Increasing your share

As part of your shared ownership lease, you can buy more shares as and when you want to.. This is called staircasing, as it’s taking the next step towards your goal of home ownership. 

The cost of the additional shares is based on the market value of your property at the time you purchase them. When you increase your shares, your rent is also re-calculated and reduced accordingly.

Our customers often have the ability to buy all of the shares from us, although customers with properties in rural locations may be restricted to 80% maximum. This helps us keep some affordable properties in the area.

Buying more shares has never been easier.  The Government has excluded all properties under £500,000 in value from paying stamp duty until 31 March 2021.

To match this LiveWest are offering all shared owners £300 cash-back on completion.  If you Staircase to 100% and acquire the Freehold, we will also cover the £300 fee for transferring the Freehold title.  

When you own 100% of the property, you no longer pay rent.  So with interest rates low, and these additional benefits, now is the time to buy more shares.

Find out what this could mean to you per calendar month, with our Staircasing Calculator 

To buy more shares, you will need to:

  • Speak to a mortgage / financial advisor about raising the necessary funds. This could be through a mortgage, savings or a combination of both.
  • Speak to us about having the property valued by an independent chartered surveyor. This will help us get the right value for the property, taking into account any improvements you may need to make while living there.
  • Speak to a solicitor to help you undertake the legal checks and paperwork necessary to buy more shares.
  • We will help you get the valuation, and our solicitors will deal with the legal paperwork from our side. 
  • If you have any questions about the staircasing process, call us on 01392 814 637 or email our Staircasing team

(Step 1:) Speak to a financial advisor or mortgage advisor

  • You can find details of some independent financial and mortgage advisors here.

(Step 2:) Choosing a valuer and the valuation process

  • We can talk you through the process and provide information on valuers.  You can also use our guide for reference.
  • Please let us know your property details and which valuer you would like to instruct by completing this form. 
  • The valuer you have chosen will be in touch to arrange an appointment.  Following that appointment they will provide the full valuation report to LiveWest. This will then be checked by us prior to sending out confirmation to proceed.  (This will contain finer details regarding your valuation and lease).

(Step 3:) Choosing a solicitor and the legal process

  • You will need to tell us which solicitor you will be using, when you receive a formal confirmation of offer by phone and by letter or email.
  • You will need to provide your solicitor with formal instructions and payment for any fees to avoid any delays.  Your solicitor will carry out any required searches, and make enquiries. 
  • When your solicitor has completed any searches or enquiries and is ready to report to you, we will be able to arrange a completion date.

Buying your home

You will need to fund the asking price for the share you are buying, either from a mortgage or from the sale of a previous home. 

In addition, you will pay rent on the part of the home you don't own and you will need to factor in any service charges.

You will also be responsible for any maintenance or repairs on the property just like any other homeowner. 

If you have any questions about the staircasing process, call us on 01392 814 637 or email our Staircaising team. 

Selling your home

Read about how to sell your shared ownership home here

If you have any questions about the staircasing process, call us on 01392 814 637 or email our Staircaising team. 

Maintenance

Read about what you are responsible for and what we are responsible for here.

If you have any questions about the staircasing process, call us on 01392 814 637 or email our Staircaising team. 

Problems or questions?

If you have any questions about the staircasing process, call us on 01392 814 637 or email our Staircaising team. 

To read more about your options as a shared ownership customer, take a look at our helpful information section about shared ownership.