When you buy a Shared Ownership home, ‘staircasing’ enables you to increase your share of your home at a pace that suits your circumstances. With lots of conflicting information out there about this topic, let’s bust some of those myths!
Staircasing is really complicated
Not true. There’s a clear, fixed process to follow, including a valuation of your property, just like when you purchased your initial share in your home. The staircasing process is straightforward and designed to support you to grow your share with minimal stress. We’ve even made it easy for you to see how increasing your share of ownership could impact your monthly rent, with our online Shares Calculator.
I can only buy more shares in my home when SNG allow me to
Not true! Staircasing works around your individual requirements, meaning you can buy more shares whenever you can afford to. If you change jobs, receive an inheritance or have a partner move in with you, that’s great. You can grow your share of ownership on whatever timescale works for you personally. The easiest time for our homeowners is at the time when you are remortgaging – that will save you some solicitors fees, but there’s so much flexibility – feel free to ask and we can help you with this.
I will never fully own my home
Essentially, yes, you can… the whole idea of staircasing is that it provides an affordable route to full ownership of your home. You can purchase more shares in line with your circumstances. Whether you’re remortgaging and taking advantage of lower interest rates, enjoying the benefits of a salary bump at work or enhancing affordability in any other way, you can usually staircase your way to full ownership of your property at your own pace.
There are some instances where your lease may not allow you to staircase to 100% ownership, but don't worry, we'll be happy to take a look at your specific lease and advise you on what is possible.
I have to finish staircasing before I can decorate
Absolutely not. As soon as you purchase your first share in your home, you can decorate it however you like. Whether you’re a fan of muted tones and minimalist décor or bright, bold, maximalist design, you don’t have to staircase your way to full ownership before you can decorate. So, get ready to create your mood boards and grab that paintbrush!
I have to finish staircasing before I can sell my home
Also, not true. Staircasing is a flexible process that works with your individual circumstances. You can sell your home without staircasing at all, or staircase your way to partial or full ownership before you sell. Whatever works best for you.
Staircasing is an essential part of buying a Shared Ownership property
If you don’t want to, you don’t have to staircase at all. You can simply purchase an initial share in the property and stick with it. Staircasing is a voluntary way to grow your ownership if your circumstances allow and you want to do so. It’s not something you have to do.
I need a mortgage for each new share of my home
No, if you’ve saved up enough, got a bonus at work, received an inheritance or any other sort of lump sum, you can buy a share in your property outright.
How can I find out more about staircasing?
We would love to talk to you about using staircasing to grow your share of ownership. You can:
Email us at: staircasing@sovereign.org.uk
Call us on: 0300 330 0718