Own your home with shared ownership
There are a range of ways you can buy a home from us.
Find a homeOwning your own home
We’re pleased to offer low-cost home ownership products, such as shared ownership. This scheme offers you the chance to buy a share of a property and pay rent on the remaining share.
There are two ways you can buy one of our shared ownership properties:
• When available, you can purchase an initial share of a new build property from us.
• purchase from an existing shared owner, who wishes to sell their share.
Alternatively, if you are one of our existing tenants then you may have the Right to Buy or Right to Acquire.
More information and how to apply for a shared ownership property can be found in our policies and application process guide. Click below to downlaod a copy.
Low Cost Home Ownership
The Shared Ownership initiative is a Government led scheme which aims to help people who cannot initially afford to buy a suitable home outright.
The scheme allows you to purchase an initial share ranging between 10% and 25% and then pay rent of the un-purchased share. This means that depending on your current circumstances, you may find it easier to obtain a mortgage for a lesser amount and with a lower deposit required.
More about shared ownership
Shared Ownership was introduced by the Government to assist people who would otherwise be unable to afford to buy a suitable home outright.
Through the scheme you buy an initial share of the property ranging between 10% and 25% and pay a rent to Bernicia on the remaining share you do not own.
View our Shared Ownership policies and application process.
Staircasing
Staircasing is when you buy a larger share of your shared ownership home.
- how staircasing works
- the steps involved
- any costs you may need to pay
- how to get started
Staircasing is the process of buying more shares in your shared ownership home.
If you are a Bernicia shared owner, you may be able to increase the share you own during the term of your lease.
The more shares you buy, the less rent you will pay to Bernicia.
Buying some extra shares is known as interim staircasing. Buying all remaining shares is known as final staircasing.
Please check your lease before applying, as this sets out your rights, responsibilities and any restrictions that may apply. You should also get advice from your own solicitor.
Before you apply
Before you start the staircasing process, you should think about the costs involved.
You will usually need to pay for:
- the property valuation
- your solicitor’s fees
- any mortgage arrangement fees
- any updated valuations or review reports, if the original valuation expires
- any rent, service charge or other arrears before completion
The price you pay for extra shares is based on the current market value of your home at the time you apply.
The valuation must be carried out by an independent RICS-accredited valuer. RICS stands for the Royal Institution of Chartered Surveyors.
When staircasing may not be completed
Legal completion of staircasing may not be able to go ahead if:
- you have rent, service charge or other arrears
- your lease includes restrictions on staircasing
- your property is in a designated rural area with a limit on the share you can buy
- the request is not made by everyone named on the original purchase
If you bought your home in joint names, but now want to staircase in one name only, you may need to arrange for the lease to be assigned into your sole name first.
You should check your lease and speak to your solicitor if you are unsure.
Ask us to value your home
To buy more shares, you will need to know the current market value of your home.
Most shared ownership leases say that the valuer must be agreed by you and Bernicia. The valuer’s decision will usually be binding.
Bernicia can arrange a valuation through Rook Matthews Sayer. They are independent from Bernicia and their valuers are RICS accredited.
If you would like to suggest another RICS-accredited valuer, please send us their details. We will consider the request and, if agreed, we will instruct the valuer directly.
If we cannot agree on a valuer, the matter may need to be referred to the President of RICS, who will appoint a valuer.
Paying for the valuation
Bernicia must instruct the agreed valuer.
You will need to pay the valuation fee to Bernicia before we can instruct the valuer.
Please contact us for details of the current valuation fees.
What information you need to provide
You need to make your staircasing request in writing Please include your current contact details. Please also tell us of any improvements you have made to your home since you bought it. We will pass this information to the valuer.
Home improvements and valuations
The price you pay for extra shares is based on the current open market value of your home.
The valuation will not take into account improvements you have made to the property.
An improvement is something that may add value to your home, rather than something that is replaced or repaired as part of normal maintenance.
For example, replacing windows may not always be treated as an improvement. Depending on the age and condition of the property, it may be considered normal maintenance.
The valuer will consider the information provided and decide how it affects the valuation.
After the valuation
When we receive the valuation report, we will send you a copy.
We will use the 100% market value shown in the report to calculate the cost of additional shares.
How long the valuation lasts
The valuation report is valid for three months.
This is because property values can change. If completion does not take place within three months, the original valuation can no longer be treated as the current market value.
If this happens, the valuation will need to be reviewed.
You will be responsible for the cost of the original valuation and any review reports or updated valuations that are needed.
In most cases, the review will be carried out without another visit to your home. This is called a desktop review. If more time has passed, a full new valuation and property inspection may be needed.
A review may mean the value stays the same, increases or decreases.
You should only make financial decisions based on a valuation while it is still valid.
Completion
When staircasing completes, you will either own a larger share of your home or, if you have completed final staircasing, you will own your home outright.
Your solicitor will register the transaction with the Land Registry.
We will update your account to show the new share you own. We will also confirm your new rent and service charge, where applicable.
Rent, service charges and insurance
If you buy extra shares but do not own the home outright, your service charge will usually stay the same.
If you buy all remaining shares, your service charge may change or may no longer apply. This will depend on your property type and the terms of your lease or transfer.
If you live in a house and buy your home outright, you will no longer be covered by Bernicia’s block buildings insurance from the date of completion.
You must arrange your own buildings insurance from the completion date.
After final staircasing
After final staircasing, you may still have some responsibilities linked to your property or estate.
If your property is a flat, you may still need to pay ground rent, buildings insurance and maintenance costs linked to the block.
If your property is a house, you may still need to pay estate maintenance costs, such as landscaping or grounds repairs.
You should check your transfer agreement for any restrictions or covenants that may apply. Your solicitor can explain what this means and whether anything would apply to a future buyer.
Contact us
If you have questions about staircasing, please contact our Home Ownership Team.
Email: sales@bernicia.com
Telephone: 0344 800 3800
You can also write to us at:
Bernicia
Oakwood Way
Ashwood Business Park
Ashington
NE63 0XF
Our helpful guide gives you information and advice on how you might be able to buy your home under either “The Right to Buy” or “The Right to Acquire” scheme.
