Staircasing

If you are already a shared owner and you would like to increase the share that you own, this is often referred to as ‘staircasing’. There are some clear benefits to buying more shares in your home, the main one is that the more of the home you own, the less rent you will need to pay to us each month.  

We’re here to help you buy more of your Shared Ownership home

We know that this could be new to you and that’s why you can ask our experts to answer any questions that you may have when it comes to buying more of your Shared Ownership home. To get you started, here is some useful information to read before you begin the process.

Minimum Share

You’ll normally be able to buy a minimum of 10% more in your home, or if you can afford to, buy the rest of the home so you then own 100% (or anything in between!) The value of the additional share you buy will be based on the RICS full market value of your home at that time, not the original purchase price.

Restrictions

Normally there’s no restrictions on when you can buy more of your home, but remember there will be costs to pay such as solicitors fees, so it’s often best to buy as much as you can afford from the start.

Need more advice?

For more information on buying a larger share in your VIVID Shared Ownership home, contact the leasehold team via leasehold@vividhomes.co.uk or call our customer experience team on 0800 652 0898.

What are the steps?

1

What’s the process?
Firstly, contact our team via leasehold@vividhomes.co.uk to get hold of a staircasing pack. You’ll then need to arrange a valuation of your home, talk to a financial advisor to check it’s affordable for you to buy more, and appoint a solicitor to do the legal bit if you do go ahead.

2

Buying more shares so you own 100%?
If you’re able to buy more so you own 100% of your home, you’ll no longer have any rent payments to VIVID; fantastic! Just remember that you might still be a leaseholder though (especially if you’re in a flat) so monthly service and/or management charges will still be
applicable.


If you live in a house and want to have the freehold once you own 100%, let us know. Remember you’ll then need to arrange your own buildings insurance as up until then, it was included in your monthly rent and service charges.

3

What does it cost?
When you buy more shares in your home you’ll have to pay valuation fees, legal fees, mortgage arrangement feels and possibly Stamp Duty depending on how much you end up owning. Some freeholders may also be responsible for monthly service charges/management fees.


Remember your mortgage lender might also have their own charges, so get these checked too.

Want to find out more?

If you’ve got more questions or want to buy more shares, email us at leasehold@vividhomes.co.uk or call our customer experience team on 0800 652 0898.

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