Staircasing to 100% - can I do it with my partner?

danrogers15

Hi all,
I have read loads of posts about Shared Ownership. I currently own 40% of my flat as a single person. My partner wants to sell their flat and for us to staircase straight to 100% together. Our combined salaries exceed 90,000 (London limit) but as we won't technically be on the shared ownership scheme, as we will buy 100% together, are we allowed to do this? 
Partner wouldn't move in until we buy the flat outright together of course.

haras_n0sirrah

Yes you can subject to normal affordability checks 

bradders1983

Yes of course you can, i am about 80% through doing exactly this. Apply for the remortgage in joint names and make sure you inform the solicitor of what is going on.

danrogers15

bradders1983 said:

Yes of course you can, i am about 80% through doing exactly this. Apply for the remortgage in joint names and make sure you inform the solicitor of what is going on.

Thanks Bradders1983 - really reassuring. We were concerned they'd say no as our combined salary exceeds the limit for shared ownership but very relieved that if we staircase to 100% it is OK - can you recommend your solicitors too please?

haras_n0sirrah

I specialise in shared ownership mortgages so staircasing is something I do regularly for clients. Couple of things to watch out for - some lenders treat it as additional borrowing which impacts the deposit amount needed.