Thinking about taking the next step as a shared owner? We have put together the answers to our most frequently asked questions.
What is staircasing?
Over time you may decide to buy a bigger percentage share in your Shared Ownership property, this is called staircasing.
What are the benefits of staircasing?
The main benefit of staircasing is that you will own more of your home and pay less rent. If you staircase to 100% you become the outright owner, and you will no longer need to pay any rent.
If the value of your home increases over time, the value of your share
s will too.
What % share can I purchase?
This depends on your Lease. Usually you can buy as little 10% at a time, or you can purchase the remaining shares in one go. In most cases, you can eventually own the property 100%. If you’re ready to buy more shares you should contact us, so we can advise you of the process and get in touch with an independent mortgage adviser, they will help you understand how much you can afford to buy.
Do I have to staircase?
Staircasing isn’t for everyone, and it’s up to you if and when you want to buy more shares in your home.
Do I still pay rent and service charges?
If you buy more shares but do not own 100%, your rent will be recalculated based on the new shares you own. Your service charges (if applicable) will remain the same regardless of what share you own.
If you do currently pay a service charge and buy 100% of your home, then you may still need to pay a service charge
How soon can I staircase?
Your Shared Ownership Lease gives you the option of buying more shares in your home, whenever you feel the time is right to do so.
Are there costs involved in staircasing?
Just like buying any property there are some one off costs to consider carefully before going ahead. These are things like a valuation fee, solicitors fee’s, mortgage fee and Stamp Duty (if applicable).
Is there any reason why I can’t staircase?
There are sometimes when it isn’t possible to staircase. For example if you are in arrears with your rent, it may not be the right time financially to staircase. Or if you are unable to get a mortgage offer.
There is sometimes a restriction meaning you cannot staircase beyond 80%, this is usually in rural areas to keep the property affordable for local people.
If you have completed Home Improvements on your property with our formal consent, as long as they are improvements and not repairs/maintenance these may be able to be considered within the valuation to staircase. Please contact us for more information.
What are the steps involved in staircasing?
We’ve created a handy blog explaining the steps involved in staircasing. Read more here>
Want to take the next step? Contact our friendly Post Sales team today on 0800 145 6663 or email email@example.com*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. 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. For full terms and conditions, please visit www.radianhomes.co.uk/terms. Correct at time of creation – 18 June 2021.