Why can't I staircase my shared ownership?

AnotherJoe

MrsSollis wrote: »

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

You dont want to "continue living in the place" since you can do that, you want it all at reduced price (and then extend making it even more unaffordable) preventing others getting on the housing ladder. You bought a 2 bed SO starter home and want to turn it into a 3 or 4 bed non starter non shared ownership home. "Thank you Jack, I'm OK"

Had the people you bought from done what you now want to do, you wouldnt have been able to afford it .

So, having benefited from an affordable house, you now want to grab it all and therefore anyone else in your previous position wont be able to afford it. Thats whats wrong with that.

BTW, if you reply to someone and want to make it clear to whom you are replying, then click the small speech bubble icon under their post and it puts their text in as a quote so others can see which post or part of their post (if you remove unneeded text) you are replying to exactly.

sal_III

MrsSollis wrote: »

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.

So save the money for the extension and the 90k (or the amount you would have paid for the increased mortgage each month) and then buy the 260k 3 bed in a few years time.

TrickyDicky101

sal_III wrote: »

So save the money for the extension and the 90k (or the amount you would have paid for the increased mortgage each month) and then buy the 260k 3 bed in a few years time.

^ Exactly this. Then your Shared Ownership property can be sold to someone else to benefit from affordable housing. Win-win.

NineDeuce

There should be a clear clause in your contract about staircasing.....