Staircasing and resale FAQ
Help and advice for homeowners
Browse through answers to frequently asked questions on staircasing, selling your shared ownership home and valuations.
Pay less rent – when you increase your share, you decrease the share you pay rent on. If you're staircasing to 100% you’ll no longer pay any rent.
Freedom to sell – when you come to sell your home as an outright owner you’ll benefit from 100% of the profits. If the value of the property has increased you’ll reap the rewards.
More mortgage choice – if you're staircasing to owning 100% of your home you’ll be eligible for a standard mortgage, which can be cheaper than a shared ownership mortgage.
At any time, once you have been registered with Land Registry. This usually takes three months from the date of the initial purchase.
Aim to reach 100% ownership, or your preferred maximum ownership of your home, in three staircasing transactions. You will incur fees for each transaction to complete.
You can buy more shares in your home starting from 10% (subject to change*) and then you can buy in increments of 5% eg 15%, 30%, 75%.
Most people will be able to buy shares up to 100%. In some circumstances the total amount you can own is capped. Check your lease for details.
This is to protect the availability of shared ownership homes in some areas. This usually affects properties in designated protected areas.
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.
You’ll need to settle any outstanding balances before applying.
Speak to a mortgage advisor or your mortgage lender. We work with a panel of advisors who are available to assist you. They’re already familiar with our developments. You'll find details for our panel of mortgage advisors in the 'How does staircasing work?' segment of our staircasing page.
Valuation fees – charged at £220 including VAT. This is paid directly to the valuer allocated to you. To extend the valid period of a valuation costs an additional £84 including VAT.
An admin fee – this is paid to Latimer by Clarion Housing Group. Fees are £250 including VAT, if you're buying more shares (but not up to 100%). The fee is £500 including VAT if you’re buying 100% of your home.
Legal fees – this is paid to your solicitor. You may need to pay for a deed or variation, or a lease extension as part of the staircasing process so fees will vary. We have a panel of experienced solicitors we work with. Their first-hand knowledge of our developments and shared ownership expertise help to save everyone time. You'll find details for our panel of solicitors in the 'Shared ownership staircasing next steps' segment of our staircasing page.
Mortgage fees – if you're remortgaging to pay for your additional shares your lender will charge a fee to change the product you have with them. A mortgage advisor may also charge you a fee for their advice and assistance to get you started.
Stamp Duty – if you opted to pay full stamp duty when you initially bought your home you'll not be liable to pay further stamp duty fees. If you paid stamp duty only on the share you bought then a stamp duty fee may apply.
You’ll need to speak to your solicitor to understand if you're liable to pay stamp duty and to what amount.
Cancellation fee – if you decide you don't want to proceed with your staircasing application, but we've already begun issuing your legal documentation, you'll be liable to pay a cancellation fee. This is charged at £125 including VAT, if you're buying more shares but not up to 100%, and £250 including VAT if you’re buying 100% of your home.
No. Also, the value of any money that has built up in your home, called equity, can be used to offset the cost of buying additional shares.
Where applicable you'll still be required to pay service charge and ground rent, even if you own 100% of your home.
Service charges cover things such as building insurance and communal maintenance. Your solicitor will be able to advise what charges you’ll remain liable for.
You may not always become the freeholder of your property even if you staircase to 100%.
The general rule is, if you own a house you will become the freeholder once you have staircased to 100%. If you own an apartment there may be someone who owns the Head Lease of the building, so you will not become the freeholder. Your solicitor will be able to advise you.
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 20 days for your leasehold information back to be produced.
- Valuation – the standard fee for one of our surveyors is £220 including VAT. The fee is variable if your surveyor is sourced independently.
- Resale fee – 1.5% plus VAT of the share sold (Urban Moves) or 1.5% plus VAT of the share value (Clarion Housing). Your lease will refer to a nomination fee, usually of 1 or 1.5%. This cost is included within your total sales service fee.
- Leasehold pack (LPE1) – Latimer by Clarion Housing Group's fee is £250 plus VAT for an apartment or £150 plus VAT for a house. 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.
- Latimer by Clarion Housing Group’s legal fee – £350 plus VAT.
- Your own legal fees – these will vary.
- EPC (Energy Performance Certificate) – if required £50 to £100 including VAT.
If you’re wanting to vary your lease or extend your lease, these costs are charged separately, subject to obtaining a quote.
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.
We’ll allocate a surveyor when we process your staircasing application.
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’.
- Frazers Surveyors - frazers.co.uk
- Ian Cutts Associates - iancuttsassociates.co.uk
- Mirus Surveyors - mirussurveyors.com
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 of £220 including VAT is payable to secure your appointment with a surveyor.
An extension can be requested and carried out by your surveyor who will charge you £84 including VAT (in addition to the original fee of £220 including VAT).
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 will have to pay for a full valuation to be carried out again (£220 including VAT).
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.