When a shared owner decides to purchase more shares in their property, this is known as “Staircasing”.
All shared ownership leases have the provision to allow customers to Staircase and your solicitor should explain this to you when you purchase the property. The most recent leases (since April 2006), allow you to “Staircase” immediately after legal completion of the first share you purchased.
Shared Owners can buy as little as 10% or as much as the full balancing amount of shares until they own the property outright. This is known as “Staircasing Out”. When you enquire about Staircasing, we will administer the process including arranging for an independent RICS valuation (whose judgement is final), liaising with solicitors and dealing with any queries you may have. Once the transaction is complete you will pay a reduced rent, or, if you “Staircase Out”, you will not pay any rent to Midland Heart.