owner, you may be paying a mortgage, as well as a low-cost rent to us on your new home. However, we’d love to see you staircase to buy more shares of your Shared Ownership home!

By buying more shares of your home, you’ll reduce the amount of rent you need to pay each month, or if you staircase to 100% you’ll become the outright owner and pay no rent*. If you ever plan to sell your home, the greater amount you own, the more profit you will make from the sale^.

If you’re thinking of taking the next step as a shared owner, read the guidance below where we explain the simple steps involved in staircasing.

1 – Get a valuation
The value of the shares you’ll be buying are affected by the current market value of your home. To find this out, you’ll need to get a RICS/FRICS registered surveyor to carry out a valuation report. It’s important to get this valuation, as it determines the value of your home overall, as well as the shares you’re looking to purchase. You’ll need to send this valuation to us as part of your application.

If you’ve made any improvements to your home, just let us know before speaking to the surveyor. We’ll confirm whether these improvements will need to be considered in the report.

Check out the RICS website to find valuers >

2 – Apply to buy
Just like when you first bought your Shared Ownership home, there are a few forms and documents you’ll need to fill out to buy more shares. Our friendly Post Sales team will guide you through this and answer any questions you may have.

At this stage, you’ll need to speak to an independent mortgage advisor, to understand what size share you can buy. We’ll send you a confirmation of all of this, along with a breakdown of your new monthly payments. Just like when you bought your Shared Ownership home, there will be a small charge for your mortgage advisor.

3 – Speak to your solicitor
You will need to speak to a solicitor, who will organise the legal documents to sign and agree a completion date (similarly to when you bought your home). We always recommend using a solicitor who is familiar with Shared Ownership, as it’s a little different to traditional home purchases.

Check out our panel of Shared Ownership solicitors >

4 – Congratulations!
You’ve completed the purchase! Whether you’ve bought more, or 100% shares in your home, it’s a great feeling to have taken that next step as a shared owner.

To buy more shares of your property, there are a few small charges involved. Find out more > Have more questions about staircasing? Our friendly Post Sales team are here to help!

Email us at postsales@abri.co.uk or call 0800 145 6663.

^Value of property or shares at time of sale will be subject to a RICS / FRICS evaluation. *Percentage shares available to buy will depend on your lease. Please get in contact with a member of the Post Sales team to find out more. Radian will charge £180 administration fee, payable upon completion. Staircasing will be subject to a satisfactory financial assessment. Completion dates are subject to change. Affordability and eligibility criteria apply. Purchase share values will be determined based upon applicant’s individual financial circumstances, in line with Homes England guidelines. Applicants will be referred to a nominated mortgage advisor for a financial assessment and will be expected to maximise the percentage of share they purchase. Credit is secured against your home. subject to status, Help to Buy terms and conditions are available on selected properties in England only. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH PAYMENTS ON YOUR MORTGAGE OR OTHER DEBT SECURED ON IT. Correct at time of creation – 15 October 2020.