Buying more shares in your home
Buying more shares in a shared ownership home is called Staircasing. In most cases, you can buy any share, provided it is a minimum of 10% and a multiple of five. In some cases, your lease may restrict the number of times you can staircase and by how much. We can check this for you in your lease. The more of your property you own, the less rent you pay to RHP.
Check out our super user friendly staircasing guide here.
When you purchase a shared ownership home, you are only buying a portion of the property. This means that you will pay rent to the housing association for the portion of the property that you do not own. However, you may have the opportunity to buy additional shares in the property, known as staircasing. In most cases, you can buy any share, provided it is a minimum of 10% and a multiple of five. This will increase your ownership stake in the property and decrease the amount of rent that you pay to the housing association. In some cases, your lease may restrict the number of times you can staircase and by how much. However, we can check this for you and provide more information about your specific situation.
Why it might be a good idea to buy more shares in your home
For many people, the dream of owning their own home seems out of reach. But what if there were a way to gradually increase your ownership stake in your property, while still paying rent?
This is the principle behind staircasing, and it can be a great way to eventually achieve full ownership of your home.
When you staircase, you buy additional shares in your property, which increases your ownership stake and decreases the amount of rent that you pay to the housing association. This can be a good option for people who are struggling to save for a deposit, as it allows them to gradually increase their equity in the property.
In addition, staircasing can help to reduce the overall cost of purchasing a home, as you will only need to pay stamp duty on the initial purchase price. So if you are looking for a way to boost your chances of owning your own home, staircasing could be the answer.
Buying more shares in your home will increase your ownership stake in the property and decrease the amount of rent that you pay to the housing association. Staircasing can be a good idea for several reasons:
- It can help you build equity in your home more quickly.
- It can decrease your monthly rent payments.
- It can give you more control over your home and its future.
If you are interested in staircasing, we can help you determine how much it would cost and whether it is possible in your specific situation.
How to go about buying more shares in your home
If you're looking for information on the shared ownership scheme, you've come to the right place. Here at RHP, we are experts on the subject and would be more than happy to chat with you about how we can help. We are a Richmond based housing group with a stock of over 10,000 homes in West London. We have a wealth of experience in helping people purchase their first home and would be delighted to help you navigate the shared ownership scheme. So please don't hesitate to get in touch - we look forward to hearing from you!
Things you should consider before buying more shares in your home
Before you decide to buy more shares in your home using staircasing, there are a few things you should take into consideration.
First, it's important to look at your financial situation and make sure you can afford the additional monthly payments.
Second, you should consider whether or not you're happy with your current home and if you're planning on staying there for the foreseeable future.
If you're not happy with your home or you think you might want to move in the near future, buying more shares may not be the best option for you.
Finally, it's important to research the different staircasing options that are available to you and make sure you understand all of the terms and conditions before making a decision. By taking these factors into consideration, you can help ensure that buying more shares in your home using staircasing is the right decision for you.
The Process of Staircasing and What Happens after you've Made your Decision
Once you've decided to staircase, there are a few things that need to be taken care of. First, you'll need to get an up-to-date valuation of your property. This will give you an idea of how much your property has increased in value and how much your new share will cost.
You'll also need to speak to your mortgage lender to see if they're able to offer you a larger mortgage. If not, you may need to look for a new lender who can provide the financing you need.
Finally, once everything is sorted out, you'll need to sign some paperwork and make the payment for your new shares. After that, you'll officially be a majority shareholder in your home!
Here at RHP, we pride ourselves on our customer service. Our team of friendly trained staff are always on hand to help you with any queries or problems you may have. We understand that sometimes it can be difficult to know what to do or where to turn, but rest assured that we are here to help.
So please do not hesitate to get in touch, either by phone or email, and we will be more than happy to assist you.