Staircasing enables you to buy extra shares in your home. Did you know that once you have bought the initial share of your Shared Ownership home you can buy further shares? The greater the share you own in your home the less rent you will pay. If you Staircase to 100% ownership you become an outright owner and will no longer have to pay rent to Network Homes.
- If you are interested in Staircasing your property the first thing you need to do is find out if you can afford to so. You may wish to speak to your current lender who can assess you and your current mortgage to advise if you are able to do take on additional borrowing to purchase a larger share of your home. You can also contact a new lender to find out if taking out a new mortgage is a better option for you, as you may be able to take out a larger loan to purchase the additional share with a better interest rate. Another option you may wish to consider is to contact a Financial Advisor who can assess you financial circumstances.
- It is important to note that securing the funds can be the most prolonged part of the Staircasing process so we strongly advise you check if you are able to Staircase before you obtain an independent valuation of your property.
- When you have had confirmation you are able to purchase further shares, you will need to instruct a surveyor from our panel to provide an independent valuation of your property. The valuation the surveyor provides will determine the value of the share you will be purchasing.
- After we have received confirmation of the percentage share you are proceeding on and your solicitor details, Network Homes will then instruct our in-house legal team who will make contact with your solicitor to progress the Staircasing transaction to completion.
If you are interested in Staircasing please get in touch and we can guide you through the process - firstname.lastname@example.org