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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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
- The Guinness Partnership
- Network Homes
- Notting Hill Genesis
- Southern Housing
- Hyde Homes
If you are with HA which is not on our list, please do get in touch and we will check if we can help.