What is the Staircasing process?
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).
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 email@example.com or complete the enquiry form below.