RICS REgistered
Shared Ownership Valuations London
London Shared Ownership Valuation Specialist
Do I Need A Shared Ownership Survey?
When the equity in a property is shared, the other percentage of the ownership is shared with a housing association. Different housing associations have their own rules regarding selling properties or repaying loans.
Independent Valuation from RICS Certified Valuer
If you wish to pay off part of your loan or sell your property, you must have an independent valuation from an RICS Certified Valuer. This is someone who is regulated by the Royal Institution of Chartered Surveyors and is independent of any estate agency or similar organisation.
Valuations should be carried out per the RICS Red Book – a set of professional and ethical standards that valuations must adhere to.
Winfields Chartered Surveyors London is regulated by the RICS.
Property Inspection
Depending on the housing association and the reason for the Valuation, home improvements you have made since your occupancy may or may not be taken into account when assessing the current value of your home.
We will inspect the property and look at how it was constructed, its location and the size and number of rooms. The property’s general condition is also to be taken into account but will not be inspected in great detail. The Valuation is 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 valid for three months.
Renewing Your Valuation
If you need to renew the Valuation after this period because your sale has not gone through, we can conduct a desktop valuation to extend the original report for a further three months. However, this is a chargeable service.
We at Winfields Chartered Surveyors London are happy to help you, so please get in touch with us.
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FAQ
Frequently Asked Questions
Shared ownership is a type of homeownership where a property is owned jointly by multiple parties, typically a housing association or developer and a homebuyer. The homebuyer purchases a share of the property and pays rent on the remaining share.
A shared ownership valuation is an assessment of the value of a shared ownership property. It is typically required when a homeowner wants to sell their share of the property, or if the housing association or developer wants to buy back the homeowner’s share.
Shared ownership valuations are typically conducted by a RICS (Royal Institution of Chartered Surveyors) registered valuer.
The value of a shared ownership property is determined by its market value, which is the amount that a willing buyer would pay for the property in the current market conditions. The market value is calculated by taking into account factors such as the location, size, condition, and other relevant factors.
Yes, a shared ownership valuation is a type of full market valuation, which takes into account the market value of the property as well as any restrictions and limitations of shared ownership.
Shared ownership valuations are typically required when the homeowner wants to sell their share of the property, or if the housing association or developer wants to buy back the homeowner’s share. However, it is a good idea to get a shared ownership valuation every 3-5 years to keep track of the property’s value.
Yes, if a homeowner disagrees with the shared ownership valuation, they can appeal the decision. It is recommended to seek professional advice on how to appeal a shared ownership valuation.
Factors that can affect the value of a shared ownership property include the condition of the property, location, size, age, local demand, and any restrictions and limitations of shared ownership.