Fast Track 100% Staircasing in Nottingham
The Situation
- The Challenge: A Time-Sensitive 100% Staircasing
- Client: Ms T, a Shared Ownership Leaseholder
- Property: A 2-Bedroom Shared Ownership House in Nottingham
Ms T had owned a 40% share of her home for five years. With her mortgage deal coming to an end, she wanted to 'staircase' to 100% ownership (Final Staircasing) to take advantage of a new lending rate.
However, her RICS valuation was set to expire in just four weeks. If the legal process wasn't completed by then, she would have to pay for a new valuation, and any increase in local property prices would have made her final 60% share significantly more expensive.
The JM Conveyancing Intervention
Ms T instructed Julie Mortimer and the team to handle the high-pressure deadline.
Audit of Original Purchase
Julie immediately reviewed the original lease from 2019. She discovered that Ms T had made a Market Value Election for Stamp Duty when she first bought the 40% share.
Tax Saving Identified
Because Julie spotted this election, she confirmed that Ms T did not owe any further Stamp Duty on this 100% staircasing. A less experienced firm might have missed this, potentially costing the client thousands in unnecessary tax.
Priority Processing
The team approved the Memorandum of Staircasing and the Transfer deed within 5 working days of instruction.
Lender Liaison
We worked directly with Ms T’s new mortgage lender to ensure the offer was issued on a 100% ownership basis, preventing a common mismatch that often delays completions.
The Result
- Completion: Achieved 6 days before the valuation expired.
- Financial Gain: By completing before the valuation lapsed, Ms T secured her final share at the lower price, saving an estimated £4,500 compared to current market trends.
- Full Ownership: Ms T successfully transitioned from part-renter to 100% homeowner with her new fixed-rate mortgage in place.
What the Client Said:
'I was terrified of missing my valuation deadline and having to pay more. Julie and the team were incredible—they explained the Stamp Duty rules clearly and moved so fast. I finally feel like my home is truly mine. Thank you!' — Ms T
The 'JM' Difference
Staircasing isn't just 'extra paperwork'; it's a financial strategy. Our deep understanding of SDLT elections and our commitment to same-day action ensure our clients don't just complete their move—they do it in the most cost-effective way possible.
Are you ready to own more of your home? Talk to our staircasing specialists for a fixed-fee quote today.
