If you are a shared owner with Irwell Valley you have the option to purchase further equity or purchase the full equity in your home. Purchasing further equity in your property is known as staircasing up and purchasing the remaining equity is known as staircasing out.
Houses
If your property is a house you staircase out you will have acquired the freehold and as a result you will have no further involvement with IVHA and therefore become responsible for the building insurance provision. If you staircase up the rental payment will decrease but any service charges payable will remain the same.
Apartments
If your property is an apartment and you staircase out you will have acquired the 100% leasehold interest. As a result the shared ownership rental element will cease to be charged but you will still be responsible for the payment of ground rent, service / estate charge and buildings insurance. If you staircase up the rental payment will decrease but the service charge element will remain the same.
A procedure guide and sandard letters regarding staircasing can be found on the top righthand corner of this page.
Please contact Kate Rose on 0161 610 4501 for more information.