Staircasing: buying more shares in your home

If you're a Shared Ownership homeowner you can buy more shares in your home when you're ready. This is called staircasing. 

The greater the share you own, the less rent you’ll pay to us. If you staircase to 100%, you’ll become an outright homeowner and pay no rent, just service charges if applicable.

We've outlined the five key steps in the process as well as the costs involved below.

> Read our Guide to Staircasing

Step one: Get a free estimate of your home's value

You can discover the value of your home through Stairpay, a platform which can support you through the whole staircasing process. Or you can email us at staircasing@sagehomes.co.uk for an estimate.

This estimate can be used as a guide when speaking to your mortgage advisor or mortgage lender. However, the final staircasing value can only be based on a valuation provided by a RICS-qualified surveyor.

Step two: Speak to an independent financial advisor

We recommend that you speak to your current mortgage lender or an independent financial advisor to decide what you can afford. You should do this before you start the formal staircasing process to avoid unnecessary fees. 

If you do go ahead, we'll need to carry out basic customer diligence, identification and money-laundering checks. 

Step three: the RICS valuation

You'll now need the RICS valuation - please contact us so that we can organise this. It will cost between £250 and £350, though this cost can vary depending on size and type of property. We'll confirm the amount before you pay. 

Once instructed the RICS-qualified surveyor will contact you to arrange a visit your home.

Step four: Valuation received and accepted

When we receive the RICS valuation, we'll share it with you within two working days. You'll need to check with your mortgage advisor or mortgage lender that they are happy with this. 

You'll then need to pay our administration fee and provide us with the documents we need. Following this, we'll instruct our solicitors and the legal work will begin. This is when you should instruct your solicitors too.

Step five: Completion - Congratulations!

You now own either a greater share or the full 100% value of your home. Your solicitor should now register your transaction with the Land Registry.

What will staircasing cost me?

These are the typical costs:

  • The RICS valuation fee (see above). This varies but usually costs between £250 and £350.
  • Mortgage arrangement fee to your lender, if applicable.
  • Your lender's valuation fee, if applicable.
  • Your legal fees and transfer of freehold costs (if staircasing to 100%)
  • Our staircasing administration fee of £185.
  • Stamp duty: if you didn't pay stamp duty on the full value of your home you may need to pay extra stamp duty. Your solicitor will be able to advise you.
  • The cost of the extra share. This is set by the RICS valuation.