Shared ownership Valuation
A shared ownership/ equity valuation must be carried out by an RICS Registered Valuer to provide an independent value for the sale or purchase of your percentage share in your property. The vast majority of shared ownership schemes are managed by a Housing Association such as Orbit Homes or Home Group. When you are ready to sell your property, in most cases the lease will require that your share of the property is offered to the Housing Association first. In some instances the Housing Association may not want to buy your percentage of ownership but in most cases the Housing Association will have a right to offer your property for sale.
Typically the Housing Association will have a certain time period to consider selling the property. In either case, it is likely that the terms of your lease will require a valuation to be carried out by an independent RICS surveyor. The purpose of the valuation is to determine 100% of the market value from which a value based on the percentage share for the homeowner and the Housing Association can be calculated.
Housing Associations have specific rules regarding the valuation process – for example some require us to disregard any improvements to the property. Others such as Home Group require improvements to be included in the valuation. We are aware of the requirements of each Housing Association and ensure that are report meets the criteria set.
The valuation needs to include specific information regarding your lease including the number of years remaining as well as any associated charges such as ground rent, service charge, building maintenance, insurance etc.
Once we have prepared the Shared Equity valuation this may be send to the relevant Housing Association along with any necessary documentation. If you would prefer, we can send this directly with your expressed permission.
We believe Valuation costs should be transparent, fixed and never include any hidden extras. All of our Help to Buy Valuations are set at fixed a cost and include the inspection, report, discussion and recommendations once the report is complete and in the hands of our clients.
Our Help to Buy Valuation costs start at £300.
If you plan to purchase a larger percentage of your shared ownership home, you’ll need RICS registered valuers to provide an accurate valuation, which costs as little as a few hundred pounds and remains valid for three months. Fortunately, because valuations allow you to negotiate the terms of your share increase with your eyes open, they’re well worth the price.
Contact our qualified RICS registered valuers on 01892 652213 to learn more about equity valuations for shared ownership homes in East Sussex and Kent.