Buying more shares in your home
Buying more shares in your home is also known as staircasing. Staircasing lets you increase the share you own in your home over time. As your share increases, the rent you pay goes down. If you want to, you can keep buying more until you reach full ownership.
Your lease explains your staircasing rights in full, so it’s a good idea to read it carefully. We’ve also put together this guide to help you understand the main steps and what to expect.
Ways to buy more shares
For the first 15 years after you buy your home, there are two ways you can increase your share:
1
Gradual staircasing
Buy an extra 1% each year, for up to 15 years.
2
Standard staircasing
Buy an additional share of 5% or more in one go, whenever you choose.
You can choose whichever option works best for you.
2
Standard staircasing (buying larger shares)
Standard staircasing lets you buy a larger share (5% or more) in one go. You can do this at any time — including after the 15-year gradual staircasing period has ended.
Starting the process
To get started, write to us and let us know you’d like to buy an additional share.
For convenience, you can use the form included in our guidance notes.
Things to consider
Standard staircasing can involve costs, even if you decide not to go ahead part-way through the process. Because of this, we’d suggest starting only when you feel confident it’s the right option for you.
We can’t advise you on whether or when you should staircase. If you’re unsure, you may want to get independent financial or legal advice before you decide.
Costs and fees to expect
With standard staircasing, you’ll usually need to pay:
- Valuation fee
- Legal costs and expenses
- Pathways administration fee.
Depending on your circumstances, you may also need to pay:
- Mortgage arrangement or product fees
- Stamp Duty Land Tax (if applicable).
Valuation of your home
We’ll arrange for an independent RICS-registered valuer to value your home. This valuation is used to work out the price of the additional shares you want to buy.
Key points about the valuation
- You’ll need to pay the valuation fee before the valuer carries out the valuation
- The valuer will follow the terms set out in your lease
- Any approved home improvements (where we’ve already given consent) won’t be included in the valuation
- If you’ve done work without consent, please tell us – you may need retrospective approval
- The valuation assumes your home has been maintained properly, so will be valued accordingly.
A valuation is usually valid for three months. If it expires, it may need updating — and you’d need to pay any update costs. A valid valuation must be in place when your purchase completes.
Need more information?
Your lease is the main source of information about staircasing. If you have any questions about the process, we’re here to help.
Buying more shares is an important decision. We’ll help you understand what’s involved, so you can move forward with confidence.
For more information, please contact us:
By phone: 0345 030 6546.
By email: hellopathways@lloydsliving.co.uk.
Have a
question?
If you have a question about Pathways, take a look at our Pathways FAQs section. If you’d like to talk to a member of our team, email us at pathways@lloydsliving.co.uk or call us on 0345 030 6546 and let us know how we can help.