staircasing

Staircasing 101

Staircasing on a white background

Everything you need to know about taking a step up the shared ownership ladder

By Samantha Eaton - Associate solicitor in the residential property team at Gorvins Solicitors

What is staircasing?

Staircasing is the process of purchasing further shares of a shared ownership property you already own.

Depending on the terms of your lease, once you have lived in your property for a certain period of time you will be eligible to staircase.

Staircasing explained: moving up to 100% ownership of  your home

staircasing on shared ownership - wooden stairs

Victoria Galligan, Editor of Homefocus magazine, explains the term staircasing and how it means you can own ALL of your own home via shared ownership…

It’s understandable that the term “shared ownership” can make people wary at first – if you don’t own 100% of your property, it’s natural to wonder about the possibilities and have questions about what happens if your situation changes. 

Shared Ownership offers buyers the opportunity to purchase a percentage share of a property (between 25% and 75% of the home’s full market value) paying a subsidised rent on the remaining share. 

'Government and the housing sector fall short on educating shared ownership buyers'

A typical shared ownership property for sale

A new YouGov survey, commissioned by housing association Aster Group, found that the government is falling short at educating people about shared ownership.

The study of more than 200 shared ownership homeowners in the UK discovered that only 14% had received information from the UK government website on the scheme.

Consequently, the report discovered a lack of awareness and understanding among respondents about how it works and the options available.

More than half (52%) didn’t know that they could move from their existing home into another shared ownership property. Only 10% had successfully grown their equity stakes and just over a quarter (27%) knew they could move into another shared ownership property – yet didn’t know the process for doing this. 

Shared Ownership was ‘so easy’ for Tooting resident

Shared Ownership was ‘so easy’ for Tooting resident

Two years ago, Aveen Kelly, 32, was given the opportunity to learn more about how Shared Ownership works, a result of her employer Wandsworth Council’s efforts to encourage buyers in the community to consider the scheme.

Armed with her knowledge of Shared Ownership - which enables first-time buyers priced out of the open market to purchase a share of a property and pay rent on the remaining share - she discovered XVII, a new Shared Ownership development in Tooting, South London, comprising one and two-bedroom homes. 

 

Aveen wasted no time in contacting Thames Valley Housing, as the homes were close to where she was renting with friends.