Before you decide to staircase, here’s a clear breakdown of the fees and costs you can expect during the process.
Staircasing Fees
What is it?
The amount we charge for the administration of a staircasing transaction.
When is it paid?
At completion.
Amount
£240 (inclusive of VAT)
What is it?
The amount paid to a Royal Institution of Chartered Surveyors (RICS) qualified surveyor to provide the current value of your home.
When is it paid?
Directly to the provider at point of service.
Amount
This will vary based on type of valuation, property size and location, the RICS surveyor used etc.
A list of surveyors we often work with can be found here.
What is it?
There are three possible transfer fees that may apply, these are: Notice of Transfer, Notice of Mortgage (sometimes called the Notice of Charge) and Certificate of Compliance.
There are also some other legal fees which may apply, such as the Deed of Covenant or RX4 form. Please check with your solicitor which fees apply to you.
When are they paid?
At completion.
Amount
£75 each (exclusive of VAT)
What is it?
The amount we charge for SNG's legal costs.
When is it paid?
At completion.
Amount
£120 (inclusive of VAT)
What is it?
The fee payable to us for providing your solicitor with leasehold information related to your home.
Please note, this will not apply to all staircasing transactions, check with your solicitor.
When is it paid?
South & West customers: payable on completion.
London & Hertfordshire customers: payable on request.
Amount
House: £120 - incl. VAT
Flat: £200 incl. VAT
Additional charges may apply if SNG are not the management company. If there is an external management company this will be detailed to your solicitor.
What is it?
A tax you pay when you purchase any property in England.
When is it paid?
At completion. Further information relating to Stamp Duty when staircasing can be found here.
Amount
Dependent on % share purchased and the homes value.
For further guidance, speak to your solicitor or visit the government website.
Arrears
If you are in arrears on your rent or service charge you will need to pay these before you can staircase.
Management company charges
Your solicitor may require additional documentation from the Management Company/Agent - we'd recommend checking with your solicitor.
For a list of other potential costs, click here.