Through the staircasing process, you can increase the percentage of your home that you own, potentially up to full ownership.
Staircasing typically involves purchasing additional shares in increments of 10% or more. The minimum increment depends on your lease, it may be 5%. If you’re not sure what’s included in your lease get in touch with us.
The cost of each additional share is based on the current market value of your home. A qualified RICS surveyor will need to determine the current cost. This means that the price you pay for more shares may rise or fall with your home’s market value.
As you buy more shares, you’ll pay lower rent to us as rent is only charged on the portion of your home that you don’t own.
If you eventually staircase to 100%, you’ll own your home outright and will no longer pay us any rent. You may still be charged service charges and ground rent (if applicable), depending on your lease.
There are some costs involved in staircasing, these could include valuation fees, legal expenses, and potentially stamp duty. It’s important to check your lease and speak to a solicitor or financial advisor to understand the costs. We also charge a £250+vat administration fee to process your staircasing transaction.
If you’re considering staircasing and would like to start the process, please contact us.