If you’re a shared owner and want to increase your stake in your property, shared ownership staircasing could be the key to owning more—or even all—of your home.
Staircasing is the process of buying additional shares in a shared ownership property. Over time, this allows you to reduce your rent and, if desired, eventually own the property outright.
It’s a popular next step for shared owners whose financial situation has improved or who want to build more equity in their home.
Benefits of Staircasing in Shared Ownership
Staircasing offers flexibility and financial advantages. Here are a few reasons shared owners choose to staircase:
- Lower monthly rent: As your share increases, the rent on the portion you don’t own decreases.
- Build equity: More ownership = more equity. This could benefit you if property values rise.
- Greater freedom: Staircasing to 100% gives you full ownership rights, including the ability to sell on the open market.
- Increased resale value: Owning a larger share can boost your property’s value, making it more appealing to buyers if you decide to sell.
- Long-term savings: Over time, staircasing can save you money compared to continuing to rent a portion indefinitely.
How Shared Ownership Staircasing Works: Step-by-Step
1. Check your lease
Before you begin, review your lease to confirm staircasing terms. Most shared ownership leases allow staircasing up to 100%, but some may include restrictions.
2. Get a RICS valuation
You’ll need a valuation from a RICS-accredited surveyor. This determines the current market value of your home, which is used to calculate the cost of the additional share.
3. Decide how much to staircase
You can usually staircase in 10% increments (though some schemes now allow smaller steps). Use your budget and financial goals to decide the right share size.
4. Arrange your finances
Whether you’re using savings or a new mortgage, ensure your financing is in place. You may also want to speak to a financial adviser or mortgage broker.
5. Notify your housing association
They’ll guide you through the process and provide documents for the purchase.
6. Hire a solicitor
A conveyancing solicitor will manage the legal side of staircasing, just like when you first bought your home.
7. Complete the purchase
Once all paperwork is finalised, you’ll legally own a larger share—and start paying less rent!
Costs to Consider When Staircasing
While staircasing has clear benefits, it’s important to be aware of the associated costs:
- RICS valuation fee
- Legal and solicitor fees
- Mortgage arrangement fees
- Stamp duty (in some cases)
- Potential admin fees from your housing provider
Even if you reach 100% ownership, service charges and ground rent (if applicable) may still apply.
Can I Staircase to 100% Ownership?
In many cases, yes. Full staircasing gives you complete ownership and removes rent payments. However, certain properties (especially in rural or protected areas) may limit staircasing to preserve affordable housing.
Your lease will outline whether 100% staircasing is allowed.
Is Staircasing the Right Move for You?
Shared ownership staircasing isn’t one-size-fits-all. It depends on your finances, goals, and lifestyle.
You might consider staircasing if:
- Your income has increased or you’ve received a lump sum
- You want to reduce monthly housing costs
- You’re planning to stay in the property long-term
- You want the freedom of full ownership
But staircasing might not be ideal if:
- You’re planning to move soon
- The property value has dropped
- The upfront costs outweigh the benefits
Final Thoughts on Shared Ownership Staircasing
Staircasing gives you the power to grow your home ownership on your terms. Whether you’re aiming for full ownership or just want to reduce rent, it’s a flexible, achievable path forward for many shared owners.
Before making a decision, speak with your housing provider, a mortgage broker, and a solicitor to understand your options.
Emily's Mortgage Services LTD 