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Help to buy staircasing (How to)

Help to buy staircasing (How to)

What is help to buy staircasing?

Help to buy staircasing is the process of buying more shares in your help to buy property.

You may need to seek legal advice when staircasing and you should consider the terms of your housing association, landlord or help to buy agency when staircasing.

How does help to buy staircasing work?

  • To staircase you simply need to contact your landlord or help to buy agent and inform them that you intend to staircase.

  • They may inform you of the restrictions involving staircasing such as how much you can staircase to, if there are any costs involving staircasing and the process.

  • In most cases, the next step would be to get a RICS valuation of your home so you know how much you will need to pay for the number of shares you intend to staircase by.

  • You will then need to submit this valuation to your landlord or help to buy agent. If you dispute the valuation carried out by the RICS surveyor you can have this reviewed by a district valuer if you are on a shared ownership scheme. A valuation from an estate agent or a mortgage lender will not be acceptable.

  • If you currently pay rent on the number of shares in the property you don't currently own this will be reviewed and readjusted once you staircase and own more shares in the help to buy property. This means you will essentially pay less in rent once you have staircased.

  • You may have a minimum amount by which you can staircase or a maximum amount of times you can staircase. You should check this with your landlord or help to buy agency.

  • The process of staircasing may be complex and you may want to consider getting legal advice for your help to buy staircasing

  • You may also want to get independent financial advice when considering a help to buy staircase. This is because a staircase may not always be the best decision, especially when considering getting a remortgage as a means of your help to buy staircase.

How to staircase a help to buy equity loan

You can staircase your help to buy equity loan but you may need to meet these requirements:

The process of staircasing your help to buy equity loan

  • Obtain a Royal Institute of chartered surveyors home valuation

  • Send your valuation to “Target” who is the management agent assigned by your help to buy agent. Target will require you pay the relevant admin fee.

  • Target will also ask you to confirm details of your solicitor who will assist you with the help to buy staircasing

  • Once Target have received your valuation report they will let you know if it is acceptable and let you know how much you will need to pay to staircase to the percentile you have indicated.

  • Your solicitor will handle the staircase, pay any stamp duty due, send the fee over to Target for you and complete the staircase process.

How can you contact Target the help to buy agency?

You can contact Target Help to Buy regarding staircasing your Help to Buy loan in the following ways:

Customer Service Team number: 0345 848 0235
Email: [email protected]
Address: TARGET HCA, PO Box 911, NEWPORT, NP20 9PA

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Help to buy staircasing (How to)
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