What are Shared Ownership valuations?
Shared ownership valuations are required if you have bought a home using a shared ownership scheme and later wish to sell the property or purchase more shares in it. Help to Buy is one example of such a scheme; here, we cover valuations other similar schemes that are in use.
When equity in a house is split, ownership is usually shared with a housing association. Different housing associations have different rules regarding selling properties or repaying loads. There are, however, some points which most have in common. If you wish to sell or pay off part of your loan, you will need to get an independent valuation from an RICS Certified Valuer. That means someone who is regulated by the Royal Institution of Chartered Surveyors and is completely independent from any estate agency or similar organisation. Valuations should be carried out in accordance with the RICS Red Book – a set of professional and ethical standards that valuations must adhere to.
Depending on the housing association and the reason for the valuation, home improvements that you have made may or may not be taken into account when assessing the current value of your home.
The surveyor will inspect the property and look at how it’s built, where it is and the size and number of rooms. The general condition of the property will also be taken into account, but will not be inspected in detail. The valuation will be based on the surveyor’s observations, local knowledge and comparisons with recent sales of like-for-like properties in the local area. The valuation is normally valid for 3 months. If you need to renew the valuation after this period because your sale has not gone through, we will carry out desktop research to extend the valuation for a further 3 months, free of charge.
Allcott Associates shared ownership valuations
– We are RICS Certified Surveyors and Valuers
– Valuations are carried out in accordance with RICS Valuation Standards (Red Book)
– We are totally independent from any estate agency.
– Our report will be on headed paper and signed by a member of the RICS and addressed to your housing association.
– We will provide at least three comparable sales.
– We carry out a full conflict of interest check upon inspection to ensure no conflicts exist.
– We will inspect the interior and exterior of the building and provide a full report.
– The inspection date will be shown on the report.
What does a Shared Ownership valuation include?
– Inspection of the property by a surveyor local to the area
– Overview of the property, its construction, locations and accommodation
– Overview of the property’s general condition, with photographs
– Details of three nearby properties that are similar to yours and have been sold within the time frame required by the housing association
– Valuation of the property, with a detailed description of the evidence and assumptions used
Professional Surveyors, Quality Service | RICS Certified Surveyors
Allcott Associates LLP employ both Building Surveyors and Structural Engineers and all our Chartered Building Surveyors are members of the Royal Institution of Chartered Surveyors (RICS). This ensures our Building Survey Reports are comprehensive and will never need referring back to a Building Surveyor or Structural Engineer for further investigation at a further cost unless in the unlikely event that opening up of areas is required. Unlike other firms, we are completely independent and our reports are accepted by all financial institutions and insurance companies.
