Staircasing - Buying More Shares
Staircasing is the term we use when shared owners purchase further shares in their property. This can be done at any time after the first year of ownership. Assignees (buyers of resale properties), however, may purchase further shares after the first three months.
Most emh homes shared owners can purchase up to full 100% ownership in 5% or 25% stages. However, there are some rural schemes where ownership is limited to 70% or 80%.
How does it work?
If you decide to staircase, please contact us for an application pack.
An independent valuer will then be instructed by us to value your property (at current market value), disregarding any improvements that you may have made to ensure that we don’t benefit from any value that you may have added to the property.
However, please be aware that the cost of the improvements you have made may not equate to value. For example, if you have spent £5,000 on home improvements, this does not mean that the valuer will deduct £5,000 from the value of your property.
Please also note that you will be responsible for the valuation fee (currently £132).
Once the valuation has been received we will inform you in writing what you will need to pay for your further share. The transaction must be completed within three months of the valuation date.
Should you not be happy with the valuation, you can appoint another independent RICS-qualified valuer to value your property. The cost of this report and the valuation will be your responsibility. A copy should then be sent to us in order for a revised assessment to be made.
When purchasing an intermediate share, your rent will be reduced accordingly upon completion.
For more information, please contact us.