Origin STAIRCASING Booklet v5:Layout 1 - Pelorous

The maximum additional share you canbuy will be confirmed by the IFA at thefinancial interview and will need to complywith the requirements of the lease.After the financial interviewThe IFA will be able to assist you with yourmortgage arrangements to buy the additionalshare – if you want them to. If you want toarrange your own mortgage, you should talkto some banks and building societies andmake sure that you tell them you are buyingadditional shares in your Shared Ownershiphome. You must act quickly and must stressto your lender and solicitor that thestaircasing valuation offer is only valid for3 months and therefore it is imperativethey act quickly to achieve this completiondeadline to avoid additional costs for you.Three months seems a long time butpasses quickly and you certainly don’tneed an additional valuation fee to paywhich potentially could mean a new offeras the housing market can rise or fall withina three month period.Once you have the mortgage offer, contactyour solicitor to arrange to complete thestaircasing transaction. They may need toarrange an appointment to go through thelegal paperwork with you. Once this has beencompleted, your solicitor will advise us ofthe date you intend to complete thestaircasing transaction. We will then sendout a completion statement which willconfirm the increased share in the propertyyou will own along with the new rentpayments if you are not staircasing to100% ownership. We will also advise if GroundRent is applicable (you can check this in yourlease when you own 100%).Finally – staircase completiondate arrivesCongratulations - You will now own eithera greater share or the full 100% value ofyour home.We will adjust your account in line with theincreased share you own in your home andto allow for any net credits owed to you,send confirmation of your new chargesand/or close your account if your staircasingtransaction requires us to do so. If you owna Do It Yourself Shared Ownership (DIYSO)property then this will be the lastcorrespondence you will receive from us.If you become the 100% owner of a houseusually the Freehold will be transferred toyou after completion. You will no longer becovered under our block buildings InsurancePolicy from the date your staircasingtransaction completed. You must ensure thatyou have a building Insurance policy in place atcompletion. If however you become a 100%owner of an apartment you will still be coveredunder our block buildings insurance policy.If Origin is not the owner of the freeholdof your apartment, you may have yourShared Ownership lease changed to thehead lease from the freeholder and have nomore connection with Origin. You will paycharges direct to the freeholder or theirManaging Agent.8