Staircasing FAQ
Q: How can I proceed with staircasing in my shared ownership property?
A: For information and guidance on the staircasing process for your shared ownership property, please contact our Leasehold Team at Leasehold@vividhomes.co.uk.
Q What is the maximum share / minimum share I can purchase?
A You can buy up to 100% of your property in whatever denominations you want. However, it is best to do it the least of transactions that you can as each time staircase, valuation & solicitor fees will need to be paid. Sometimes your lease will have restrictions on staircasing, so it is best to check in your lease for any.
Q Do I need an affordability check?
A No you would not need an affordability check to staircase your property. It will be up to you to obtain the additional monies needed to staircase.
Q Why do I need to provide a RIC’s valuation report?
A This is a requirement of your lease to determine a current market value for your property, throughout the transaction.
Q My valuation has gone out of date. Why do I need to provide an updated report?
A It is a requirement of your lease to provide an in-date valuation up to the point of completion. The reason is to ensure that the value of the shares is a true reflection of what the current market is doing.
Q What are the fees to staircase?
A You would need to pay valuation fees & your own legal fees. Your solicitor will be able to advise you of their fees & valuation fees can vary so your surveyor will be able to advise you of these.
Q I would like to extend my lease at the same time. Is this possible? What do I need to do?
A Yes you would be able to. Please see Lease Extension Leaflet
Q I own a house. Why will I pay service charges?
A If there are any communal areas in your development or around your property that you share with other households and either VIVID or an external Management Company manage, then you will need to pay a service charge for the maintenance of these areas.
Q Will I acquire the freehold?
A If you are purchasing the remaining shares and your property is a house then generally you would then own the freehold. You can ask your solicitor to confirm this for you. If you own a then it will remain Leasehold even if you own 100%.