Staircasing

As a shared owner, you can buy further shares in your home, until you own 100%*

We call this ‘Staircasing’.

The price you pay for additional shares will be based on the current market value of your home. (Which, to ensure fairness, is set by a formal, independent valuation by a qualified surveyor). 

It is a relatively simple process and we will guide you through step-by-step. 

The first thing to do is get in touch with us. 

(Please ensure there are no arrears on your rent account priority to contacting us, as we will not be able to proceed if this is the case).

The benefits of staircasing:

• You own more of your home, so your investment is more valuable.
• The higher the share, the lower the rent you pay. 
• When you staircase to 100%, you will own your home completely, with no rent to pay at all.

* On a very small number of our developments there are some restrictions on how much more you can buy, which will be detailed in your lease and have been explained by your solicitor when you first purchased. 

Frequently asked questions

What if I’ve made improvements to my home?

Please let us know if you have made any significant improvements to your home eg adding a conservatory, as this can increase the market value and will be taken into account to ensure you receive the full benefit of them. The surveyor will give an opinion on how much the improvements have added to the new value and this figure will then be subtracted before the cost of your further shares is calculated. (Please note that decorative improvements do not increase the value). 

How long will the process take?

Once we have received your request to buy further shares, we will arrange an independent RICS valuation of your home. Valuations remain valid for a certain period of time and you will need to complete your purchase before this expires, otherwise you may need to pay for another one. 

Once the valuation has been carried out, you will need to confirm (via your financial advisor) that you have the funds for the purchase. Please note that, due to government guidelines, the valuation provided is not subject to negotiation.

You will then need to appoint a solicitor and let us know their details. 

It will then take a few weeks for the solicitors to liaise and for you to receive your mortgage offer.
In our experience the process takes an average of around 10 weeks from beginning to end. 

What are the costs involved?

• A fee for the independent valuation carried out to determine the current value of your home 
• If you are borrowing from a mortgage lender to buy the further shares, they may, or may not, require you to pay for their own valuation to be carried out. 
• Your solicitor’s costs
• Our solicitor’s costs (Though is dependent on the type of lease you have) 

Please note that once solicitors are appointed, these costs are payable even if you don’t proceed.

Do I have to pay Stamp Duty when I purchase further shares?

This depends on the new value of your home and whether you paid any on your initial purchase. Your solicitor can give you advice on this, but you can find current information on thresholds and costs via the government enquiry line on 0300 200 3510 or by visiting: www.hmrc.gov.uk. 

Contact us

So, if you are thinking of buying further shares in your home, please call the sales team on 01733 396406 or email: sales@crosskeyshomes.co.uk

Buying more shares side image

Buying more shares