Staircasing Your Property
As an existing Shared Ownership Leaseholder you are able to increase your share of the equity you own at any time during the term of the shared ownership lease. This is known as staircasing.
The price paid for further shares is based on the current open market value of the property and does not take into account any improvements you have made to your home. Rook Matthews Sayers carry out these valuations on our behalf and you will be liable for payment for this valuation.
Under the terms of the original lease, you have three months to complete the staircasing purchase from the date we receive the valuation from Rook Matthews Sayers.
The Association have discretion to extend the 3 month period to 6 months where there has been a delay which is outside the control of either yourself or us, for example if documents were lost in the post or there were legal delays.
Details of the staircasing requirements are set out in your original Lease.
Once the property has been fully staircased you will need to arrange for your own buildings insurance for your home.
Should you wish to resell the property once in full ownership you must inform us in line with your original Lease.