How does Staircasing work?
Shared owners can choose to buy further shares in their property. For example, if you initially purchased a 25% share in your home and then bought an additional 25% down the line, you would own 50% of the property.
The Staircasing process allows shared owners to build the percentage share they own in their home with most being able to staircase all the way up to 100% ownership.
2 minute guide to Staircasing
Buying more shares in your home.
Benefits of Staircasing
Shared Owners who decide to purchase more shares in their homes will benefit from several benefits that staircasing offers. Here are some key reasons to staircase.
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Pay less rent
The more shares you own in your home, the less rent you will pay to Peabody.
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Benefit from property price increase
If you decide to sell your home, the greater percentage you own the more money you will make if the value of your home has increased.
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Full ownership
This will mean you own your property outright and can sell your property on the open market and access a wider selection of mortgage options.
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Flexibility
You decide how much you staircase each time and you can decide when you want to sell.
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Customer support
Our dedicated team is on hand every step of the way to make the process of Staircasing as straightforward and easy as possible.
Buying more shares in your Shared Ownership home
- The price you pay for any extra shares in your home is based on the market value of the property at the time you wish to buy more shares. The value will be set by an independent RICS-qualified valuer.
- There will be some costs involved in Staircasing such as a valuation fee and solicitor’s fees.
- Buying additional shares of the property is known as 'Interim Staircasing'. However, if you staircase to 100% (either in one transaction or after one or more interim Staircasings) the share that takes you to 100% ownership is known as 'Final Staircasing'.
- When this occurs, you own the property outright and are no longer a shared owner. In this case, you will not pay rent to Peabody but you will still pay the service charge and may have to pay an annual ground rent.
How to Staircase with Peabody
1. Staircasing Enquiry Pack
The Staircasing process begins with downloading the Peabody Staircasing Enquiry Pack. This pack includes useful information, forms, and contacts for the initial part of your journey.
See the full process in our Staircasing guide.
2. Speak to a Mortgage Advisor
Speak to one of our Mortgage Advisors who'll support you in understanding your current financial position.
Instruct a valuation Once you are happy to proceed based on your affordability guidance, you will need to instruct an independent RICS registered surveyor to conduct a valuation.
3. Offer and financial assessment
Once we have received the required documents, your case will be assigned to one of our post sales executives, who will process it and send you an offer letter.
After a full financial assessment, you can apply for your mortgage and purchase a greater share of your home.
Ready to Staircase and buy more shares?
The first step to Staircasing and buying more shares in your home is to download the Staircasing Enquiry pack and complete the steps detailed within. Once submitted, your request will be processed by our dedicated Staircasing team who will support you.
"Staircasing allows you to buy as much as you can, when you can. You can evolve your homeownership as your circumstances change."
Staircasing FAQs
Your Staircasing questions answered. Get in touch with our team if you can't find the answer you're looking for.
If all documents are sent in and correct,the whole process can be completed on average in 3/4 months. It may take longer depending on if the solicitor you instruct is familiar with the Staircasing process.
No, the valuation must remain in date until Staircasing has been completed, if the valuation has expired then you are responsible for contacting the surveyor to request an extension or desktop valuation.
No, all our administration fees are non-refundable.
Absolutely not, the Staircasing process is completely optional. While some buyers choose to buy additional shares in their home as their financial circumstances change, many owners choose to stay at their current owned shares.
No, you can sell at any time. If you choose to sell while you are a share owner, you need to download the resales enquiry pack.
No, this will depend on if Peabody owns the freehold and if the freehold gets transferred to you upon the final Staircase, your solicitors will be able to advise you of this.
This all depends on your particular property and the services provided you will need to speak to the Service Charge team regarding this.
This will depend on the terms and clauses within your lease, once you own 100% you will have to request approval via the Subletting Team, please email -Homeownership.Approvals@peabody.org.uk
This will depend on your financial situation, the minimum amount you can Staircase is 10% and this can increase by 5%, for example, you can purchase additional shares in these increments: 10% 15%, 20%, 25% etc.
