Buying Shares in Your Home

You can buy more shares in your home or buy your home outright whenever you can afford to. This is called ‘staircasing’. The cost of the extra shares will be based on the value of your home at the time you staircase. When you buy more shares, your rent will decrease and if you buy outright you will no longer pay rent, but may still need to pay a service charge, if applicable.

Let us know you want to staircase

If you are interested in buying more shares or buying outright, let us know. You can contact our Sales and Lettings team on 0300 2000 116. If you’re writing to us, please make sure you’ve given us your contact details. 

We’ll acknowledge your letter and ask you whether you want to arrange an open-market valuation on your property, or if you want us to do this. An open-market valuation simply means getting a surveyor to tell you the current value of the property. Having a valuation does not commit you to buying more shares.

Why do we need a valuation?

We need a valuation to work out the cost of the extra shares in your property that you want to buy. The valuation needs to be done by an independent Chartered Surveyor, registered with the Royal Institute of Chartered Surveyors, who is not linked to an estate agent or lender (like a bank or building society).

When you arrange the valuation

When you arrange the valuation, you need to make sure it is done by an independent Chartered Surveyor, registered with the Royal Institute of Chartered Surveyors, who is not linked to an estate agent or lender (like a bank or building society).

Tell the valuer about any improvements you have made and ask them to give you two values, with and without improvements. We use the lower figure without improvements to calculate the cost of buying more shares. We can’t take into account any added value from improvements you have made. Once you have the report, send us a copy.

The valuation will last for three months from the valuation date. This means any staircasing must be completed within this time, otherwise you will need to pay for another valuation.

Decide on the share you want to buy

Once you have received your valuation and you have decided on the size of share you wish to buy, you will need to get financial advice from your mortgage lender or financial adviser, and make arrangements for getting the money needed to buy it. When you are ready to go ahead, let us know in writing, giving us the name and full address of your solicitor.

We will then ask you to pay our administrative fee before we instruct our solicitors to go ahead. The fee is £110 plus VAT. Once we receive the administration fee, we will instruct our solicitor who will work directly with your solicitor throughout.

More information on Staircasing