Now that you are a SARH Shared Ownership Homeowner, it may be time to think about buying extra shares in your home or even buying it outright.*

Buying more shares in your home is known as staircasing. The share you purchase will be based on the current market value of your home.

*Some leases have a restriction on the percentage you can purchase and service charges may still be payable. Seek independent financial advice before you purchase additional shares in your home.

Why staircase?

By staircasing, you reduce the amount of rent you are paying.
If you buy your home outright you will not have to pay any rent.
By owning more shares you will benefit from any increase in the value of your home when you decide to sell.

Is staircasing a good idea for me?

Before you apply to staircase, we recommend you get in touch with your mortgage lender or an independent financial adviser to ensure you will be able to get a larger mortgage. We also recommend you contact a member of SARH sales team who can discuss the process with you in more detail.

What do I need to do to begin staircasing?

After you have spoken to your mortgage lender or an independent financial adviser and a member of the SARH Sales Team, you will need to undertake the following steps to move forward your application.

Step one - Complete a staircasing expression of interest form on the SARH website. SARH will contact you to discuss your expression of interest in staircasing.
If you wish to go ahead, SARH will provide an online formal application form for you to complete.

Step two - SARH will work with you to get an up to date valuation for your property. SARH will contact the valuer to determine the market value of your home.
You may be responsible for the cost of the valuation.

Step three – Once the valuation for your property has been completed, the SARH sales team will write to you about the valuation, and confirm with you that you wish to proceed.

Step four - SARH will instruct a solicitor to act on its behalf, who will pass on all relevant information to your solicitor. Solicitors will then work together to agree a completion date.

Completion – Once the solicitors have completed on the purchase, SARH will write to you confirming your new rent and service charge.

Your lease contains information that explains how to increase your ownership. It is important to carefully consider all the costs related to the staircasing process before you proceed. Your home is at risk if you do not keep up mortgage repayments or payments on other loans secured against it. The value of properties can go down as well as up. Please contact Debbie Hancox, SARH Home Ownership Sales Officer, for more information on 0800 111 4554 or at newhomes@sarh.co.uk  

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