When you own a shared ownership property, you have the option to buy more shares of that property. This is known as staircasing.
There's some key information you need to know about staircasing and if you're interested you should send an initial email to leaseholdservices@midlandheart.org.uk, who'll then send you the next steps.
Staircasing simply means buying more of your shared ownership property.
In most cases, you can buy new shares immediately after completion but it can vary between different developments.
You can purchase up to 100% of your home - at which point, it is no longer shared ownership.
The cost of buying shares in your home will depend on the current market value of your home.
We'll need a updated valuation of your home so that we can accurately cost the remaining shares. When we've got this cost, you can decide whether you want to proceed with buying more shares.
You'll need to pay for the new valuation of your home.
The valuation needs to be carried out by a Royal Institute Chartered Surveyor (RCIS) and we have a handful of approved valuers that we use.
The valuation only lasts for 3 months. So, if it takes longer than this for you to complete the purchase of your extra shares, you'll need to pay for a new valuation.
It's worth remembering, as you purchase more shares of your home the amount you pay us in rent each month will decrease.
If you staircase to 100%, you'll own the home fully and it won't be considered a shared ownership property anymore.
You'll no longer be a Midland Heart customer and won't have to pay us rent.
If you have communal areas, you may still need to pay a service charge for the upkeep of these. Your Leasehold Officer will be able to advise you on this.
Once you've sent an enquiry about staircasing, your Leasehold Officer will explain the whole process and ask you to fill out the below form.
