Looking for residential conveyancing experts to help you with the shared ownership and staircasing process? Our residential conveyancers in Peterborough are here to help. We will talk you through what shared ownership and staircasing is, what it could mean for you and how you can go about it.
Shared ownership and staircasing is where you buy more shares in the shared ownership property from your housing association. There are some important things that you need to know about this process. For example, the standard staircasing costs tend to be around £1,100. This is excluding stamp duty and transfer of freehold title. While you are able to staircase as many times as you wish, your housing association will have set shares that you can staircase in.
It is also important to note that unless you are staircasing 1% a valuation report will be required. This is only valid for 3 months. However, it can be extended with a desktop valuation. The process of staircasing can take 1-3 months for shared ownership. We would recommend that you speak to our professional and competent residential conveyancers to avoid the process going over three months and a new valuation being required.
There are many advantages to shared ownership and staircasing. In basic terms, the more you staircase, the more shares you will own in the shared ownership property. This means that you will be open to more advantages. For example, you will pay less rent. But remember, this means your mortgage will increase as you staircase and own more of the property.
There are other advantages too. For example, you will also have more product options when you own 100% of the property. There will be the option to purchase the freehold of the property when you reach 100% ownership. You will also have more flexibility and control of your property, the more shared you own in the property.
If you are considering shared ownership and staircasing for your property, speak to our experienced shared ownership solicitors in Peterborough. We can get the ball rolling and speed up the process for you. This means that we can start work as soon as the staircasing valuation report comes in.
Call our residential conveyancing solicitors now to find out more.