Shared Ownership - to staircase or not to staircase?

[OnlyFannys]

Hi, I was hoping I might be able to get some advice from wise mumsnetters who might have better understanding of all things Home ownership than I do!
I bought 50% of my home in 2019 on shared ownership, the house value at the time was £165k (I'm in Yorkshire, its a 3 bed detached with garage and garden but not particularly spacious). So my mortgage was about 80k and then covid happened and prices went up significantly. The same size and style house on my estate have been selling for around 250k now.

So I know I need to move within the next few years as I now have a partner who lives with me and we would like to move closer to his daughter who is about an hour away. My dilemma is should I look at staircase up to the full value of the house (value of the 50% share potentially being 125k, I could use a combination of my savings and the equity gained on my half of the house to do this and we can afford the mortgage payments) which would obviously involve valuation fees and solicitors fees (possibly stamp duty but I don't really know) but I would imagine it would be easier to sell as a full property when we are looking to move or do I just stick with the 50% ownership until we want to move?

I really have no idea how easy/difficult it is to sell a shared ownership property and if these are in demand at all? Does anyone have any experience or advice? I don't want to make a very expensive mistake either way

If you staircase to the full value, do you have to sell it under the jurisdiction of a shared ownership organisation, or are you free to sell on the open market at the price you choose?

If it's the former, my worry would be that anyone who can afford to pay 100% of the house would rather buy on the open market rather than something with restrictions, so I think I'd steer clear of staircasing. But if it's the latter, I'd be tempted to go ahead.

PS I have a shared ownership flat, bought 20 years ago, and was allowed to 'buy' my way out of the covenant when I staircased to 100%, which I've heard is unusual for a leasehold property.

I bought 100% on a flat years ago and it was a mistake. Took longer to sell than the shared ownership ones. My stepson recently sold a new build share ownership house he only owned 40%. He made about £25k profit in 3 years even owning that small share and was able to fund deposit for his next purchase with a partner. There was a queue to buy it. If you are planning to move in the near future I would keep your savings liquid.

Thank you both that is very helpful.@Owlcat42 I'm not sure but i checked on the website for Heylo who own mine and looking at this suggests I would be able to list on the open market 100% if I am.understanding correctly

Heylo’s shared ownership structure can be more complicated than others.
PM me your lease if you like. I’m a conveyancing solicitor currently a bit bored on holiday, so I have time 😁

Sounds like a great offer from @MinnieMountain . And do find out about who puts a price on the property, and whether if you sold at 100% on the open market your buyer would still have any restrictions on the property. Or ask the HA, though beware, mine did not always give me accurate information.