Buying more shares in your home

You can usually buy more shares in your home after you become a shared owner. This is known as staircasing. 

When you buy more shares, you’ll pay less rent to Oxford City Council on the rest of the property. The amount of rent you pay will be based on the share you do not own. You can buy shares until you own a 100% share of the property.

Some shared ownership leases restrict the amount of shares you can buy at one time. This will depend on the type of shared ownership lease you have and how long you have owned your home. This will be explained to you as part of your initial purchase.

The cost of additional shares is based on the current market value, not the original price. Many people pay for additional shares by remortgaging. 

Before you start

If you want to buy more shares, you should:

• check your lease for any restrictions on staircasing
• check your finances to make sure you can afford the shares and any associated costs
• speak to your mortgage lender if you need advice about financing your purchase

How the process works

1. Use our online form to request to buy more shares.
2. We will refer your case to SO Resi, who manage staircasing on our behalf.
3. SO Resi will guide you through the process and help arrange a valuation of your home.
4. You must appoint a solicitor with experience of shared ownership. SO Resi can help you find one, if needed.
5. Complete the legal work and pay any fees. 
6. You can then complete the purchase of your additional shares.

A valuation is usually valid for 3 months. You must complete the purchase before it expires. 

Request to buy more shares

Use our online form to request to buy more shares.

You will need: 

• your name, address and contact details
• the percentage share you currently own
• the percentage share you want to buy

Request to buy more shares

We will contact you within 5 working days to confirm that we have referred your case to SO Resi. They will then allocate a case officer and contact you directly.

Buying shares in increments

1% increments

If you have a new model shared ownership lease, you can buy shares in 1% increments for a 15-year period. The 15-year period starts again each time the property is sold.

We calculate the value of your home using the Land Registry House Price Index (HPI). We must update the valuation at least once a year and tell you the current HPI value of your home. The cost of each staircasing transaction is based on 1% of this valuation. 

You can only buy 1% each year. You can't carry forward any unused allowance. For example, if you do not buy 1% in one year, you cannot buy 2% the following year. Nor can that be added to the end of the 15-year period.

Stamp duty will be payable if the transaction take the shares you own to 80% or more.

5% increments

If you have a new model shared ownership lease, you can buy shares in 5% increments at any time. This requires a RICS valuation

10% increments

If you have an original model shared ownership lease and own one of the following properties, you can only buy additional shares in 10% increments.

• The Oval
• 40 Harefields
• Plough House, Between Towns Road
• Bridges Cross, Speedwell Street

When you reach 100% ownership

If you own a house, reaching 100% ownership means you:

• become the freeholder
• no longer pay rent, just your mortgage and service charges
• need to arrange your own buildings insurance

If you own a flat, reaching 100% ownership means you:

• become the leaseholder
• no longer pay rent, just your mortgage and service charges

Learn more about staircasing

Watch ‘SO Resi - Owning more of your home’ on YouTube (03:39 minutes)