A customer is pleased to have successfully purchased more of a shared ownership property through the process of staircasing.
Janis Blacklaw, 58, has lived in her two-bedroom property in Exeter since 2005. As she bought the property on her own being a single parent to her daughter, this allowed her to buy her own home through the shared ownership scheme.
After living in her home for a long time, she decided in 2019 to start the staircasing process. This allows a homeowner to buy a higher percentage of the property when they can afford it and subsequently pay less percentage of the rent.
Our customer, Janis Blacklaw, said: “It was a godsend to have this property because it was quite difficult to get a mortgage. A friend of mine was an investment advisor so he really helped me with it.
“The mortgage was expensive because it was on a shared ownership basis, but the deposit was low.”
Before finding the property, Janis rented in the area before needing to move out. She looked for rented places to live but struggled to find anything.
She joined the Exeter City Council waiting list because she was worried about not finding a property. Then she found out about shared ownership and was excited to be able to put her money into buying a home.
“I jumped at the chance because I thought it’s the only way I’m going to get on the housing ladder,” Janis said. “So, I feel quite grateful for that.”
“It was nice to move in and know that people couldn’t give me notice the way that private landlords can.
“You can do things the way you want to so there’s been a lot of freedom in that but also a responsibility. I’m really glad to have done the staircasing.”
Janis feels staircasing puts her in a better position should she want to sell but also a way to progress on the housing ladder.
Although she was apprehensive towards the beginning, she is relieved to have been able to purchase more shares and is thankful to be able to do it.
Janis said: “When you own some shares, you have all the responsibility of a homeowner. But I just thought if I ever need to move anywhere, I’ve only got half a house. I think that weighs heavily on your mind because it’s not as easily transferrable. Hence the decision to buy more shares.
“If a friend who owns a house wants to move, they would sell the house and buy another house. If you’re in shared ownership there are different things you have to navigate around.”
Janis started staircasing at the start of 2020. She purchased more of the property because of the effects of lockdown on the property market. She now owns 85 per cent of the property and is hoping to buy the remaining shares in the next year.
She advises people interested in staircasing on a shared ownership home to have conversations with people and sit down with an advisor to make the process easier. She also feels this would have given her more clarity around leases.
Janis said: “I was sent the forms and the people I spoke to were very helpful to ensure that that I fully understood how to complete them all. It made it easier for me to work my way through them.
“If somebody said to me, would I recommend doing it? I would say yes, but it was a struggle doing it. I'm glad I've done it and I don't regret doing it.
“I'm in a better position now if I wanted to move or if something changed. I'm not thinking of moving soon but it's nice to know there are options.”