Shared Ownership - Buying

Could I ever own 100% of my own home?

You can buy more shares of the property until you own 100% (unless otherwise stated in your lease). This is called ‘staircasing’.

As a shared owner, you can buy more shares in your home at any time (unless otherwise stated in your lease). You can buy in minimum 10% shares. 

The price that you pay for each share you want to buy will depend on the value of your home at that time. Instead of increasing your share, you may just want to buy it outright. This means that you will no longer pay any shared ownership rent to Peaks & Plains.

If you live in a flat, or a house with communal services like gardening or maintaining play areas, you will still have to pay a service charge.

When can I buy more shares?

As a shared owner, you can buy more shares in your home at any time (unless otherwise stated in your lease). You can buy in minimum 10% shares. This is called staircasing.

The price that you pay for each share that you want to buy depends on the value of your home at that time. Instead of increasing your share, you may just want to buy it outright. This means that you will no longer pay any shared ownership rent to Peaks & Plains.

If you live in a flat, or a house with communal services like gardening or maintaining play areas, you will still have to pay a service charge.

What are the benefits of buying more shares?

Buying more shares (staircasing) in your home has a number of benefits:

• You reduce the amount of shared ownership rent you are paying to Peaks & Plains, or stop paying altogether if you buy your home outright
• When you decide to sell your home, the more shares you own, the more profit you will make if the value of your home has increased

What costs are involved with buying more shares?

Every time you buy more shares (staircase), there will be costs that you need to pay. Before you decide to staircase, please consider the fees involved. These will include:

• Valuation fees — required by Peaks & Plains in accordance with your lease.
• Legal expenses — staircasing will involve changes to your existing lease and this will require the services of a solicitor. The solicitor will charge you for this service.
• Mortgage fees — if you are applying to change lender (re-mortgage) to buy additional shares or to get a better interest rate, you will need to pay the lender’s valuation fee and possibly a mortgage arrangement fee. You may also have to pay penalty charges to your current lender if you re-mortgage before the end of a pre-agreed deal or product that ties you in to set a timescale.
• Rent and service charge arrears — if you are behind with your rent or service charges, you will need to bring these up to date before the staircasing can be completed.