Once you have taken your first step on to the housing ladder by buying an initial share you can, at any point afterwards, buy more shares in your home. This is known as ‘staircasing’.
There will be some homes that have restrictions on staircasing which your landlord will have advised you about before you first bought the home. Any restrictions will also be detailed in your shared ownership lease. For most homes, however, there will be no restrictions and you will be free to staircase to own 100% of your home outright.
Additional shares can be bought in a minimum of 10% amounts. These can be purchased using cash or by increasing the amount you borrow from your mortgage lender. Your lender will check that you are able to afford to do this.
If you later sell your home, and its value has increased, you will benefit from the additional value of your home. If the value of your home has decreased, you may get back less than you have put in.
If you wish purchase additional shares you will need to get in touch with your shared ownership landlord to discuss this. Your lease will set out the process you will need to follow.
You will need to get your home valued by an independent surveyor. This valuation will set the price you will need to pay for the additional share. You will also have to instruct a solicitor to act for you in the purchase of the additional shares.
It will be down to you to pay the valuation fee, solicitor's fees, any mortgage fees plus any administration fees that your landlord may charge.