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As a shared ownership leaseholder, you can buy additional shares in your home — a process called staircasing. The more shares you buy, the less rent you pay. If you staircase to 100%, you become an outright owner and no longer pay rent.
The cost of extra shares is based on your home’s current market value, which may rise or fall. This valuation must be carried out by an independent RICS-qualified surveyor, and you are responsible for arranging and paying for it.
Things to consider
Some leases do not allow you to own 100% of your home. We advise that you check your lease agreement to confirm this.
As well as the cost of the extra shares, there are also legal costs, valuation costs, mortgage fees and administrative fees.
Some home improvements can affect the value of your home. As a rule, only structural improvements will affect the market value of your home, such as extensions or conservatories, but not when you have replaced the bathroom, kitchen or flooring, unless structural work has also been carried out as part of this.
Any home improvements you have carried out must be included on the valuation form, with evidence of the approval you obtained from us. The valuer will consider the value added, not the cost of the works.
Your lease and our Shared Ownership Policy state that you must ask permission before you conduct any works on your property. If you did not obtain approval, then the valuer will have to disregard these from the final valuation figure.
Cost of staircasing
Valuation fee
Valuation fees can cost anywhere between £250 and £450 with a RICS-qualified surveyor. It may be helpful for you to obtain at least three quotes from three local valuers to help you decide who to proceed with.
Legal fees
Staircasing involves changes to your lease agreement. This means you will need the services of a solicitor. Costs can vary, so you may also wish to obtain at least three quotes from solicitors.
Mortgage fees
There may be charges from your mortgage company if there are changes to your current mortgage. You should check your mortgage documents to see if these are applicable. Your mortgage broker and the lender will be able to advise you if these apply.
Stamp duty
Stamp duty may apply to your purchase. Stamp duty is a tax that is paid when a property is sold and bought. Your solicitor will be able to advise you if this will apply.
The staircasing process
It's a good idea to have a better understanding of how much your property is worth since the value of your property is likely to have changed from when you first purchased it. This can increase or decrease.
To get an idea of your home’s value, before the formal valuation, you may wish to look at the local market. You can do this by looking on property websites to see how much comparable properties are being sold for or asking a local estate agent to value your property.
Before starting, ensure you’ve calculated your budget accurately. This includes the cost to buy the extra share, solicitors fees, valuation costs, mortgage fees, and administrative fees.
You must have an independent RICS-qualified surveyor to value your property. The cost of the new share will be dependent on this valuation. You are responsible for arranging and paying for this. The valuation lasts for three months – if you do decide to proceed with the purchase it must be completed within this period.
You can find a local RICS-qualified surveyor by using the RICS website.
It's important you check through your valuation report. If you have any questions or concerns about the valuation, you should speak with your valuer directly to resolve them before you submit a staircasing application.
When you are happy with the valuation report and still wish to proceed with the purchase, you must complete an Intention to Staircase Form and submit this along with a copy of your valuation report to homeownership@dover.gov.uk (opens in new tab).
We must agree to and approve the valuation before the purchase proceeds. We advise that you wait until we have responded before proceeding (we aim to have responded within 10 working days).
We will confirm to you in writing via email that we have approved your application and the valuation.
Once in receipt of this your application can progress to the end stage. We will also send to you a copy of the IFA Declaration Form which you must ask your mortgage broker to complete and sign. This must be sent to homeownership@dover.gov.uk (opens in new tab) within seven working days from the approval date.
Ask your mortgage broker to conduct a full financial assessment on affordability, complete and return the IFA Declaration form and submit your mortgage application.
Instruct a solicitor who will undertake the legal work on your behalf. Your lender and solicitor should act quickly to achieve completion prior to the expiry of the valuation to prevent you incurring additional costs.
If you or your solicitor believe the purchase is unlikely to complete before the valuation expires, you will need to get an updated valuation report. Valuations last for three months. If you contact the surveyor, they may be able to provide you with a valuation extension. In such cases you must submit a copy of this to us.
Once your solicitor has completed all the necessary legal work, you will own a greater share of your home.
