Buying more shares
The process of buying more shares in your home is known as staircasing. The greater the share you buy in your home, the less rent you’ll pay to us.
Staircasing is a simple process, and this guide will take you through each of the steps. If you need a little help, we have a specialist sales team on hand to help you navigate the staircasing process.
We offer two different options:
- Interim staircasing Buying additional shares in your property to a total of less than 100%. Your rent will reduce in proportion to the share you own.
- Final staircasing Buying additional shares in your property to 100%. In this case you’ll no longer pay us any rent. You’ll own the property outright and will no longer be classed as a ‘shared owner’
The nine steps to staircasing
- Contact Alliance Homes: You must contact us to let us know you would like to buy more shares in your home (see Related Items: Intention to staircase form). We advise that you look at how the current market is performing to understand how much it is likely to cost you to buy further shares.
- Have your property valued by an independent surveyor: You’ll need to have the property valued by a Royal Institute of Chartered Surveyors (RICS) qualified surveyor. This valuation will determine how much you’ll be required to pay to purchase additional shares in your home.
- Complete and return our Intention to Staircase form: You’ll need to send us a completed copy of our ‘Intention to Staircase’ form, along with a copy of your valuation report to firstname.lastname@example.org.
- Receive and accept Staircasing Offer Notice: Once we’ve determined the cost of purchasing additional shares, we’ll send you a ‘Staircasing Offer Notice’. If you’re happy with the value and wish to proceed, simply complete the enclosed ‘acceptance slip’ and return it to us.
- Financial assessment & evidence your proof of funds/decision in principle: If you’re interim staircasing, you’ll be required to undertake a financial assessment. This is so we can ensure you can afford to buy the additional shares in the property and sustain the ongoing rent and service charges.
- Appoint a solicitor to act on your behalf: You’ll need to let us know the details of the solicitor you're using for this transaction. We advise you choose a solicitor who is familiar with shared ownership staircasing transactions. Your solicitor and our solicitor carry out the process of collating all the required information to facilitate the purchase of additional shares.
- Mortgage offer received (if applicable): Your mortgage lender confirms they’ll lend you the additional money or confirms your remortgage conditions. We’ll also receive a copy to approve.
- Financial Completion Statement issued: Prior to your completion date your solicitor will issue a Financial Completion Statement. This statement will detail the costs payable by you, such as any admin fees and rent payable to us, legal costs, any mortgage advance fees etc.
- Staircasing complete: Congratulations! Your solicitor will provide you with a copy of the memorandum of staircasing and will register your purchase with the Land Registry, confirming the share that you now own.
Frequently asked questions (FAQs)
- What are the benefits of staircasing?
- Is there any reason why I would not be able to staircase?
- Can I staircase with another person not currently named on my lease?
- What costs am I likely to incur when staircasing?
- What documents will you need from me to start the staircasing process?
- Why does my home need a valuation?
- How do I get a valuation and how long will my valuation last?
- How will home improvements affect my valuation?
- What if I’m not happy with my valuation?
- How long on average will it take for me to staircase?
- What’s involved in the financial assessment?
- Can you recommend a solicitor?
- How do I verify I have access to the funds if I'm a cash buyer?
- How do I get a mortgage offer (if applicable)?
- What happens once I have completed on my staircasing transaction?