Staircasing

 

Staircasing Your Shared Ownership Home

Take the next step towards full homeownership with Auxesia Homes. Whether you want to reduce your rent, build equity for the future, or eventually own your home outright, staircasing gives you the flexibility to increase your share in your property at a pace that suits your circumstances.

What is Staircasing?

Staircasing allows you to purchase additional shares in your Shared Ownership home over time. The more of your home you own, the less rent you pay to Auxesia Homes.

Once you own 100%, you become the outright homeowner. Rent is no longer payable, although service charges and ground rent may still apply depending on the terms of your lease.

There are two ways staircasing can take place:

  • Standard Staircasing – purchase further shares of 5% or more at any time, based on an independent RICS valuation.

  • Gradual Staircasing – if your home is held on a new Shared Ownership lease issued since 2021, you may be entitled to purchase 1% shares annually at a fixed, low-cost valuation.

Why Staircase?

  • Reduce your monthly rent.

  • Build long-term equity in your home.

  • Improve access to mortgage products and lenders.

  • Increase your financial security and independence.

  • Move towards full homeownership at your own pace.

  • Make your home easier to sell in future.

How Staircasing Works with Auxesia Homes

Here’s how the process works step by step:

  1. Get a guide value
    Access Stairpay to obtain a guide valuation using the House Price Index. This is free of charge and useful for budgeting, though it is not legally binding.

  2. Contact us
    Email staircasing@auxesiahomes.co.uk to confirm you would like to begin the process.

  3. Pay for your RICS valuation
    As per your lease, Auxesia instructs an independent RICS-registered surveyor to carry out the valuation.

    • Cost: £300 + VAT (payable in advance).

    • This fee will be deducted from your completion monies if you proceed. If you withdraw, the fee is non-refundable.

  4. Receive your valuation report
    The RICS valuation sets the full open market value of your home.

    • The figure is final and binding.

    • Valid for 12 weeks only from the report date.

    • You must confirm your intention to proceed within 14 days of the valuation date.

  5. Choose how much to buy
    Confirm the share you wish to purchase.

    • Standard staircasing: minimum 5% share.

    • Gradual staircasing (if eligible): 1% share annually.

  6. Secure your finances
    Arrange funding either through savings or a remortgage with a lender that supports staircasing.

  7. Appoint a solicitor
    Your solicitor will handle the legal documentation and liaise with our solicitors to update your lease.

  8. Legal completion
    Once all documents are signed and payment is made, your new share is legally registered, and your rent reduces accordingly.

  9. Confirmation
    You will receive formal written confirmation of:

    • Your new ownership percentage.

    • Your adjusted rent figure.

    • Any ongoing service or management charges.

How Long Does It Take?

Staircasing normally takes up to 12–16 weeks, depending on how quickly valuations, mortgage arrangements, and legal work are completed.

If the process is not completed within 12 weeks of the valuation report date, a new valuation will be required at your cost.

Costs to Consider

  • RICS Valuation: £300 + VAT (deducted from completion monies if you proceed).

  • Legal Fees: typically £500–£800, paid to your solicitor.

  • Stamp Duty Land Tax (SDLT): may apply depending on the share size and whether you deferred SDLT initially.

  • Mortgage/Broker Fees: depending on lender and product.

  • Revaluation Fee: required if the 12-week window expires before completion.

Using Stairpay

Auxesia Homes uses Stairpay to give you a quick, no-cost estimate of your home’s value before committing to a RICS valuation.

The Stairpay calculator helps you plan your budget and explore affordability. You can log in or create an account at www.stairpay.com.

Ready to Staircase?

If you are considering staircasing, our team is here to guide you through the process.

📧 staircasing@auxesiahomes.co.uk
📞 01565 648 284

Summary of Benefits

  • Reduced rent as your share increases.

  • Equity growth in your home.

  • Greater mortgage flexibility.

  • Stronger financial independence.

  • Fewer restrictions at 100% ownership.

  • Improved saleability of your property.

  • A clear pathway to full homeownership.