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My Choice Homebuy - Staircasing

Staircase and Staircasing are the terms that we use to refer to the process of repaying some or all of your equity loan. 

As a My Choice Homebuy customer you have the option to staircase in three stages.  You must have owned your property for over one year.

You would buy more shares based on the current market value of the home and you therefore need to have your property valued by an independent surveyor.

In order to determine the value, you need to instruct an independent RICS (Royal Institute of Chartered Surveyors) / FRICS (Fellow of Royal institute of Chartered Surveyors) registered surveyor.  You are able to instruct a surveyor of your choice or we have an experienced panel of surveyors that can all assist you; they provide very competitive rates to L&Q residents.

If you would like to use your own surveyor, 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
  • If you have carried out any improvements to the property you should make the surveyor aware when they visit. A separate figure should be provided in the report to confirm the type and value of the improvements

Please note that we always require a copy of the full valuation report and we may ask the surveyor to justify the valuation provided.

Once a valuation is in place we will use this to determine a price for the share of the equity loan that you would like to repay. Normally the minimum percentage you can buy is 10% and the maximum is anything up to the percentage that L&Q owns to take you to 100% ownership.

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 set out on our Staircasing page.

When repaying some or all of your equity loan, you will need to instruct a solicitor to act for you in dealing with all the legal work required.  We have a panel of dedicated solicitors who are all experienced in assisting Equity Loan customers repay their loans.

It is anticipated that a Staircasing transaction will be complete within three months. You and your solicitor need to work to this timescale and ensure that you provide all of the relevant information required to progress accordingly.

You may want to seek independent mortgage advice. We have a panel of independent financial consultants who would be more than happy to assist you further.

For all Staircasing transactions, there are administration charges (PDF) for dealing with your application. We make a charge to cover the cost of providing a service to you. You are also required to cover any legal fees associated with the transaction.

If you wish to discuss any part of the staircasing process, please contact L&Q Direct.