Staircasing Frequently Asked Questions

Frequently asked Staircasing questions

As an existing Shared Ownership home owner, we want to make sure that when the time comes for you to Staircase and purchase a bigger share of your property, that you know everything there is to know. We've answered some of the main questions that our team receive when homeowners staircase.

  • Owning a larger share of your home – or even owning all of it – comes with many benefits:
    The more shares you own the more equity you have in your home, which means more profit for you when you come to sell your home in the future

    • You’ll reduce the amount of rent you pay to Platform Housing Group
    • Becoming the outright owner means you can maximise the profit from any major home improvements you carry out if you choose to sell
  • You can usually buy additional shares up to 100% of the value of your home. Some of our homes in rural areas or specifically for older people are restricted so you can only buy up to 75% or 80% of the property. This is to help keep sufficient affordable housing in the area. You can buy more shares at any time, as long as you are up to date with your rent and any service charges, and can afford the increased mortgage payments.
    How long will staircasing take?

    Buying more shares in your home should take approximately 3 months. By providing all the relevant information required throughout you can help the process run smoothly in conjunction with your solicitors.

  • The cost of the shares you wish to purchase will be based on the market value of your home at the time. A valuation must be provided by an independent, RICS qualified surveyor.

    It’s important to know that your home may have gone up or down in value from when you originally bought it. If you have made any structural improvements to your home which have increased its value, the valuer will take these into account. We also recommend that you seek advice from your mortgage lender or an independent financial adviser.

  • You will also need to budget for the costs involved in the purchase process, which include:

    • RICS valuation fee
    • Solicitors fees
    • Mortgage administration fees

    When you have completed the purchase, your rent will reduce, but other costs may increase that you need to budget for:

    • Additional mortgage payments
    • Buildings insurance (if you staircase to 100%)

    You will also still have to pay:

    • Service charges for any communal facilities
    • Contents insurance
    • Council Tax
  • Yes, it’s important that all property transactions are handled professionally by a solicitor. If you need help finding a solicitor, please let us know. Once you’ve instructed a solicitor to work with you, you’ll need to give us their details. We will also instruct solicitors to act on our behalf, and together they will work through the legal process and agree a completion date.

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Buy more of your home

If you're keen on owning more shares in your home you can do this through our staircasing process, and we're here to help every step of the way.

Find out more about Staircasing