Staircasing

Do you know about staircasing?

Staircasing is the process of buying some or all of the remaining shares in your shared-ownership home. Typically tenants obtain shares in 10 or 25% tranches, depending on what your lease says. Below is a simple checklist that explains the process:-

How do I Staircase?

  1. You must inform St Vincent’s (download the form here)
  2. Find out from your Bank or Building Society whether they are willing to lend you a further amount of mortgage
  3. You should appoint a Solicitor to act for you as the documentation involved is complex.
  4. Upon receiving written notification of your intention to purchase further shares, St Vincent’s will instruct a valuer.
  5. Within a week of receiving the valuation we will inform you of the Current Market Value of your home and the cost of purchasing further shares, this must be completed within 3 months after which the valuation is no longer valid.
  6. Once the transaction is complete your rent amount will be adjusted accordingly to reflect the new share balance.

What happens when I get to 100% ownership?

Once you have staircased to 100% you will no longer pay St Vincent’s any rent and are free to sell your property on the Open Market, however please check the terms of your lease for any restrictions and any ground rents or service charges still payable.

Gold IIP Award Brand Mark

St Vincent’s Housing Association Limited is registered as a charitable community benefit society under the Co-operative and Community Benefit Societies Act 2014 with registered number 19947R , and as a Registered Provider with the Social Housing Regulator with registered number L0875, whose registered office is at Metropolitan House, 20 Brindley Road, Old Trafford, Manchester M16 9HQ