Staircasing

When you can afford it, you may want to buy a larger share of your home (staircasing). At the time of writing, the Housing Corporation guidelines allow leaseholders of flats to staircase after the first year of the term of their lease. No such restriction applies with houses but Landmark will not sell the first share to an applicant who could afford at that time to buy outright on the open market.

You can buy further shares in your home in portions of 10%, 15%, 20% or 25% but you must be able to staircase to 100% ownership in no more than four steps (including the initial share purchased). If you staircase to 100% in a house you can then usually acquire the freehold. If you live in a flat, your rights and obligations as an assured tenant come to an end but you will still be responsible for service charges and other obligations under your lease. Landmark will also retain obligations, for example to consult you about major repairs.

If you decide that you want to buy further shares, you need to firstly contact the Marketing Department at Landmark. The property has to be valued by an independent RICS*-certified valuer. Landmark can arrange this valuation for you. You will be advised of the cost of the further shares based upon the current value of the property.

* Royal Institution of Chartered Surveyors