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My Choice Homebuy - Staircasing

As a My Choice Homebuy customer you have the option to staircase in three stages, once you have owned your property for over one year or you can decide to repay your loan in full at anytime.

Staircasing is the term that we use to refer to the process of buying some or all of the remaining shares in your home.

Our process involves having the property valued by an independent surveyor to work out the current value.

You are able to instruct an independent RICS (Royal Institute of Chartered Surveyors) / FRICS (Fellow of Royal institute of Chartered Surveyors) registered surveyor of your choice or you can select a surveyor by using the Staircasing Valuation Request Form (PDF 65KB)

If you would like to use your own surveyor then they must meet the following criteria:

  • The valuer needs to be independent and can not be associated with any estate agents.
  • The valuer must not be related to you.
  • The valuer must not be employed by any bank/building society.
  • The valuer must be registered with the recognised qualification of FRICS or RICS.
  • L&Q will require a copy of the valuation report; this should be valid for a period of three months. (This should be valid until completion takes place)
  • The report must include at least three comparable properties used to determine the value.
  • The report must also state that L&Q can use the contents of the valuation report.

Please note that we may ask the surveyor to justify the valuation provided.

Once a valuation is in place we will be able to quote a price for the share you want to buy. Normally the minimum percentage you can buy is 10% and you must not leave any less than 10% of the unsold loan.

If you would like to sell your home, you need to obtain an independent valuation, as above, which will determine the current value of your home. This will then allow us to work out the repayment sum, which you need to pay us on completion.

You are free to sell your home on the open market via an Estate Agent but you are still responsible to follow the process in the My Choice Homebuy guide. (PDF 139KB)

There is an administration charge of £200 for dealing with your application. This fee covers the cost of L&Q providing this service and this can be paid by credit or debit card.

To find out more about buying further shares or paying back your My Choice Homebuy Loan you can download the My Choice Homebuy guide. (PDF 139KB) here.

Please make sure you've organised a solicitor to act on your behalf in dealing with all the legal work required.

Please download the list of financial consultants (39 KB), if you would like to contact an independent mortgage consultant.