If you’re already a shared owner then you can buy more shares in your property through a scheme called Staircasing. You can buy additional shares from a minimum of 10% and then multiples of 5% e.g. 10%, 15%, 20% etc. If you are not purchasing up to 100% then the maximum amount you can own is 85% leaving 15% in TVHA’s ownership. The more of your home that you own, the less rent you have to pay; and when you own 100%, there won’t be any rent.
Am I able to staircase straight away?
Depending on the outcome of your financial assessment with an independent financial advisor you may be able to purchase more shares than the initial share percentage offered. If this is the case then our sales consultants will give you this option when they are reviewing your application.
What will happen after I have bought 100% of the property?
You will no longer be required to pay rent to TVHA for your property; however there may still be ground rent and/ or a service charge payable. Our leasehold team will be able to confirm this for you.
I am a current shared owner with TVH – how do I purchase more shares?
Before getting a formal valuation on your home, it is a good idea to have a look at other properties for sale in the area. This website lists all properties that our Shared Owners are selling, and websites like Rightmove or Zoopla will almost certainly have properties in your area. Researching sites like these can help you get a rough idea of how much your property might be worth.
If you’re increasing your mortgage to purchase more shares, then it’s important to make sure you can afford the increased payment in the long term. You should speak to either your current mortgage provider, or a financial advisor, for advice. If you need a financial advisor, we have a list of recommended firms with experience in shared ownership homes.
Our full staircasing booklet with detailed information on how to take the next steps in purchasing your home can be found here
What costs are involved with staircasing?
When you buy extra shares in your property you’ll need to pay your solicitors fees and extra costs such as mortgage charges, land registry fees and stamp duty. Legal fees start at £275 plus VAT, and could be more if it’s a complex case – for example you are borrowing extra on your mortgage or buying 100% of a house. Most legal fees come in between £400 and £600 – excluding stamp duty. Check your shared ownership lease for the full staircasing procedure.
A valuation by a RICS surveyor is like to be around £160 +VAT, you can get an accurate quote for legal fees from your solicitor, and your mortgage lender or financial advisor can provide an accurate quote on mortgage fees.
Shared Ownership PLUS
If you’re already a shared owner and signed up to Shared Ownership PLUS when you originally purchased your property you can begin the process purchasing a further 1% share of your property by completing the form below. On receipt of your submission you will be shortly contacted by our staircasing team with further instructions.
If you have any questions our dedicated staircasing team is on hand to help with any queries.