Staircasing & Resales

The maximum and minimum amount of your home that you can staircase are outlined in your lease.

Usually, the minimum share that you can purchase at any one time is 10%, but some newer leases also allow you to buy shares of 1% each year for the first 15 years. If you are interested in purchasing more of your home, please contact your Management Provider.

It is likely that there will be some costs involved with staircasing your home. Typically, these costs include:

• RICS valuation fee.
• Your Management Provider’s staircasing administration fee.
• Your solicitor’s fees (& if stipulated in your lease, your Landlord’s legal fees).
• Any mortgage administration or redemption fees.
• Stamp duty on additional shares (if applicable).
• Any abortive costs if you decide to withdraw from the purchase after your Management Provider’s solicitors have been instructed.

You’ll likely be asked to complete a couple of routine checks for your staircasing application. Your Management Provider can help guide you about this process and what checks you may need arranging. These checks usually include:

• RICS Valuation.
• Financial assessment.
• Financial sign off.
• Anti-money Laundering check (this includes verification of ID & proof of address & is carried out by a third party).
• Proof of funds (mortgage in principle or relevant bank statements for cash purchases).
• Signed ‘Authority to Proceed’ form.

It’s likely we’ll need a few things from you to get your staircasing application moving. These typically include:

• RICS valuation report.
• Anti-money laundering check (this includes verification of ID & proof of address & is carried out by a third party).
• Financial assessment.
• Financial sign off.
• Proof of funds (mortgage in principle or relevant bank statements for cash purchases).
• Signed ‘Authority to Proceed’ form.
• Your full solicitor details – including company name, address, contact name, tel. number & email address.

We recommend you familiarising yourself with your lease and speaking with your Management Provider as the information and documents you need can vary. Generally, we will need:

• RICS Valuation.
• Energy Performance Certificate.
• Photos of your home.
• Consent from the joint owner (where applicable).
• Evidence of any name change (where applicable) e.g. marriage certificate/ deed poll.

Whilst the costs of selling your home may vary, it is likely that you will be responsible for some fees. These can include:

• RICS Valuation.
• EPC (if you don’t have one).
• Nomination fee.
• Your solicitor’s fees.
• Your landlord’s solicitor’s fees.
• Any mortgage administration or redemption fee.
• Seller’s management pack administration fee.

To find out what fees are applicable to you, please contact your Management Provider and familiarise yourself with the terms in your lease agreement.

Typically, if we still own a share of your home, we usually have a nomination period which allows us to try and find a buyer for your share. During this time, we will usually advertise your home and nominate a purchaser to buy your share. Viewings will generally be arranged between you and interested potential buyers.

In the event we are unable to find a buyer for your share during the nomination period, you may be able to market the property for sale yourself by instructing an Estate Agent. This can usually be done by marketing your share in the property (at the RICs value or below), or by simultaneously staircasing to 100% (if your lease allows this) and selling the property on the open market. Please note we will likely have to carry out eligibility checks if your Estate Agent secures a buyer.

Typically, we need to check a couple of things before we market your home, such as:

• Remaining time on lease.
• Local connection and requirements.
• Staircasing restrictions.
• Resale fee & landlord costs.