Staircasing and resale FAQs
Help and advice if you're looking to buy more shares in your home or to sell your home.
Browse through answers to frequently asked questions.
- Selling your shared ownership home.
You can work out how your rent will change using the following calculation:
Your new unowned share ÷ by your previous unowned share X your current monthly rent.
So if 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 would be £533.33
Remember, rent is reviewed every April so all calculations will be subject to this.
When you buy more shares in your home, you’ll be responsible for the following costs and fees.
Valuation fees: The cost of a valuation depends on the valuer you choose so you should always check with them. We have an experienced panel of RICS-accredited surveyors who offer competitive rates when you instruct them quoting ‘Latimer’.
Your valuation will only be valid for three months. If you don’t complete your staircasing by then, you’ll need to pay for an updated one.
Should your post code not be covered by the surveyors on our panel you can visit the RICS website to find a RICS surveyor in your area. Their report must provide the following information:
- Confirmation that the report is a market valuation for the purpose of staircasing through Clarion Housing, Level 6, 6 More London Place, Tooley Street, London, SE1 2DA.
- Confirmation that Clarion Housing Group can rely upon the contents of the report.
- Evidence of at least three comparable properties detailing the full address, sold price and date.
- If you have carried out home improvements, the report must include two figures; one figure with home improvements and one figure excluding home improvements.
- Confirmation that valuation will remain valid for three months from the date of report.
Solicitors fees: You’ll need a solicitor to act for you. Their fees will vary depending on who you choose and how complex your transaction is.
We have an experienced panel of professional solicitors, with lots of experience in shared ownership. You don’t have to use one of our panel, but we strongly recommend making sure that whoever you choose has experience with shared ownership.
Our administration fee: We’ll charge an administration fee, which we’ll collect on completion of your staircasing instruction.
If you don’t go ahead, but if we've already begun issuing legal documentation, you'll be liable to pay a cancellation fee.
View our administration fees table
Mortgage fees: If you're re-mortgaging to pay for your shares your lender will likely charge a fee. A mortgage broker may also charge you for their assistance.
Stamp Duty Land Tax (SDLT): This is a government tax which may be payable. If you opted to pay full SDLT when you first bought your home you won’t pay anything further. If you paid SDLT only on the share you bought, then further SDLT may apply. Your solicitor can tell you if you'll need to pay and how much. You can also visit Gov.uk for the latest guidelines on stamp duty in relation to shared ownership.
You’ll buy more shares based on the current market value (not what you paid when you first bought your home).
You can get a rough idea of your homes value by visiting websites like Zoopla and Rightmove, but to know what your home is worth and start the process you’ll need a valuation carried out by an independent RICS accredited surveyor, which you’ll need to pay for. We’ll then use this value to work out the cost of your new share. For example:
If the current market value is £350,000 and you want to buy 10% more, your shares will cost £35,000 (10% of £350,000).
If you’ve carried out improvements which have added value to your home, you’ll need to let the surveyor know. We’ll deduct this figure before we work out how much your new share will be. For example:
If the current market value is £350,000, you’ve done improvements which have added £5,000 to this value and you want to buy 10% more, your new share will cost: £34,500 (10% of £345,000)
Remember, improvement value is the value works have added to your home (not how much you spent carrying them out). Some improvements may decrease in value over time and not all works are improvements. Your surveyor will be able to help you if you’re unsure.
Service charge covers things like communal maintenance and building insurance; it’s not linked to how much you own like your rent is.
Usually, you'll still pay service charge and ground rent, even if you own 100% of your home. Your lease will confirm what happens when you own 100%.
You can pay for the shares by:
- Extending your existing mortgage.
- Saving up and using your savings.
- Using the value of any money that has built up in your home, called equity. This can be used to offset the cost of buying additional shares.
As soon as you like, as long as the Land Registry has registered your initial purchase. This usually takes around three months from when you first buy your home.
Most shared ownership leases will let you buy more shares in chunks. Starting at a minimum of 10% and going up in increments of 5%. (Example, 15%, 20%, 25% all the way up to 100%.)
However, not all leases are the same. You should check your lease if you’re unsure. Each time you staircase, you’ll need to pay the associated costs, such as valuation fees and solicitors fees.
You’ll need to clear any arrears before you can complete on your staircasing transaction.
Selling your home FAQs
At the time you decide to sell your home we’ll request a fee for the cost of a leasehold information pack (LPE1). This is provided to the buyer’s solicitors to enable them to raise enquiries in relation to your property.
If you decide not to proceed to sell before you have a buyer in place, this fee will be returned to you.
We’ll take payment for the leasehold information pack at point you decide to sell. We’ll hold your payment on your account in readiness to instruct production once a buyer is in place to ensure there are no delays.
It can take 15 working days for your leasehold information back to be produced.
When it comes to selling your home, you’ll be responsible for the following costs and fees.
