Shared Ownership Valuation
If you intend to move and sell your shared ownership property you will be required to obtain an RICS qualified surveyor report which determines the current market value of your property.
You are responsible for obtaining and paying for the surveyor’s valuation report and once obtained this must be forwarded to resales and staircasing team 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 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 who will determine the current open 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.
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Frequently Asked Questions
Learn How it Works!
What is a 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 additional information which surveyor might require on an ad-hoc basis.
What Does Shared Ownership Valuation Entail?
We conduct a signifncant 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 and comparable evidence
- Then the completed valuation report will be sent to you via email
Will my ha 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 of 3 months to allow you to complete the sale or staircase your home. In total, you will have 6 months period before you are needed to take further action.
What happens after 6 months?
If after 6 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.
Which housing Associations you work with?
- Clarion Housing
- Catalyst
- The Guinness Partnership
- L&Q
- Network Homes
- Notting Hill Genesis
- 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.
See How Our Clients Are Rating Us
I contacted Erikas Grig Chartered Surveyors to conduct a survey and valuation on a period flat after reading the positive online reviews, and I was not disappointed. Erikas patiently talked me through the process and offered advice on the best type of survey for my needs. Communication with him and Iveta was seamless and prompt, both by email and phone. The survey report was incredibly thorough, useful, and offered guidance that was clear and accessible. Erikas took the time to answer all my follow-up questions and was very knowledgeable and professional. I would definitely recommend this excellent service, thanks!
Read MoreI have worked with Erikas Grig surveyors for the past few years and have found them at all times to be courteous, prompt, efficient and - most importantly - to keep the interests of you the client front and foremost. I have no hesitation in recommending Erikas Grig Surveyors for all your surveying and valuation needs.
Read MoreI recently had the pleasure of working with Erikas Grig Chartered Surveyors for a market valuation of a garage, and I must say, I am thoroughly impressed with their exceptional service. I needed the valuation done on short notice, and they truly exceeded my expectations in every aspect.
First and foremost, the team at Erikas Grig Chartered Surveyors displayed remarkable professionalism throughout the entire process. They were highly responsive and attentive to my needs, making me feel valued as a client. Despite the time constraints, they promptly scheduled the valuation and ensured a convenient time for both parties.
What truly sets them apart is their competitive pricing. I was pleasantly surprised to find that their rates were more than reasonable, especially considering the quality of service they provided. Erikas Grig Chartered Surveyors offered a fair and transparent pricing structure, which was a refreshing change compared to other companies I had considered.
The quick turnaround time is another aspect that deserves commendation. Despite the urgency, the surveyors conducted a thorough and comprehensive assessment, leaving no room for errors or oversights. They paid meticulous attention to detail, leaving me confident in the accuracy and reliability of their valuation report.
Moreover, the market valuation report itself was comprehensive and well-presented. The surveyors explained the methodology and factors considered in arriving at the valuation, ensuring complete transparency. This level of professionalism and clarity left me with a strong sense of trust in their expertise.
Overall, my experience with Erikas Grig Chartered Surveyors was outstanding. They provided me with a top-notch market valuation service on short notice, at a competitive price, and with a quick turnaround time. I wholeheartedly recommend their services to anyone in need of reliable surveying expertise.
Thank you to the entire team at Erikas Grig Chartered Surveyors for their excellent work and dedication to customer satisfaction. I will undoubtedly turn to them for any future surveying
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