We’ve joined forces with Stairpay to provide you with everything you need to know about buying more of your property, which is known as ‘staircasing.’
How does staircasing work?
Staircasing essentially involves buying more shares in your home. As you buy more of your property, the rent you pay us will reduce.
Once you’ve purchased all of the shares in your home, you won’t have to pay rent (because you will own 100%). However, you may still pay a service charge if there are areas around the estate that we maintain.
The cost of buying shares in your home depends on its current market value. We will need an updated valuation of your home so that we can accurately calculate the cost of the remaining share. Once this cost has been confirmed, you can then decide whether or not to go ahead with buying more shares.
How Stairpay can help you find out if you can afford to staircase
Stairpay has developed a free app for shared ownership residents that is aimed at making it easier for them to learn all there is to know about staircasing.
You can do all of this:
- Access clear, step-by-step guidance about shared ownership and staircasing
- Track and manage your home equity, mortgage and associated costs with ease
- Receive valuable insights into market trends and financing opportunities
- Forecast your financial position for better future planning
Simply by downloading and logging into the free app: (insert link to app download here).
For more practical staircasing guidance, don’t forget to check out our handy information pack or visit the Shared Ownership section of our website.
