How Do I Staircase in Shared Ownership?

Once you've purchased your initial share of a Shared Ownership property, you have the option to buy more whenever suits you. Through the process of staircasing, you can buy more shares of a Shared Ownership home, meaning your rental payments are reduced and you get one step closer to 100% home ownership. While the process is relatively straightforward, it's important to know the exact steps so that you're properly prepared.

Why choose Staircasing?

The process of buying more shares in a Shared Ownership property is known as staircasing. It can be done at any time and as many times as you like, provided you're purchasing the minimum amount required by the housing association. 

If you buy a 50% share of the property during the initial purchase, for example, you may choose to buy a further 20% the first time you staircase. This means you own 70% of the shared ownership property, which offers several benefits. 

Firstly, your rental payments on the share you don't own are reduced the more you staircase. Secondly, you get closer to home ownership, which allows you to benefit from any house price growth and makes the selling process easier.

Just remember, each time you staircase there are several costs associated with the purchase.

How Do I Staircase in Shared Ownership?

If you want to begin the staircasing process, these are the following steps:

Check your finances

Before you consider staircasing, it’s a good idea to speak to your mortgage lender or a financial advisor that can help you figure out how much it will cost to buy more shares in your home.

The cost is generally based on the market value of your home at the point you decide to buy more shares and your eligibility is decided by your lender.

Complete an application

At this stage, complete a Staircasing Application Form with us and return it to Platform.

We’ll then be able to assess your application based on your financial status and your eligibility. We also check that your rent is not in arrears and you’re still able to pass affordability checks.

Please note: A staircasing fee of £180 including VAT will apply here.

Arrange a valuation

Following your application, we’ll arrange a valuation of your property via an independent surveyor.

This surveyor will be qualified with the Royal Institute of Chartered Surveyors (RICS) or the Fellow of Royal Institute of Chartered Surveyor (FRICS).

Approval process

Once we have the valuation, we’ll write to you to confirm the value of your property, as well as the cost of any additional shares. At this stage, we’ll also be able to advise you on any new rent or service charge calculations.

We also calculate the purchasing price of the shares you want to buy, based on the valuation report and confirm these details with you, alongside providing an Authority to Proceed Form.

This form helps us understand that you’ve accepted the price of the shares and wish to continue with the transaction. This form requires the signature of any leaseholders named on the lease.

Appoint a solicitor

Finally, you’re required to confirm the solicitors that will be acting as your legal representative. This is so we’re able to provide consent when you are ready to complete the process.

You will then have three months from the valuation date to finish your purchase, otherwise, you may require a new valuation which comes with its own individual costs.

If you're ready to take the next steps in buying more of your home, please get in touch with us and we'll help you through the process, you can contact our dedicated team at staircasing@platformhg.com or complete the enquiry form below.