Staircasing
Frequently Asked Questions
As a leaseholder of a Shared Ownership property bought either new, or as a resale, you can buy further shares in your property. This process is known as staircasing, enabling you to own a greater proportion of your home. The greater the share you buy in your home, the less rent you will pay to us.
Your lease will determine how many times you can staircase. For example, some leases state that you can only staircase up to three times, with the third time taking you to 100% ownership of your property. Please check your lease for more information.
The minimum share that you can purchase will be specified in your lease, generally it is a minimum of 10%; however if you have purchased a property in 2022 onwards, you may have the new shared ownership lease which enables you to purchase 1%. As a shared owner you will have been provided with a copy of your lease from your solicitor at the original sale. If you do not have a copy and require a copy of the lease, please contact us. Fees apply.
You must purchase the additional shares at a price that is equivalent to the current market value, so you will need to instruct a surveyor to value your property. If you have the new lease you can staircase from 1% based on the House Price Index value that is provided to you annually. If you do decide to staircase to 100% you become an outright owner and pay no rent to us. If you do become the outright owner, you will still have to pay service charge and may have to pay an annual ground rent.
Staircasing is not mandatory, it’s completely up to you.
Please see the staircasing guide for further information: YN2720-Guide-Buying-more-shares-in-your-Shared-Ownership-home.pdf (lovelivinghomes.co.uk)
Buying extra shares in your property does incur added costs. You are responsible to meet the valuation costs and any other costs incurred in connection with the staircasing transaction i.e. legal costs for your solicitors, legal costs for us, mortgage arrangements fees, stamp duty, additional valuations.
Please ensure you have savings or access to funds to cover these costs.
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