Staircasing FAQs and myth busting
Staircasing FAQs and myth busting
Back to Your Shared Ownership home
What you need to know
If you’re thinking of increasing your owned share but are unsure on the finer details, being in the know is very important. Staircasing is a big step and one that should be considered carefully. Here at Bromford, we’re here to make that decision-making process easier and smoother with our busted myths and FAQs.
This is untrue. You can adjust your owned share in stages, allowing you the freedom and flexibility to purchase additional shares at a pace that makes sense for you.
There are some extra expenses involved, such as legal fees and valuations. However, as the value of your home increases, the greater share you own, the greater your equity will be.
Many believe that staircasing isn’t possible during a fixed mortgage term, however this isn’t always the case. Consult your lender or mortgage advisor to understand more about your terms and conditions.
The value of your additional share is based on an independent valuation of your home at the time you choose to staircase.
Yes. As this is a purchase of property a solicitor should handle the legal aspects of the transaction. We recommend appointing one with experience in Shared Ownership and staircasing to make the process as smooth as possible.
Yes. As you increase your share, the percentage of rent you pay decreases. If you staircase to 100%, you’ll no longer pay any rent.
Staircasing calculator
Could you buy more shares in your home? Explore our staircasing calculator to find out.
Are you thinking of buying more shares in your home?
Find out about Staircasing here.