Shared Ownership Valuations
This is known as a Shared Equity valuation or a Shared Ownership valuation. The valuation will determine the 100% market value of the property. The value given is then be used to calculate what each percentage share is worth, for the homeowner and the Housing Association.
The majority of Housing Associations will have some very specific rules regarding the valuation process. For example, some of the shared equity valuations that we have carry out require us to disregard any improvements made to the property since acquisition. Other shared equity valuations request specific information to be provided regarding comparable evidence and the details within the valuation report.
Most Housing Associations require the RICS surveyor to be registered as a valuer, and that the firm is regulated by the RICS directly.
We provide Valuations for any Housing Association, including…
Hammersmith & Fulham
We will undertake any RICS valuation with any Housing Associaton even if not on this list.
Ideally, you will be able to provide the Surveyor with specific information regarding your lease. In particular, the length of the lease that you have remaining, as well as any associated charges such as ground rent, service charge, building maintenance, insurance etc.
The comparable evidence the surveyor will compile should relate to properties of a similar style, layout, and accommodation. The comparable properties will also be of a similar age and have recorded sales evidence from the last 12-month period. The specific details of what the surveyor will require should be determined before the inspection.
The shared equity valuation will be provided to you in a PDF format and it is likely that it will be directed at the Housing Association itself. This is something that will need to inform the surveyor of, so that the report is not rejected at a later date. Once you have received the shared equity valuation, you will need to give this to Housing Association, along with any necessary documentation.
Once your valuation is agreed, the specific process relating to that Housing Association, regarding buyback or marketing will need to be confirmed. It is likely that if the property remains unsold over the required marketing time, you will be given the opportunity to market the property yourselves.
We specialise in providing Shared Equity and Shared Ownership valuations alongside our Help to Buy Valuations in the South West.
A Shared Equity valuation, otherwise known as a Shared Ownership valuation, needs to be carried out by an RICS Registered valuer. This is to provide a market value for the sale or purchase of the percentage share you have in your property. All Shared Ownership schemes will likely be managed and owned by a Housing Association. On this basis, when you consider re-selling the property, it should be remembered that, more often than not your share will be offered to the housing association first. It may be that the Housing Association does not wish to acquire your percentage, but in most cases, the Housing Association will also have a right to sell your property.