We have partnered with Stairpay to make this process as simple as possible for our residents.
Sign up to their platform to gain access to tools and guides that help you make decisions about your shared ownership property. By creating a profile you will be able to manage your staircasing transactions, build savings for the future and monitor your house price and costs over time.
It takes 5 minutes to sign up and is a great way to educate yourself about the potential benefits of staircasing.
The greater the share you own in your property, the less rent you pay to settle. If you choose to staircase to 100%, this is known as final staircasing – and you become an outright owner and pay no rent to us.
If you staircase to 100% on a house, usually the freehold of the property will be transferred over to you – while apartments will always remain leasehold. Service charges for the estate will usually still be payable.
The price you pay for additional shares is based on the market value of your home at the time you wish to buy. The value will be set by an independent RICS qualified surveyor from settle’s panel. It’s important to remember there will be some associated costs involved in staircasing, such as a valuation fee, solicitors fees, mortgage fees and stamp duty.
Some homes may restrict staircasing to 80%. This is normally in rural areas where the local authority wish to keep the affordable homes in their area. Details on whether you have any restrictions on staircasing can be found in your lease.
If you’re thinking of staircasing, you should speak to an Independent Mortgage Advisor. They can discuss your options and what you can comfortably afford to purchase, or you can speak to your existing mortgage lender about borrowing more (usually when your mortgage is up for renewal).