Staircasing

‘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.

Eligibility

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

Less Rent

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!

Cost

The cost of buying more shares is based on the current market value of the home. Therefore, you would need to have your property valued by an independent surveyor accredited by the Royal Institute of Chartered Surveyors (RICS).

What are the benefits of staircasing?

Buying a greater proportion of your home has a number of benefits:

You reduce the amount of rent you are paying to Ocean Housing. NB. In most cases you may still pay a service charge towards the upkeep of common areas.

When you decide to sell your home, the greater percentage you own, the more profit you will make, if the value of your home has increased.

 If you own your property outright (ie. become 100% owner), you can sell your property on the open market using an Estate Agent of your choice.

If you staircase and own your property outright, you can sell your home to anyone interested in buying it and are not restricted to those applying for affordable homes.

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.

Contact

To apply, download and complete the Staircasing Enquiry Form, then sign and send it back to Ocean for the attention of:

Scott Burrows
Home Ownership Advisor

Icon Email sml Send an Email

Icon online form sml Online Contact Form

Icon contact writing sml Post

Ocean Housing
Stennack House
Stennack Road
St. Austell
PL25 3SW

Icon phone sml Tel 01726 874450

Share
Print