Staircasing
One of the advantages of being a shared owner is the ability for you to buy additional shares in your home, at your own pace, according to your affordability.
Buying additional shares in your home is known as ‘staircasing’. Staircasing increases your ownership/equity in the property. 
In accordance with your shared ownership lease, you have the right to purchase additional shares of your shared ownership home. Please be aware that leases can vary, and the information here may differ depending on the clauses within your lease.  
The aspiration is for shared owners to eventually own their home outright, where affordable and their lease allows full ownership.
Why staircase?
When you purchase additional shares in your home your rent will reduce. The more you own, the less you pay in rent.
If you are the shared owner of a house and you purchase 100%, you will likely become the freeholder of your home* and you will no longer pay rent to bpha – although depending on your home you may still have service charges to pay.
*Some Shared Ownership homes have restricted staircasing and may only allow staircasing to 75%/ 80% so that the home remains Shared Ownership in perpetuity and therefore will always be leasehold. You will have been made aware of this at the time of purchasing your home.
What fees do I need to consider?
You will be subject to fees to purchase more shares. These may include but are not limited to: 
- Royal Institute of Chartered Surveyors (RICS) Valuation Cost 
- Solicitors fees  
- Mortgage fees (including Valuation fees if applicable) 
- Stamp Duty 
- Cost of your additional shares which will be based on the RICS valuation 
- bpha processing fee 
Step by step guide to staircasing
What to expect from a market valuation
bpha have a panel of surveyors for you to choose from when instructing your RICS market valuation. You can instruct a surveyor from the panel directly.
The inspection will usually last around 15 – 30 minutes but this will depend on the size of property being valued. During the inspection you may be asked questions such as how much rent you pay, or have you had an improvement carried out on the property.
bpha and the surveyor will need details of any improvements you have carried out on your home. This is to ensure that the market value of the property disregards the additional value the work may have added. Please refer to ‘What qualifies as an improvement?’
The valuation will remain valid for a period of three months. It is important that you exchange contracts within this time to prevent the share value from changing and having to pay for an updated valuation.
Can I staircase?
If you would like to benefit from purchasing additional shares in your home you should get in touch to discuss on 01234 674070 or email homeownership@bpha.org.uk
Considerations
It is important that you seek independent financial advice prior to staircasing so that you understand the costs and to ensure that it is affordable for you.  
You will be required to speak with an independent financial advisor (IFA). The IFA will carry out affordability assessments. They will also be able to offer you independent financial advice regarding funding your staircase. You do not have to use them to obtain a mortgage.
The minimum additional shares you can purchase is 5% or 10% dependent on your lease. Some properties cannot become freehold once you have staircased to 100%. For example, an apartment would remain leasehold. However, you would benefit from being the sole owner of the apartment.
Your property may be subject to restrictions preventing you from purchasing 100% of your home. Your lease will clearly state this, and you would have been informed when purchasing your home.
If your home is transferring to a freehold tenure you will need to arrange your own building insurance. You may still be required to pay a service charge as there may be estate costs.
