Staircasing: own more of your home
Staircasing is the process of buying more shares in your home over a period of time. Aim to staircase up to 100% and own your home outright. Learn more about how to staircase and what the benefits are.
Buying more shares means you’ll increase your investment in your home and pay less rent.
When you own 100%, you’ll no longer pay any rent at all.
Before getting started, we recommend the following:
- Check whether you need an EWS1 form
- Get an idea of how much your home is worth
- Talk to a mortgage lender or mortgage advisor
- Work out your new rent
- Consider your costs
- Check your lease
Read on to find out more.
How does staircasing work?
Check whether you need an EWS1 form
Following changes in building safety advice, lenders may require an EWS1 form for your building before lending. If you're unsure and need to check the status on your property you can complete our online form. You'll find help and advice there too.
If you’re using cash to buy more shares, you don’t need to have an EWS1 in place.
Get an idea of how much your home is worth
When you buy more shares, you’ll buy them at the current market value. Before spending money on a valuation report, look on websites such as Zoopla or Rightmove to get a rough idea of your home's value.
Talk to a mortgage lender or mortgage advisor
Speak to your mortgage lender or an independent mortgage advisor to determine how many more shares you’re able to buy.
You may find it helpful to speak with someone from our panel of mortgage advisors, they're listed below. They have lots of experience in shared ownership homes.
Work out your new rent
You can work out how your rent will change with this calculation:
- Your new unowned share ÷ by your previous unowned share X your current monthly rent.
Let's say you currently own 25%, pay £800 in rent but want to buy another 25% (taking your ownership to 50%):
- 50% ÷ 75% X 800 = Your new rent after staircasing. Which would be £533.33.
Remember, rent is reviewed every April so all calculations will be subject to this.
Consider your costs
You’ll need to pay for your valuation fees, legal fees, any additional mortgage fees and our admin fee. Stamp duty may also be a factor. Check our FAQs for more detailed information on costs and fees.
Check your lease
Most shared ownership leases allow you to buy shares in chunks of 10% or more up to 100% ownership, but not always. If you’re not sure, you can find this information in your lease. You can get a copy of your lease from the land registry.
Staircasing: get started
Use our checklist to make sure you’re ready to start the process:
- Check whether you’ll need an EWS1.
- Speak to your lender and decide how much you want to buy.
- Get a RICs valuation (details below).
- Appoint a solicitor (details below).
- Get your certified ID ready. You’ll need this for both people purchasing more shares, if it’s a joint instruction.
All set? That’s great. Complete our staircasing instruction form. Attach your valuation report and certified ID and we’ll get started.