Staircasing Is the procedure which allows you to exercise your right to buy more shares in your current shared ownership property.
Your lease will advise how much you can staircase and if you can own the full 100% including the freehold. You can do this by discussing your options with the sales officer. If you are looking at staircasing, you will need to have the property valued. Under the terms of your lease. We require a valuer to conform to a code of conduct such as:
- The valuer must be RICS qualified and regulated
- The valuer must be independent to an estate agent
- The valuer should provide at least 2 (two) comparable properties and sale prices where possible
- The valuer must not be related or known to the resident
- The valuer must inspect the interior of the property and provide a full valuation report
- The valuer must attend the property within 7 working days from instruction
- Valuations carried out for bank or mortgage purposes, or as guide asking price from an estate agent, are not acceptable
- ClwydAlyn require a copy of the valuation report; the validity of the valuation must be shown on the report
In addition, because the valuation is being carried out for sale or staircasing purposes, the valuation should include the following information:
- The staircasing value which excludes any significant improvements made
- The open market valuation will include any improvements made
When going through the staircasing procedure ClwydAlyn use the figure, which excludes significant improvements. This in turn means that residents will not pay for the improvements in the percentage brought from ClwydAlyn.
Staircasing Frequently Asked Questions
You will need to speak to the affordable homes team to start the process, they will advise you on your first steps and the procedure
Owning a larger share in your property or even owning it outright comes with many benefits.
The more shares you own the more equity you have in your home, which means you will receive more profit when you come to sell your home.
Staircasing will also reduce or remove your rent payments
Your lease will advise what percentages you can increase in. In most cases you will be able to purchase the full 100%
No, rent will stop but in some cases, there may be a service charge to be paid.
In most cases you will own the freehold once staircase to 100%. Your lease will advise otherwise.
You will need to talk to the Affordable homes team to start the process to sell your property, they will advise the procedure to sell.
Both options are available, both with difference procedures to follow