‘Buying Further Shares’
Staircasing is the term used for purchasing more or all of the remaining shares in your shared-ownership home.
Most people aspire to own their own property, as a long term investment for their future and for their childrens’ future. You have already made that first step towards this when you bought your affordable home through shared ownership with Ocean.
It couldn’t be a better time to buy more of your home as house prices have risen and mortgage rates are currently low.
If you feel the time has come to take the next step up, staircasing is a manageable way of making your aspirations become reality.
Usually, you should be eligible to buy further shares in your property:
- once you have lived in your home for a certain period of time as the shared owner
- depending on the terms of your lease and where you live*
- as long as you do not have arrears with your service charge and/or rent.
*restrictions may apply
The greater the share you buy in your home, the less rent you will pay to Ocean Housing. For example, if you staircase to 100%, you become an outright owner and pay no rent!
The cost of buying more shares is based on the current market value of the home.
Therefore, you will need to obtain a quote for a survey from an independent surveyor accredited by the Royal Institute of Chartered Surveyors (RICS) and list them as your nominated Surveyor on your staircasing application form.
Ocean will instruct the surveyor on your behalf and collect the fee from you direct.
What are the benefits of staircasing?
Buying a greater proportion of your home has a number of benefits:
Becoming the outright owner allows you to maximise the profit from any major home improvements. Once you own 100% you will get back the full amount of any profit on the current market value when you come to sell your home.
To apply, download and complete the Staircasing Enquiry Form, then sign and send it back to Ocean for the attention of: