Are you a shared owner of your property? At the moment, you share the ownership of your home with us. Did you know that you could buy more shares in your home, or own it outright? This process is called ‘staircasing’. The price you pay for each share you want to buy will depend on the value of your home at that time.
What are the benefits?
- You reduce the amount of rent you are paying, or stop paying altogether, if you buy the maximum share permitted, as determined in your lease.
- When you decide to sell your home, the more shares you own, the more profit you will make if the value of your home has increased.
Can I own the whole of my property?
Instead of increasing your share, you may just want to buy it outright, (we will need to check your lease first to make sure you can buy 100% of your property) if you can buy the whole, you will no longer pay rent to us.
However, if you live in an apartment, or a home with communal services (cleaning and maintenance), there will still be a service charge. If you live in a house, (again depending on the conditions of your lease) you will normally be granted the freehold title on the property.
I want to know more, what can I do?
If you would like to now more about staircasing you can visit: https://www.togetherhousing.co.uk/home-owners/buy-more-shares-in-your-home/
If you have any more queries about staircasing process, please contact the sales team on 0300 330 5533 or email firstname.lastname@example.org.