Why can't I staircase my shared ownership?

MrsSollis

We have a 50% share in a property with Bromford HA. We love it here and want to stay but desperately need more space now we have 2 children.

However we are not allowed to staircase. 😣 we knew this was the case on purchase and didn't really worry as didn't plan on staying here so long, but changes in finances with children arriving and the fact that we love living here now means that we really want to buy the house outright and then extend in a few years time.

Is there anyway that this can be negotiated or argued(!!!) With the HA? Our argument is they we cannot afford a bigger house in our small town (Cotswolds = v expensive!) So buying outright would allow us to stay local where my daughter attends school and I run a community based business.

I was told recently that there was a new law due to be debated meaning all shared ownership could be staircased but not sure on the accuracy of this!

Thank you, very interested in other's knowledge and advice in this.

Thrugelmir

MrsSollis wrote: »

Our argument is they we cannot afford a bigger house in our small town (Cotswolds = v expensive!)

Hence why you cannot staircase. Affordable housing.

MrsSollis

That's not really a reason though as most shared ownership you can staircase. Have done a lot of research into it. Just don't understand why our road seems to be an exception to this and hoping there is a way round it.

sal_III

I must be missing something, if you can afford to buy the remaining 50% and build an extension, how is it that you can't afford to buy a bigger place? Extensions don't add much more value than the cost to build them.

Teamocil

Just ask if they'd be interested in selling. If not, I'd imagine you have no recourse because there's no reason for you to. You accepted the agreement.

MrsSollis

To buy a small 3 bed here we're looking at 260k + whereas the other 50% of this house would be around 90k. We would then save for an extension in a few years time.

haras_nosirrah

I specialise in shared ownership and have done for 10 yrs. It sounds as though your property is a rural exception scheme (we see them a lot in the rural areas but 80% ownership as a max is normally what we see) - this is not something that the housing association have stipulated but something the council set out when they grant planning as these are usually in rural areas and are designed to keep some housing affordable for the local population) - the housing association wouldn't be able to override it.

AnotherJoe

MrsSollis wrote: »

Is there anyway that this can be negotiated or argued(!!!) With the HA? Our argument is they we cannot afford a bigger house in our small town (Cotswolds = v expensive!) So buying outright would ........

....... remove your house from the pool of affordable ones.
Seems you want have your cake and eat it, you get a help up on the housing ladder through shared ownership and then kick the ladder away once you're on top.

MrsSollis

Thank you - most useful answer so far!! That may be the reason as we are in a rural area. However I know more recent builds have staircasing to 100% only a mile up the road. I think I'm just going to call them and ask! 😁

MrsSollis

Not at all. I just want to continue living in the place that we're very happy. What's so wrong with that?!

gycraig_2

Because the whole idea is that they are used as starter homes then passed on to the next person.
You agreed to this when you signed and now it's convenient want to change it.

You can continue living there you just can't own it