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When you buy a property through co-ownership, you can increase your share and purchase more equity in your home – this is known as staircasing.
It is possible to staircase in slices or in one step.
How do I increase my share?
You can increase your share of the property in slices or in one step. If you purchase in slices, you must increase your share in steps of 5% each time.
The amount you pay for each 5% step depends on the market value of your property at the time you apply to purchase a step. You must ask the Northern Ireland Co-ownership Housing Association (NICHA) for an equity valuation before you can staircase. An equity valuation gives you a better idea of how much it will cost to increase your share or buy the full equity.
You pay a £40 fee for this valuation, which is not refundable.
If you made improvements to your home since you originally bought it, prepare a list of the works you carried out. NICHA will not include these improvements in the valuation. You don't pay more just because you’ve improved your home and increased its value.
If you staircase, your rent will be revised and your monthly payments will be lowered. If you buy full equity in your home, your rent stops.
Contact NICHA for more information on staircasing.
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What happens if I want to sell?
You can sell your home at any time, but NICHA must agree to the price your buyer offers. After the sale, you will get the same percentage of the value of the property that you own.
For example, if you bought 50% of the property originally, and afterwards bought an additional 25%, you receive 75% of the sale price and NICHA gets the 25% that it still owns.
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