Whether there is an option for the Housing Association to purchase your share, or they require a certain time period to consider selling the property, it is likely you will need to have a valuation. This needs to carried out by an independent RICS surveyor.
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.
INTRODUCTION
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.
Aster
Abri
Livewest
Sovereign
Cornerstone
Affinity Sutton
Westward Housing
Sanctuary Housing
Guiness Partnership
Wandle
Clarion
Stonewater
Merlin
Inclusion
Hammersmith & Fulham
Radian
If you are selling or purchasing a share in a shared ownership property, our RICS Registered Valuers can provide an independent valuation based on the full market value of the property and the relevant Housing Association requirements. Contact Winfields Surveyors to discuss your valuation.
