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 (incl. VAT)
What is it?
There are three possible transfer fees that may apply, these are: Notice of Transfer, Notice of Mortgage and Certificate of Compliance. Please check with your solicitor which fees apply to you.
When are they paid?
At completion.
Amount
£48 each (inclusive of VAT)
What is it?
The amount we charge for SNG's legal costs.
When is it paid?
At completion.
Amount
£120 (incl. 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?
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 documentation from the Management Company/Agent - we'd recommend checking with your solicitor.