Lease Extensions And Staircasing
Find out how lease extensions and staircasing work, the steps involved, and how Redwing can support you through the process.
Climb With Confidence
Buying a home through shared ownership gives you options for the future.
As your circumstances change, you may decide to buy more shares in your home through a process called staircasing, or you may want to explore extending your lease.
This page explains how both processes work and where to go for support.
How Does Staircasing Work?
Speak To Us
Get in touch with our team and we’ll explain the process, answer your questions and tell you what information you’ll need.
Arrange A Valuation
An independent valuation will be carried out to determine the current market value of your home.
This valuation is used to calculate the cost of the additional share you’d like to purchase.
Secure Funding
Many shared owners use savings, a mortgageor a combination of both to buy more shares in their home.
Legal Process
A solicitor will help complete the legal work and update ownership information.
Own More Of Your Home
Once the purchase is complete, your ownership share increases and your rent is usually adjusted to reflect the smaller share still owned by the housing provider.
What Shared Owners Need To Know
What Is Staircasing?
Staircasing is the process of buying additional shares in your shared ownership home.
Many shared owners purchase a smaller share initially and then buy more shares over time as their circumstances change.
Depending on your lease, it may be possible to staircase all the way up to 100% ownership.
Why Do People Staircase?
People choose to staircase for lots of different reasons. You might want to:
- Increase your ownership share.
- Reduce the rent you pay on the remaining share.
- Invest more in your home.
- Work towards owning 100% of the property.
- Improve your options when selling in the future.
What Is A Lease Extension?
A lease extension increases the length of time remaining on your lease.
Many shared owners won’t need to think about extending their lease for years, but it’s worth understanding your options and checking how much time remains.
Why Might I Need A Lease Extension?
Extending a lease can:
- Help protect the value of your home.
- Make it easier to sell in the future.
- Make mortgage applications easier for potential buyers.
- Provide long-term peace of mind.
If you’re unsure whether a lease extension is something you should be considering, our team can help explain your options.
Frequently Asked Questions
Our frequently asked questions provide you with answers to some of the most common questions on alterations and improvements as a shared owner.
Do I have to staircase?
No. Staircasing is entirely optional and depends on your personal circumstances and financial situation.
Can I buy more than one share at a time?
Yes. Depending on your lease and finances, you may be able to purchase multiple shares in a single transaction.
Do I need a mortgage to staircase?
Not necessarily. Some shared owners use savings, while others choose a mortgage or a combination of both.
How much does staircasing cost?
The cost depends on the current valuation of your home and the percentage share you’re planning to buy.
How do I find out how much time is left on my lease?
Your lease agreement will confirm the remaining term, or our team can help point you in the right direction.
Do all shared ownership homes allow staircasing to 100%?
Not always. This depends on the terms of your lease and the type of development.
Thinking About Your Next Step?
Whether your interested in staircasing, extending your lease or simply exploring your options, we’re here to help.