Staircasing

Staircasing Is the procedure which allows you to exercise your right to buy more shares in your current shared ownership property.

Your lease will advise how much you can staircase and if you can own the full 100% including the freehold. You can do this by discussing your options with the sales officer. If you are looking at staircasing, you will need to have the property valued. Under the terms of your lease. We require a valuer to conform to a code of conduct such as:

• The valuer must be RICS qualified and regulated
• The valuer must be independent to an estate agent
• The valuer should provide at least 2 (two) comparable properties and sale prices where possible
• The valuer must not be related or known to the resident
• The valuer must inspect the interior of the property and provide a full valuation report
• The valuer must attend the property within 7 working days from instruction
• Valuations carried out for bank or mortgage purposes, or as guide asking price from an estate agent, are not acceptable
• ClwydAlyn require a copy of the valuation report; the validity of the valuation must be shown on the report

In addition, because the valuation is being carried out for sale or 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 ClwydAlyn use the figure, which excludes significant improvements. This in turn means that residents will not pay for the improvements in the percentage brought from ClwydAlyn.