What is staircasing?
Staircasing is the process where anyone who has bought a new home through shared ownership can increase the amount of ‘share’ they own on that property.
The greater the share you buy in your home, the less rent you will have to pay.
The amount you can step up by, or ‘staircase’ is done in increments that are called tranches: these are usually detailed in your lease and will be the percentage you can increase by.
In many cases the amount you can staircase up to is capped at 75% however, in some cases you can increase your share up to 100%.
If the details in your lease allow you to staircase up to 100%, then you will become an outright owner and will no longer have to pay rent, although you may still need to pay service charges. Details of the maximum share you can purchase will also be detailed in your lease.
Once you fully own your home you may also be able to acquire the freehold.
What is the process for staircasing?
As an owner of a Shared Ownership property you will need to follow this process in order to staircase your share, before you begin this process if your home is in an apartment block read our important advice:
- Contact Sanctuary to advise of your intention to staircase: Call 0800 916 1444 from a landline or 0300 123 3516 from your mobile or via e-mail Homeownership@sanctuary-housing.co.uk.
- Sanctuary will send you the sale procedure with a valuation form for you to complete and return
- Sanctuary receives completed valuation form
- Sanctuary instructs the properties valuer
- The valuer will then contact you directly to arrange a valuation
- The valuer then sends the valuation report to Sanctuary
- Sanctuary sends you the valuation report and confirms the price for the share that you wish to purchase
- You will then need to confirm in writing to Sanctuary (email is acceptable) your intention to proceed and confirm your solicitor’s details to Sanctuary
- Sanctuary then instructs their internal or external solicitors
- Once everything has successfully gone through you then take a step up, owning a greater share in your home!