Shared Ownership Valuation
If you intend to move and sell your share in the property your housing association will require you to obtain an RICS qualified surveyor report to determine the current market value.
You are responsible for obtaining and paying for the surveyor’s report and once obtained this must be forwarded to your point of contact within housing association to start the process.
Most housing associations have a stipulation which requires that property is marketed within the shared ownership scheme for a minimum of 3 months. If housing association cannot find the buyer you are free to proceed with the marketing of the property via local agents or any other means.
Shared Ownership Staircasing
When you own a shared ownership property you have an option to buy more shares via a process commonly referred to as ‘staircasing’. The staircasing can be completed by purchasing a share in 10% increments or more.
The housing association will require you to obtain a shared ownership staircasing valuation report provided by RICS regulated chartered surveyor which will determine the current open market value of the property.
Your housing association upon receiving your surveyor’s report will calculate the share value you intend to purchase and start the process.
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Frequently Asked Questions
What is shared ownership?
Shared ownership is the UK government approved scheme allowing first-time buyers to purchase a share of the property. Rather than purchasing the property at the full market value, with a shared ownership scheme you can purchase just a share ranging from 25% to 75%.
Particularly in and around London with high property prices, a lot of first-time buyers are priced out of the housing market and shared ownership can provide you with an affordable entry into the housing market.
When you purchase a share in the property the remainder of the shares is owned by a housing association. You will be paying the mortgage on the shares you purchase and subsidised affordable rent on the remainder of shares owned by a registered social provider.
How long is the valuation report valid for?
The valuation reports produced for shared-ownership sale or staircasing is initially valid for 3 months, but can be further extended for an additional of 3 months to allow you to complete the sale or staircasing.
What happens after 6 months?
If you do not secure a sale or do not progress with staircasing within 6 months of the initial valuation report then you will need to obtain desktop valuation report.
With desktop valuation report second inspection is not necessary and surveyor will remotely assess the current market value of the property.
Are your reports compliant with housing association requirements?
Yes, we are fully compliant with the standards set by housing associations and RICS, however some housing association might have different requirements in terms of which RICS regulated surveyors you can use with some requiring that you only use valuation firms from their panel list. If you are ever in doubt you should seek confirmation from your housing association whether you instruct RICS regulated surveyor outside their panel list.
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