Shared Ownership Valuation
Shared Ownership Valuation by Trusted Chartered Surveyors Firm
If you intend to move and sell your shared ownership property you will be required to obtain an RICS chartered surveyor report which determines the current market value of your property.
You are responsible for obtaining and paying for the chartered surveyor’s shared ownership valuation report and once obtained this must be forwarded to the resales and staircasing team of your 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 the housing association cannot find the buyer you are free to proceed with the marketing of the property via local agents or any other means.
“Our experienced team, regulated by the Royal Institution of Chartered Surveyors (RICS), is dedicated to delivering thorough and compliant valuations in accordance with the professional standards of RICS and the requirements of your housing association.”
The shared ownership valuation report from Erikas Grig Chartered Surveyors delivers an in-depth assessment of your property’s present market value. Conducted by an experienced chartered surveyor, this meticulous examination provides essential insights crucial for financial decisions, including staircasing, remortgaging and property sale.
What is Shared Ownership Staircasing?
When you own a property on a shared ownership scheme you are eligible to buy more shares via a process commonly known as ‘staircasing’. The staircasing can be completed by purchasing additional shares in 10% increments or more.
The housing association will require you to obtain a shared ownership valuation report provided by RICS regulated chartered surveyors firm which will determine the current market value of your property.
Your housing association upon receiving your surveyor’s report will calculate the share value you intend to purchase which is based on the full market value of the property.
Frequently Asked Questions
Explore our comprehensive FAQ sections, crafted to provide clear and detailed answers to common inquiries we get about shared ownership valuation and our company.
What is shared ownership?
Shared ownership is the UK government approved scheme allowing first-time buyers to step into the housing ladder by purchasing and owning a set percentage of shares in 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 rental payments on the remainder of shares which is owned by a registered social provider or housing association.
When in the process you should book the valuation?
If you are looking at staircasing your shared ownership home we suggest that you initially speak with your financial advisor or mortgage broker. Once they have outlined how much additional shares you can potentially afford to buy – the second step would then be to instruct RICS qualified valuer to provide a market valuation report.
If you are looking at selling your home then the first step would be to instruct chartered surveyors firm to provide a valuation report.
What information does surveyor need to commence shared ownership valuation?
Upon receiving your instruction, it is always helpful if you can provide us with specific information on your property such as:
- lease length
- annual service charge
- ground rent
- rent payable to a housing association
- the current percentage of shares owned
And any additional information which the surveyor might require on an ad-hoc basis.
What does shared ownership valuation entail?
We conduct a significant number of property valuations for shared ownership purposes and the process normally is as described below:
- Our team member who is a chartered surveyor and registered valuer will inspect your home
- During the inspection, we will overview the internal condition, location and amenities
- We will take internal and external photographs and measure your home
- After inspection, we will carry out appropriate research, collect comparable evidence
- We will write a valuation report which contains a detailed description, comparable evidence and market value
- Then the completed valuation report will be sent to you via email
Will my housing association accept your valuation?
Yes, we are fully compliant with the standards set by housing associations and RICS, however, some housing associations might have different requirements in terms of which RICS regulated surveyors you can use. Some might require that you only use chartered surveyors from their panel list.
If you are ever in doubt you should seek confirmation from your housing association whether you can instruct RICS regulated surveyor outside their panel list.
How long is the valuation valid for?
The valuation reports produced for shared ownership staircasing or sale purposes is initially valid for 3 months. It can be further extended for an additional 1 month to allow you to complete the sale or staircase of your home. In total, you will have 6 months period before you are needed to take further action.
What happens after 4 months when report expires?
If after 4 months you have neither sold nor progressed with staircasing your home you will need to obtain a desktop valuation report. With the desktop valuation, we do not need to reinspect your property and we will remotely assess the current market value of your home.
Will my housing association accept your valuation?
Yes, we are fully compliant with the standards set by housing associations and RICS, however, some housing associations might have different requirements in terms of which RICS regulated surveyors you can use. Some might require that you only use chartered surveyors from their panel list.
If you are ever in doubt you should seek confirmation from your housing association whether you can instruct RICS regulated surveyor outside their panel list.
Which housing associations you work with?
- Clarion Housing
- Catalyst
- The Guinness Partnership
- L&Q
- Network Homes
- Notting Hill Genesis
- Metropolitan Thames Valey
- Optivo
- Peabody
- Riverside
- Southern Housing
- Hyde Homes
- Wandell
If you are with HA which is not on our list, please do get in touch and we will check if we can help.
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Our commitment to excellence is reflected in the positive feedback from numerous satisfied clients who have entrusted us with their shared ownership valuation. Our extensive experience in collaborating with diverse housing associations across the UK positions us as a reliable partner for delivering accurate and compliant valuation reports.
Erikas Grig MRICS
Director, Erikas Grig Chartered Surveyors
REVIEWS
See What Our Customers Are Saying
Our team’s passion for precision and personalized service ensures every customer feels heard and cared for, leaving them thrilled with the results.
Fantastic service from Erikas and Iveta for a survey that was needed to sell my shared ownership flat. Responses to enquiries were swift, the survey was carried out quickly and professionally, with the report issued promptly afterwards.
They also reissued the report within a very tight timeframe when we were ready to exchange as well. I would highly recommend them!
I’m so glad I chose Erikas as my party wall surveyor. From start to finish he was professional, calm and full of integrity, and he really helped navigate what turned into quite a tricky situation due to building works happening around my flat. The role isn’t an easy one — he was acting on behalf of my flat but technically being paid by the developer — yet he handled that balance perfectly and always made me feel like my concerns were taken seriously.
I don’t know much about surveying or building matters, but Erikas took the time to explain everything clearly and patiently. He stayed level headed and focused on getting a fair outcome. I’d highly recommend him to anyone needing a party wall surveyor and I’m extremely thankful I chose him to be my party wall surveyor.
Read MoreFantastic service from start to finish for our Help to Buy valuation. Competitive price and timely communication throughout. The final report was sent through right on time. Would highly recommend.
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