Buying more shares in your home

What is staircasing?

Staircasing is the process of buying additional shares in your Shared Ownership home over time. By staircasing, you gradually increase how much of your home you own - and reduce the rent you pay on the remaining share.

Buying more shares in your home can offer several benefits, including:

• owning more of your home
• reducing the rent you pay on the remaining share
• building more equity in your home
• working towards full ownership, if your lease allows

Many homeowners choose to staircase gradually over time as their finances change.

Key information about staircasing

Before you decide to buy more shares in your home, it’s important to understand:

• you're buying a bigger share of your current home, not a new property
• you'll continue to pay rent on the share you don’t own (though your rent is likely to be lower due to being calculated against a smaller share)
• the price of buying more shares is based on your home’s current market value at the time you buy (as valued by a RICS-registered surveyor)
• you'll need to cover any valuation and legal costs
• what you can buy depends on the terms in your lease

What does staircasing cost?

Alongside the cost of the share you’re buying, you’ll usually need to pay for:

• a valuation by a RICS-registered surveyor
• legal fees charged by your solicitor
• mortgage or lender fees (if you’re borrowing)
• fees for independent third-party advice you receive (for example, fees charged by a financial adviser)
• our administration fee of £150, where applicable (check your lease to see if this fee applies)

Costs can vary depending on your circumstances, so it’s important to understand all fees before proceeding.

You can see all our admin charges here.

How to buy more shares

Buying more shares can be a lengthy process – not too dissimilar to when you first purchased your home – so it's important to choose a solicitor who understands Shared Ownership to help manage the legal paperwork. It’s important that you read the steps below carefully to ensure you fully understand the process before you take any actions.

If you have any questions about staircasing, your Neighbourhood Coach may be able to help you – you can find your Neighbourhood Coach’s details here.

Step 1 – Check your lease

Most Shared Ownership leases allow you to buy more shares (staircase), often up to 100%. Check your lease first, as it will confirm:

• when you can staircase
• how much you can buy
• whether there are any restrictions, such as a maximum ownership percentage

Step 2 – Seek independent financial advice

You will need to ensure that buying more shares is affordable for you now and in the future.  

An independent financial adviser can help you understand if you have enough equity in your home to buy extra shares and can provide a cost estimate for a new mortgage.

Find a trusted independent financial adviser

Step 3 – Appoint a solicitor

As you’re purchasing more of your home, you’ll need to appoint a solicitor to handle the legal work on your behalf. Choosing the right solicitor is important – look for someone with proven experience in Shared Ownership and staircasing, understands the lease requirements, and offers a clear, fixed fee.

Find a trusted solicitor

Step 4 – Get your home valued

To buy more shares, you’ll need a valuation from a surveyor registered with the Royal Institute of Chartered Surveyors (RICS). This valuation confirms the current market value of your home and sets the price of the shares you want to buy.

Please note: RICS valuations are usually only valid for three months, so you must complete your purchase within this timeframe. If your valuation expires before completion, you may need to arrange and pay for a new one.

Find a trusted RICS surveyor

Step 5 – Get your documents together

Before proceeding to the next step and completing the ‘Notice to buy more shares’ form, please ensure you have the following documents ready as digital versions available to attach to the online form:

• signed consent of any work we have permitted on the property (if any works have been carried out)
• your independent market valuation undertaken by a Royal Institute of Chartered Surveyors (RICS) valuer 

Step 6 – Submit the 'Notice to buy more shares' form

Once you’ve submitted the ‘Notice to buy more shares’ form, it will be passed to our team for review. It is at this time that we will instruct our solicitor to act on Bromford’s behalf during this transaction.

Step 7 – We confirm the cost of your additional shares 

After our team has reviewed the information you provided in the ‘Notice to buy more shares’ form, we’ll send you:

• the final offer confirming the price of the share you want to purchase
• any fees payable (if applicable) - you can see all our admin charges here
• your estimated completion timeline

Remember, your RICS valuation is only valid for 3 months, so you must complete your purchase within this timeframe.

Step 8 – Legal completion

Your solicitor and our solicitor will work together to complete your staircasing. Your solicitor will provide you with any legal completion documents relating to the transaction.

Once completed, we’ll confirm:

• your new ownership share
• your revised rent (if you’ve not staircased to 100%)

Congratulations – you’ve now successfully staircased and bought more shares in your home!