Staircasing FAQs

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’.

View our panel professionals

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 Association Limited, Greater London House, Fifth floor, Hampstead Road, London NW1 7QX.
• 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.

View our panel professionals

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.

View our stamp duty page

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.
• Remortgaging.
• 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.