The 6 Steps to Staircasing

If you’re thinking about increasing your share in your shared ownership home, you may be wondering what the staircasing process actually involves.

While every homeowner’s circumstances are different, the process is generally straightforward and follows a clear set of steps. Understanding what’s involved can help you prepare, avoid delays and feel confident about taking the next step towards greater homeownership.

Here’s what you can expect.

Step 1: Decide How Much Additional Share You’d Like to Buy

The first step is deciding how much of your home you’d like to purchase. According to Inside Housing, While shared owners are now staircasing less frequently to full ownership, when they are staircasing they are doing so in larger chunks.

Some homeowners choose to buy a small additional share, while others staircase by a larger amount or work towards 100% ownership where their lease allows.

Before making a decision, it’s worth considering your finances, long-term plans and how purchasing a larger share could affect your monthly housing costs.

If you’re unsure what’s possible, speaking to a mortgage adviser or financial professional can help you understand your options.

Step 2: Arrange a RICS Valuation

The value of a staircased share has risen by around 60% over the past seven years. Before you can purchase additional shares, your home must be professionally valued.

This valuation determines the current market value of your property and is used to calculate the cost of the share you want to buy.

It’s important to remember that staircasing is based on your home’s current market value, not the price you paid when you originally purchased your share.

Once the valuation is complete, you’ll receive a report that can be submitted as part of your staircasing application.

Step 3: Instruct a Solicitor and Arrange Funding

As with any property transaction, there are legal steps involved in staircasing. If you are only staircasing 1%, you will not need legal representation. However, anything more than 1% will require you to appoint a solicitor or conveyancer to manage the legal process and complete the purchase of your additional share.

Step 4: Confirm Your Application

Once you have your valuation, you’ll need to formally notify us that you’d like to proceed with staircasing.

At this stage, you’ll confirm:

• The share you’d like to purchase
• Your valuation details
• Your contact information
• Whether you’re funding the purchase through savings, a mortgage, or a combination of both

Our team will review the information and guide you through the next stages of the process.

Step 5: Instruct a Solicitor and Arrange Funding

As with any property transaction, there are legal steps involved in staircasing. If you are only staircasing 1%, you will not need legal representation. However, anything more than 1% will require you to appoint a solicitor or conveyancer to manage the legal process and complete the purchase of your additional share.

If you’re using a mortgage, you’ll also need to make arrangements with your lender to secure the funding required.

During this stage, your solicitor will work with all parties involved to prepare the necessary documentation and ensure everything is in place for completion.

Our team will review the information and guide you through the next stages of the process, which will include clearing our compliance checks prior to us issuing the Memorandum of Sale and instructing our own solicitor.

Step 6: Complete Your Staircasing Purchase

The final step is completion.

Once the legal work has been finalised and funding is in place, your purchase can proceed and your ownership share will officially increase.

Following completion:

• Your ownership percentage will be updated.
• Your rent will usually reduce because you’ll own a larger share of your home.
• Your legal documentation will reflect your new ownership level.

You’ll then be able to enjoy the benefits of owning a greater share of your property.

What Happens Next?

For many shared owners, staircasing is an important milestone. Whether you’re increasing your share for the first time or taking a significant step towards full ownership, understanding the process can help make the journey smoother.

Remember, support is available throughout every stage. If you’re considering staircasing, our Homeownership Team can explain what’s involved and help you understand your options.

To find out more, visit our comprehensive Staircasing Guide for detailed information on eligibility, costs, and frequently asked questions.