Shared owners can buy more shares of their home from us, known as ‘staircasing’. If your lease allows it, you can eventually buy up to 100% and own your home outright.
You can staircase at any time. As you buy more shares in your property, your rent decreases.
Many people staircase when re-mortgaging their home. In order to calculate the additional share you may be able to purchase you can use this calculator as a guide. If you decide to increase your share of ownership please contact us straight away.
- This staircasing calculator cannot be used as a guarantee of obtaining a mortgage.
- It is advised that you speak to an independent mortgage advisor to find out more on your affordability.
- Estimated monthly rent is calculated on the remaining share of the property.
- Please note that your regular service charge will remain payable.
- Share value calculations are only to be used as estimates. Final valuation figures will be determined by your RICS valuation report.
A step by step guide to staircasing
1. Written notice to staircase
Email or write to us confirming that you wish to buy more shares of your home.
2. Obtain a valuation
You must arrange and pay for a valuation by a RICS certified surveyor for the 100 % value of your home.
Send us a copy of the report for approval.
3. Offer notice issued
Once your valuation has been approved, we will send you an Offer Notice letter with the price of the extra shares you wish to buy.
4. Written acceptance
Send us your written acceptance of the Offer Notice and details of the solicitor who will be acting for you.
We’ll also need a copy of your mortgage offer if you are taking one.
5. Instruct solicitors
We will instruct our solicitor to contact your solicitor, to begin the staircasing transaction.
6. Legal enquiries and documents
We will deal with any enquiries raised by your solicitor and complete the legal documents needed.
7. Notification of completion
When all the legal enquiries are settled, your solicitor will arrange a completion date with you and send notification to us. We’ll calculate the charges due.
Solicitors will tell us and you that completion has taken place. Your solicitor will send ours all the necessary legal documents, and we will update our records accordingly.