Buying more shares
You can buy more shares in your home over time – a process called staircasing. The more you own, the less rent you pay. And when you reach 100% ownership, it's all yours.
So, tell me about staircasing
Staircasing lets you increase your share in your home. You can do this in stages or all at once. If you reach 100% ownership, you’ll stop paying rent to Sparrow – though service charges may still apply.
Interim staircasing: Buy more shares, but less than 100%. Your rent reduces in line with your new share.
Final staircasing: Buy the remaining shares to reach full ownership. You’ll no longer be a Shared Ownership customer.
Five steps to staircase
Email us for a no-obligation estimate of your home’s value.
Check what you can afford before starting the formal process.
We’ll arrange this for you. The cost depends on your property.
Once you’ve reviewed the valuation, send us your documents and pay the £185 admin fee.
You’ll now own a greater share – or the full value – of your home. Your solicitor will register the change with the Land Registry.
How much does it cost?
You’ll need to pay us for arranging the valuation and this will cost between about £250 and £350 but can vary depending on size and type of property. We’ll contact a RICS qualified surveyor and confirm the cost before you pay
We recommend that you speak to your current mortgage lender or an independent financial advisor to decide what you can afford. You should do this before you start the formal staircasing process to avoid unnecessary fees
If you didn’t pay stamp duty on the full value of your home, you may need to pay extra stamp duty. Your solicitor will be able to advise you.
When we receive the RICS valuation, we will share this with you within two working days. You should check with your mortgage advisor or mortgage lender that they are happy with the actual valuation. You will then need to pay our administration fee of £185 and provide us with the documents we need. We’ll then instruct our solicitors and the legal work will begin. This is when you should also instruct your solicitors.
The cost of the extra share. This is set by the RICS valuation
Timescale
Staircasing usually takes between 4 weeks and 3 months, but there are a few things you can do to help things along:
• Get your documents ready early
• Book your valuation as soon as you can
• Respond quickly to any requests from your solicitor or lender
After staircasing
We’ll update your account and confirm your new charges.
If you now own 100% of a house, you’ll need to arrange your own building insurance. You can also request the freehold transfer through your solicitor.
If you now own 100% of a flat, you’ll stop paying rent but continue paying service and management charges.
Helpful information
It’s based on your home’s current market value, as assessed by a RICS surveyor.
Usually 10%, but check your lease – some homes allow 1% increments.
You can query it with evidence, but the surveyor’s decision is final.
If you own a house outright, you’ll need your own policy. If you own a flat, you may still pay via your service charge.
