What fees are involved in staircasing?
Joanne Wells from Downham Market
FAQ questions and answers
What fees are involved in staircasing for shared ownership housing? If we paid for searches, stamp duty etc. 3 years ago when we bought 40%, do they need to be paid again when increasing to 100%?
If you are obtaining a new mortgage to fund the additional purchase, then you will likely have to incur fees for searches in order to comply with the new lender’s requirements.
In regards to stamp duty, you would still need to pay stamp duty on the new share acquired. Another significant cost would be the legal fees for the work. These are likely to be similar to those you were charged for the original 40% purchase, albeit possibly a little less.
Be aware that although our firm, Connect2Law, does do staircasing legal work, many law firms won’t offer this service. As such you may need to make contact with a few law firms to find one that, like us, is happy to act for you.
Dan Watkins, Connect2Law
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J&P on 28/11/2023