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Staircasing

Staircase and Staircasing are the terms that we use to refer to the process of increasing the share that you own by buying some or all of the remaining shares in your Shared Ownership home. Typical steps to staircasing are set out below:

Speak to a specialist financial advisor to be assessed for affordability

We provide details of financial advisors familiar with staircasing for you to contact who will offer free affordability and mortgage advice by phone. Once we know the outcome of this discussion, we will write to you (following receipt of your valuation report) to confirm the maximum additional share that you can buy.

Instruct a valuation

Select a RICS regulated surveyor from our independent panel, which can be found in the staircasing information pack which you can download from this page.

The surveyor will know our terms, which are:

  • The valuer must be RICS qualified and regulated
  • The valuer must be independent to an estate agent
  • The valuer should provide at least 3 (three) comparable properties and sale prices where possible
  • The valuer must not be related or known to you
  • The valuer must inspect the interior of the property and provide a full valuation report
  • Valuations carried out for bank or mortgage purposes are not acceptable
  • Metropolitan will require a copy of the valuation report; the validity of the valuation must be shown on the report
  • You must confirm to the valuer on the day of the appointment, an accurate number of years remaining on the lease as this can affect the valuation.

In addition because the valuation is being carried out for staircasing purposes, the valuation should include the following information:

  • The staircasing value which excludes any significant improvements made.
  • The open market valuation will include any improvements made.

When going through the staircasing procedure we use the figure, which excludes significant improvements. This in turn means you will not pay for the improvements in the percentage that you buy from Metropolitan. To define significant improvements, this would be any change to the floor plan layout of the property. We would also accept newly fitted kitchens and bathrooms which have added value to the property in the valuers opinion. General upkeep and maintenance to the property (to include improvements such as gardening, fence panels, fitted wardrobes etc) will not be excluded and we will be unable to accept a valuation with any of these improvements listed. Please ensure this is made clear to the valuer when they conduct their report.

Valuations are valid for three months from the date of the report. If your transaction runs beyond this timeline, the a further valuation will be required (which you'll be charged for) - this may also mean that your property value and staircasing value will have changed.

  • The valuer must be RICS qualified and regulated.
  • The valuer must be independent to an estate agent.
  • The valuer should provide at least 3 comparable properties and sale prices where possible.
  • The valuer must not be related or known to you.
  • The valuer must inspect the interior of the property and provide a full valuation report.
  • Valuations carried out for bank or mortgage purposes are not acceptable
  • Metropolitan will require a copy of the valuation report; the validity of the valuation must be shown on the report.
  • You must confirm to the valuer on the day of the appointment, an accurate number of years remaining on the lease as this can affect the valuation.

In addition because the valuation is being carried out for staircasing purposes, the valuation should include the following information:

  • The staircasing value which excludes any significant improvements made.
  • The open market valuation will include any improvements made.

 

When going through the staircasing procedure we use the figure, which excludes significant improvements. This in turn means you will not pay for the improvements in the percentage that you buy from Metropolitan. To define significant improvements, this would be any change to the floor plan layout of the property. We would also accept newly fitted kitchens and bathrooms which have added value to the property in the valuers opinion. General upkeep and maintenance to the property (to include improvements such as gardening, fence panels, fitted wardrobes etc) will not be excluded and we will be unable to accept a valuation with any of these improvements listed. Please ensure this is made clear to the valuer when they conduct their report.

Send your valuation report to us. 

Along with the confirmation of valuation form. This is downloadable from this page (staircasing process file in the right-hand column).

Send us your 'Request to proceed' form

This formally confirms your commitment staircasing.

We instruct our Solicitors

From this point on, you'll liaise with your Solicitors, who will work with ours to progress your transaction.

Completion

The process is completed, payment made and we will send you your new monthly charge details.

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