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 can carry out desktop research to extend the valuation for a further 3 months without the need for reinspecting.
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