Valuation fees: The cost of a valuation depends on the valuer you choose so you should always check with them. We have an experienced panel of RICS-accredited surveyors who offer competitive rates. View our panel professionals.
Resale fee: Your lease will refer to a nomination fee, usually 1 or 1.5% plus VAT of the share value. This cost is included within your total sales service fee.
We work with a specialist shared ownership independent consultancy, Urban Moves. They offer a comprehensive nomination service at a competitive price, giving you the best possible chance of finding a buyer as quickly as possible. Browse the Selling your shared ownership home page for more information.
Leasehold pack (LPE1), or pre-sale management pack: Costs differ depending on if you're selling an apartment or a house. Check our administration fees table for details. You're required to pay for the pack at the point you decide to sell. We’ll hold your payment on account in readiness to instruct production once a buyer is in place to ensure there are no delays.
Legal fees: You'll need to pay our legal fees as well as your own. Check our administration fees table for details of our charge. Your own legal fees will vary depending on who you choose and how complex your transaction is.
We have an experienced panel of solicitors, with lots of experience in shared ownership. You don’t have to use one of our panel, but we strongly recommend making sure that whoever you choose has experience with shared ownership. View our panel professionals.
EPC (Energy Performance Certificate): Check our administration fees table for details.
If you’re wanting to vary your lease or extend your lease, these costs are charged separately, subject to obtaining a quote. Find out more on our Home Ownership with Latimer page.
You’re required to obtain an up to date EPC for your home. This should be submitted with your resales application.
Find out if you already have a valid EPC thought the government’s Energy Performance of Buildings Register.
Unless you’re a freeholder you’re obligated under the terms of your lease to allow Latimer, with Clarion Housing, to search for a suitable buyer within eight weeks before you’re able to market your property with an estate agent.
This gives us the chance to find a buyer who also requires the assistance of shared ownership for their purchase. We work with specialist shared ownership sales agent Urban Moves to achieve this.
At the point you decide to sell you’ll need to pay for:
- Your valuation. You can use one of our panel surveyors or you can appoint your own surveyor.
- Your leasehold information pack. Latimer by Clarion Housing Group will take payment for this service.
At the point you instruct a solicitor you’ll need to pay for:
- Our solicitor’s upfront fee for their legal work before commencing work on your file.
This fee is requested via your solicitor and paid to us on completion. If you withdraw from the sale after legal work has commenced, this fee is still payable. Your resales fee of 1.5% plus VAT is paid on completion.
We'll support you, your buyer and your solicitor to have your sale completed within three months from when the legal paperwork has been issued.
From the time we receive your sales instruction form, your property is aimed to be marketed within 10 working days. To do this we'll obtain information on your home. If you're selling through Urban Moves, they will take photos and produce a floor plan for the advert.
We aim to find a buyer for your home within the first eight weeks. Applications will be processed and your home offered to the successful applicant.
Once your buyer has provided all their information to us, we aim to issue all legal paperwork within 5 working days.
You’re unable to sell more shares than you own, but a buyer can choose to purchase more if they can afford to do so. They can do this through a process known as staircasing. This will not affect your sale or the money you receive.
RICS stands for Royal Institution of Chartered Surveyors, they are a professional body of independent surveyors.
The cost of a valuation depends on the surveyor you choose so you should always check with them. We have an experienced panel of RICS-accredited surveyors who offer competitive rates. When you contact one of our panel professionals to make an enquiry please quote ‘Latimer’.
Check our staircasing FAQs for more information.
We have a panel of surveyors we work with who can assist you. They're familiar with our developments and have experience in the shared ownership market.
When you contact one of our surveyors to make an enquiry please quote ‘Latimer’.
Your valuation report has to be provided for the purpose of resale and for staircasing. This is in case the person buying your home wants to buy a larger share then you own.
The current market value of your home needs to be determined for mortgage purposes. It ensures your home is on the market at its true market value.
Your valuation will also take in to consideration certain home improvements you may have made to your home. This may have increased its value.
If you instruct a surveyor from our panel, the cost is standard across everyone we work with. An up-front fee is payable to secure your appointment with a surveyor.
An extension can be requested and carried out by your surveyor who will apply a charge in addition to the original fee.
This extension is valid for a further three months. If you have still not completed on your transaction by the end of this three month extension you'll have to pay for a full valuation to be carried out again.
The value of your home may have changed in this time.
You’ll need to raise your concern directly with the surveyor. They will have their own dispute procedure. This usually involves you providing data in relation to comparable property prices in your area.
Reference documents, guides and brochures
Selling your shared ownership home
Useful information of where to start and what to expect (PDF)
Step-by-step guide to staircasing
What's involved in buying more shares in your home (PDF)
Top tips to help sell your shared ownership home
Advice and guidance on what to do before, during and after viewings (PDF)