What is staircasing?
When you first purchased your shared ownership home, your intention may have been to own it outright one day. Staircasing is the process that allows shared owners to buy additional shares in their home — usually up to 100% ownership.
In most cases, the minimum additional share you can buy is 10%, or 1% if you are on the 2021-2026 model lease. There may be a staircasing restriction and/or a limit on how many times you can staircase. Please contact us for more information on your lease.
When you buy more shares, you will buy them at the current market value. The current market value will be determined by a RICS valuation.
The benefits of staircasing
- Pay less rent – The more of your home you own, the less rent you’ll pay. If you reach 100%, you’ll no longer pay rent (service charges or estate management fees may still apply).
- Build equity – The larger the share you hold in your home, the greater you will benefit if its value increases.
- More mortgage choice – Owning outright gives you access to standard mortgage products with potentially lower rates.
- Flexibility when selling – Once you own 100%, you can sell your property on the open market (subject to any lease restrictions).
- Freedom to make home improvements – Full ownership means you can make alterations and improvements (subject to any lease or transfer restrictions).
Before you start
Before deciding to staircase, it’s important to understand the costs involved. You’ll need to cover:
- RICS valuation fee
- Your solicitor’s fees
- Our solicitor's transfer fee (£300)
- Our administration fee (£50)
- Any mortgage or lender fees
- Stamp Duty Land Tax (if applicable).
Your rent and service charge accounts must be up to date throughout the process.
We've partnered with Stairpay
Sign up for a free Stairpay account to check your affordability, value your home and submit your staircasing application - all in one place. It's the only way to start a staircasing application with us.