shared ownership staircasing

flyingfox

Hello, does anyone have any knowledge about buying more shares in a shared ownership house and how to calculate if I could afford to do this?

I have 50% mortgage at the moment. Bought it just before the last crash unfortunately, so unlikely to be much equity.
I thought I might have to sell the the house as I want to move to be near family, and you are not allowed to sublet shared ownership properties. But I thought I might be able to buy the rest of the shares first, and then I could 'own' it outright, and let it out and then I could move and rent somewhere else. I would then feel like I have some security - as where I want to move the house prices are extortionate :mad: I will never be able to buy there!

So, I don't know how this works. I know I have to get a current valuation and then contact the HA, and I can get the freehold if I buy 100%; But does anyone know how I would calculate whether this is feasible for me to do; as I only thought it about it tonight, and am really impatient to wait to speak to the HA on Monday!

Is it as simple as getting a current value and then trying to get a mortgage for the other 50% - tho I can't imagine it's that straighforward dealing with shared ownership properties
Thanks!

edit: oops; this must be wrong, i guess I must get a value for the whole property and then try and get a mortgage for that value, not the 50%! which means I won't be able to borrow enough for the full value of the house : (