Shared Ownership Staircasing Guide
A homeowner of a Shared Ownership property bought either new or as a resale home, can purchase further shares of your property.
This process is known as “Staircasing”, enabling you to own a greater proportion of your home. The greater the share you buy of your home, the less rent you pay to Peabody. If you Staircase to 100% you become an outright owner and pay no rent.
What is staircasing?
Staircasing is how to increase the share you own in your Shared Ownership home. The greater the share you own the less rent you pay.
Shared Owners can choose to buy further shares in the property. For example, if they initially purchased a 25% share in their home and then went on to buy an additional 25% down the line, they would then own 50% of the property.
The Staircasing process allows shared owners to build the percentage share that they own in their home with most being able to staircase all the way up to 100% ownership.
Download our guide to StaircasingWhat are the benefits of Staircasing?
✔ Reduce rent The more shares you own in your home, the less rent you pay. The formula on this page will help you estimate how much you might save on rent when you Staircase.
✔ Benefit from property price increase if you decide to sell your home, the greater percentage you own the more money you will make if the value of your home has increased.
✔ Full ownership will mean you own your property outright and can sell your property on the open market and access a wider selection of mortgage options.
Download Our Guide to Staircasing
Buying more shares in your Shared Ownership home
The price you pay for any extra share is based on the market value of your home at the time you wish to buy, which could go up or down. The value will be set by an independent RICS-qualified valuer. There will be some costs involved in Staircasing such as a valuation fee and solicitor’s fees, although it shouldn’t cost as much as buying your first share.
Buying additional shares of the property is known as 'Interim Staircasing'. However, if you staircase to 100% (either in one transaction or after one or more interim Staircasings) the share that takes you to 100% ownership is known as 'Final Staircasing'.
When this occurs, you own the property outright and are no longer a shared owner. In this case, you will not pay rent to Peabody but you will still pay the service charge and may have to pay an annual ground rent.
How does the staircasing process work?
Download the Peabody Staircasing Enquiry Pack. The Staircasing Enquiry pack includes useful information, forms and contacts for the initial part of your Staircasing journey.
Speak to one of our Mortgage Advisors who'll support you in understanding your current financial position.
Instruct a valuation Once you are happy to proceed based on your affordability guidance, you will need to instruct an independent RICS registered surveyor to carry out a valuation.
Once we have received the required documents, your case will be assigned to one of our Post Sales Executives to process and send you an offer letter.
After a full financial assessment, you can apply for your mortgage and purchase a greater share of your home.
Ready to Staircase and buy more shares?
The first step to Staircasing and buying more shares in your home is to download the Staircasing Enquiry pack and complete the steps detailed within. Once submitted, your request will be processed by our dedicated Staircasing team who will support you.
Find out more from Peabody
Selling your home
Selling your Shared Ownership home is a straightforward process and is known as a resale. You can sell your Shared Ownership home at any time.
Lease and lease extensions
When purchasing a property, you will sign a lease which states your rights and responsibilities as a leaseholder. You can also request to extend your lease.
Remortgaging
Remortgaging occurs when you move from your existing mortgage lender to another lender. We can help guide you through remortgaging your home