Buying more shares

Also known as Staircasing, most of our shared owners have the option to buy up to 100% of their home.  

In some rural areas this is restricted to 80% to help us to keep affordable homes in the area.

We want to make buying more shares as straight forward as we can, so we are also offering an incentive to our customers on all completions which take place before 31 March 2025. We will*:

• Waive our £300 administration fee.

• Offer £300 cash-back on completion.

• Where the Freehold is being purchased, we will pay the £300 fee to our solicitors to have the Freehold transfer drafted (this does not apply in all cases).

Contact us today and we will be happy to send you further information on the process and answer any questions you may have.  

Just call 01392 814 637 and choose option 1, or email us on buymoreshares@livewest.co.uk.

How do I buy more shares?

• To buy more shares, it is advisable to speak to a mortgage advisor or independent financial advisor. This could be through a mortgage, savings, or a combination of both. You can find details of some independent mortgage advisors here.
• Speak to us about having your home valued by an independent chartered surveyor. This will help to ensure you get the right valuation.
• Please let us know your property details and which valuer you wish to instruct by completing our valuation request form.
• We will also need you to confirm your solicitor details and the percentage of the additional share you wish to purchase. You can do this by completing our confirmation to proceed form.
• You will need to speak to a solicitor to help you undertake the legal checks and paperwork necessary to buy more shares of your home. You will need to tell us which solicitor you will be using once you receive a formal confirmation of offer from us.
• Our solicitors will help with the legal paperwork from our side and we will cover the cost of our solicitor fees.

Buying more shares under the new shared ownership model lease

If you have a new model shared ownership lease (NMSO), you can buy more shares in your property at any time.  In most cases, you can own up to 100% and become the freeholder.

You will be able to buy more shares, from as little as 5%.  This will be based on a RICS valuation.

You will also have the option to buy just 1% each year, for up to 15 years, with no admin fees payable to LiveWest. This is called micro Staircasing. The price of each 1% share will be based on an estimated valuation linked to the original purchase price, adjusted each year upwards or downwards in line with local house price inflation. This is known as an HPI valuation.

Key details are as follows:

• 1% Staircasing will be applied to new shared ownership homes and homes where a resident has accessed shared ownership through the right to shared ownership, which is available for 15 years. 

• When the home is resold, the remaining balance of the initial 15 year opportunity to buy 1% extra each year, will be transferred to the new owner.  For example, if you have owned the home for 2 years, from new build, at the point that it is sold, the new owner will have the 13 years remaining only.

• We will use the original RICS valuation and original purchase price of the home as a baseline valuation during the micro Staircasing process. This will involve an updated HPI* valuation (for the purposes of 1% micro Staircasing only) at least once per year, and at any other point that you request to purchase an additional 1%.

• If a RICS valuation is used, or if at any point you wish to buy larger share amounts (this can be 5% or more with a RICS valuation), the new valuation will become the base valuation, adjusted upwards or downwards using local HPI data for the remaining years. 

• We will not charge for any other administrative fees on the new micro Staircasing model, although you will remain responsible for your own legal fees if you wish to get legal advice, and as this is a legal transaction, we would strongly advise to seek legal advice. 

• We would also recommend that you take independent financial advise on the suitability of purchasing just a 1% share.

For more information on micro Staircasing, please contact our Staircasing team by emailing buymoreshares@livewest.co.uk, or by calling 01392 814 637, and select option 1 for Staircasing. 

*HPI valuations will be valid for a maximum of 3 months, and we will produce an up to date valuation using the latest available data. If preferred, you can opt to use a RICS valuation, however this will be at your own cost. In addition, we also have the right to use a RICS valuation if we had any concerns about the accuracy of a HPI valuation.

If you wish to buy more shares, you may be considering adding a partner or family member onto your mortgage to help fund this. Unfortunately, we cannot add anybody onto the title of your shared ownership agreement if they already own or have another interest in another property. 

*Incentive applicable to voluntary staircasing only (excludes back to back staircasing, related resales and estate sales/repossessions), when complete before 31 March 2025 only. Cash-back is reflected on your completion statement. Incentives cannot substitute or be credited for payment of rent, service charge or any other fees which may be due to LiveWest.

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