At Bennett Oakley, our experienced Residential Property team can guide you through the staircasing process, whether you are buying a small additional share or increasing your ownership to 100%.

We understand that Shared Ownership can come with additional requirements and paperwork. We are here to make the legal side as clear and straightforward as possible.

Thinking about staircasing? Get in touch with our Residential Property team today.

What is staircasing?

Staircasing is simply the process of buying a larger share of your Shared Ownership property.

For example, you may have originally purchased a 40% share of your home and now want to increase this to 60%, 75% or, where your lease allows, 100%.

As you own more of your property, the amount of rent you pay to your housing association on the remaining share will usually reduce.

For many Shared Ownership homeowners, staircasing provides a way to gradually increase their ownership as their circumstances change.

How does staircasing work?

The exact process will depend on your housing association and the terms of your Shared Ownership lease, but it will usually involve:

• Checking your lease to establish your staircasing rights
• Contacting your housing association to let them know you want to staircase
• Arranging for your property to be independently valued
• Agreeing the price of the additional share
• Arranging a mortgage or other finance, if required
• Completing the legal work for the additional share

Our team will guide you through the legal process and liaise with your housing association, their solicitors and your mortgage lender where necessary.

How much more of my home can I buy?

This will depend on the terms of your lease.

Some Shared Ownership leases allow you to purchase additional shares in smaller increments, while others may require you to buy a minimum percentage each time you staircase.

In many cases, you can continue staircasing until you own 100% of your home. However, some Shared Ownership properties have restrictions which prevent you from owning the property outright.

Before you begin, we can review the terms of your lease and explain exactly what applies to your property.

How is the price of the additional share calculated?

The amount you pay will usually be based on the current market value of your property, rather than what the property was worth when you originally bought it.

You will normally need to arrange an independent valuation before your housing association confirms the cost of the additional share.

For example, if your home is valued at £300,000 and you want to purchase an additional 20%, the value of that share would generally be £60,000.

It is important to remember that valuations are normally only valid for a limited period, so keeping the transaction moving once you have started the process can be important.

Do I need a solicitor to staircase?

There is legal work involved in purchasing an additional share of your property, so you will need a conveyancer experienced in Shared Ownership and staircasing.

At Bennett Oakley Solicitors, we can:

• Review your Shared Ownership lease
• Check your staircasing provisions
• Liaise with your housing association and their solicitors
• Deal with your mortgage lender where required
• Review and complete the relevant legal documentation
• Deal with the Land Registry requirements
• Guide you through to completion

We will keep you updated throughout and explain anything you need to know in plain English.

Can I staircase to 100%?

Many Shared Ownership homeowners can eventually purchase the remaining share of their property and become the outright owner. This is sometimes referred to as final staircasing.

However, this is not possible with every Shared Ownership property. Some leases place restrictions on the maximum share you can purchase.

We can review your lease and advise you on your position before you commit to the process.

What happens to my rent after staircasing?

As you purchase a larger share of your property, the percentage owned by the housing association becomes smaller. This means the rent you pay on their remaining share will usually reduce.

If you are able to staircase to 100%, you will normally stop paying Shared Ownership rent altogether.

You may still have other payments to make depending on your property, such as service charges, estate charges or other costs set out within your lease.

Will I need to remortgage?

Not necessarily. You may be able to fund your additional share using savings, borrow more from your existing mortgage lender or remortgage with a new lender.

If you are remortgaging at the same time as staircasing, our Residential Property team can deal with the legal requirements of both transactions together.

What if I have made improvements to my home?

If you have carried out improvements to your property, you should make your valuer and housing association aware of them.

Depending on your lease, the housing association’s requirements and whether permission was obtained for the work, certain improvements may need to be considered as part of the valuation and staircasing process.

It is therefore worth keeping copies of any permissions or correspondence relating to significant improvements you have made.

What costs should I consider?

As well as the cost of purchasing the additional share, there may be other costs involved in staircasing, including:

• Valuation fees
• Housing association administration fees
• Legal fees
• Mortgage or remortgage fees
• Land Registry fees
• Stamp Duty Land Tax, where applicable

We will explain our legal fees clearly at the outset so you know what to expect.

Making staircasing straightforward

Buying more of your home is an important step and we are here to make the legal process as straightforward as possible.

Our Residential Property team has experience dealing with Shared Ownership properties and understands the additional requirements that can come with staircasing.

Whether you are purchasing your first additional share or looking to staircase to 100%, we can provide clear, practical advice tailored to your circumstances.

Speak to our Staircasing team

If you are considering buying a larger share of your Shared Ownership property, speak to Bennett Oakley before you get started.

We can review your lease, explain the process and guide you through your staircasing transaction from start to finish.

Get in touch with Bennett Oakley today to speak to a member of our Residential Property team.