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Shared Ownership Staircasing Advice
The real estate residential solicitors at JMW are here to provide the expert legal advice you need on any matter relating to shared ownership staircasing. Our team has the experience and know-how to help you increase your share in your home or to purchase your property outright with the minimum of hassle.
Get in touch with our staircasing specialists today to discuss your options and to find out how we can help. Doing so is easy; simply call us on 0345 872 6666 or complete our online enquiry form and we will get back to you as soon as we can.
Staircasing is the process of buying extra shares of a property that have been purchased through a shared ownership scheme.
It's extremely important to seek assistance from real estate residential solicitors if you are considering purchasing an increased share of your property. There is a lot of complicated paperwork that needs to be checked and completed, as well as a strict process that needs to be followed by the applicant.
This procedure can include:
- Contacting the relevant housing association
- Speaking to mortgage lenders
- Getting a current market valuation of the property
- Completing the Memorandum of Staircasing document
Importantly, all of these processes can be made more efficient and easier to understand with the help of an experienced solicitor who can guide you through the various procedures, providing invaluable support every step of the way.
While many people who live in shared ownership properties opt to staircase in an attempt to reduce the amount of rent they have to pay, this is not mandatory and it is up to you to decide whether this is a path you wish to go down.
Normally, you are permitted to staircase three times, with the third and final time taking you up to 100% ownership. Usually, the minimum share that can be purchased is around 10% or 20%, although this should be specified in your lease.
It is important that you seek expert legal advice when looking to staircase because this will ensure you are going through all of the processes correctly and in the most efficient way. You will need to inform a solicitor of your intentions because the increase in your share will lead to changes to your existing lease.
At JMW, our specialist solicitors have years of experience helping people purchase shares in their shared ownership property and have the expertise necessary to make the procedure as hassle-free as possible.
We have made a name for ourselves as approachable and friendly solicitors with the expertise and experience to ensure the right procedures are completed correctly and with the utmost efficiency.
We are here to provide the advice you need on a topic that, without the right guidance, can at first appear complex.