5 Questions Residents Ask About Staircasing
Many shared owners view staircasing as a long-term pathway to outright homeownership rather than an immediate goal.
For many shared owners, staircasing can feel like a big step. Whether you’re thinking about buying a larger share of your home now or simply planning for the future, it’s natural to have questions about the process and what it means for your finances.
To help, we’ve answered five of the most common questions residents ask about staircasing.
1. What are the benefits of staircasing?
Staircasing allows you to purchase additional shares in your home, increasing the percentage that you own.
There are several benefits to staircasing:
- You’ll pay less rent because you’ll own a larger share of your property.
- You could benefit from any increase in your home’s value on the share that you own.
- You can progress towards full ownership if your lease allows.
- Owning a larger share can provide greater security and a stronger sense of investment in your home.
- In many cases, reaching 100% ownership means you no longer pay rent to your housing provider.
For many shared owners, staircasing is a practical way to increase homeownership gradually without having to move.
2. How do I staircase?
The staircasing process is usually straightforward and our team will support you through each step.
Typically, the process involves:
- Letting us know you’d like to staircase.
- Arranging an RICS valuation of your property.
- Confirming the share you’d like to purchase.
- Instructing a solicitor and, if necessary, arranging a mortgage.
- Completing the legal process and purchasing your additional share.
The amount you pay for the new share is based on the current market value of your property, not the price you originally paid when you bought your first share.
We recommend speaking to our team before you begin so we can explain the process and answer any questions you may have.
3. What happens to my rent when I staircase?
One of the main advantages of staircasing is that your rent reduces.
As you purchase a larger share of your home, the proportion owned by your housing provider becomes smaller. Because rent is only charged on the share you don’t own, your rent payments will decrease once your staircasing transaction has completed.
For example, if you move from owning 50% of your home to owning 75%, you’ll only pay rent on the remaining 25%.
The exact reduction will depend on:
- Your current ownership share.
- The additional share you purchase.
- The rent payable under your lease.
Our team can provide an illustration to help you understand how your monthly costs may change.
4. Will my service charge change if I staircase?
Service charges are separate from rent and cover the cost of services provided to maintain shared areas and communal facilities.
Because service charges relate to the management and upkeep of the building or estate, they don’t usually reduce when you staircase.
Your service charge may increase or decrease over time, but this is generally linked to the cost of providing services rather than the share of your home that you own.
If your home is an apartment, you’ll typically continue to contribute towards communal services such as cleaning, grounds maintenance, lighting and repairs, regardless of the share you own.
5. What about building insurance if I own a house?
If you’re a shared owner living in a house, it’s important to understand how insurance arrangements may work as your ownership changes.
Depending on your lease and property type, you may be responsible for arranging and maintaining building insurance if you staircase to 100%.
Because arrangements vary, we always recommend checking your lease and speaking to our homeownership team if you’re unsure about your responsibilities.
If you’re considering staircasing to 100% ownership, we’ll explain any changes that may apply once the transaction is complete.
Ready to Take the Next Step?
If you’re thinking about staircasing, we’re here to help. Whether you’re exploring your options or ready to begin the process, our team can guide you through every stage.
Visit our Staircasing Guide to learn more about eligibility, costs and the steps involved, or get in touch with our team to discuss your plans.