Staircasing is the straightforward process of buying a greater share in a Shared Ownership property that you already own, with the aim of eventually owning your home outright.
One of Notting Hill Sales’ very own residents, Mohammed Nabil(30), recently staircased having purchased through Shared Ownership at Quatro in Wapping five years ago. The Commercial Finance Manager has now staircased from 40 per cent to 60 per cent ownership of his apartment, after recognising the future prospects for his hometown. Mohammed is very pleased that he used the staircasing process in order to benefit from the town’s improvements and regeneration programmes:
“Having lived in Wapping all my life, I’ve seen the area develop and recognise the investment potential, which is one of the main reasons I decided to staircase. Last year, I bought another 20% share, so I now own 60% of the property.
“Shared Ownership has been a great way onto the ladder, and staircasing means I will see even more equity if the property value has increased when I decide to move on, which will help me to move up the ladder elsewhere.”
So how does it work?
1. You can staircase at any time, but you must first inform your Housing Association your intention to do so, and how much you wish to buy.
2.The second step is to get your home valued. This must be completed by a Royal Institute of Chartered Surveyors (RICS) valuer.
3. Next is your financial assessment. It is important that you discuss your intention to staircase with your current lender or a financial advisor when determining the size of the share you wish to purchase.
4. You will need to instruct a solicitor. You can either choose a new one, or use the solicitor you dealt with previously. They will then act on your behalf as with the initial property purchase.
5. Once this is done, you can complete and send off your staircasing instruction form.Remember:
If you are interested in Shared Ownership, have some questions you would like answered, or would like to find out if you are eligible for the scheme through Notting Hill Sales, you can find out more information here.
Simon Neary – Head of Sales and Marketing at Notting Hill Housing Group