RICS Registered Valuer
RICS Registered Valuer

RICS Shared Ownership Valuations for - Staircasing or Resale

Expert RICS valuations for Shared Ownership staircasing or resale, providing accurate market values for Housing Associations and homeowners.

If you have purchased a percentage share via the Government backed Shared Ownership scheme via a nominated Housing Association to buy a share in your home this means that the Housing Association continue to own a percentage of your home.

You may decide that you wish to buy further shares, known as Staircasing, from your Housing Association to own a higher percentage of your home or indeed 100% of your home.

Alternatively, you may decide you wish to sell the percentage share of your home.

If you do, you will need a formal RICS Shared Ownership Valuation, undertaken by a RICS Registered Valuer. Normally your Housing Association will advise you to obtain an independent RICS Valuation and you will be responsible for instructing and paying for the report which will then be issued to you and the intended third user, the Housing Association.

The Housing Association will use the RICS Valuation report to determine the amount you may pay to acquire more shares in your Homes (Staircasing) or the amount for which it should be sold for on the open market (Resale).

All RICS Shared Ownership Valuations are valid for three months after which you can request a RICS Desktop Valuation (valid for a further three months).

We can normally provide a site visit and issue report within 1-2 weeks, subject to access.

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We act for numerous Housing Associations including:

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FAQs

Shared Ownership Frequently Asked Questions

Find answers to some of the most common questions about our services and valuation process.

What is a shared ownership valuation?

A formal assessment by a qualified surveyor to determine the 100% open market value of a shared ownership property.

Why do I need one?

To calculate the exact price when staircasing (buying more shares) or selling your current share.

Can I use an estate agent's free valuation?

No. Housing associations strictly require an independent report from a Royal Institution of Chartered Surveyors (RICS) registered valuer.

How long is a RICS Red Book Valuation Report valid for?

Three months from the date of site visit.

How much will the RICS Red Book Valuation Report cost?

Fees vary depending on location and type of property. Fill in our enquiry form to obtain a free no obligation quote. Click Here

When do I have to pay for my RICS Help to Buy Valuation Report?

We require full payment before any Valuation report is released, payment can be made before or after site visit.

How do I pay for my RICS Red Book Valuation Report?

The shared owner or leaseholder is responsible for covering the Valuation fee. We will issue you an invoice and payment can be made by Bank Transfer directly to us.

How long does a valuation site visit take?

The site visit will take anywhere from 15-30 minutes depending upon the size of the property. It is important to note that this is a Valuation only and not a Survey.

How quickly will I get my RICS Red Valuation Report?

Normally within 3-5 working days after site visit.

Do I need to be there for the inspection/site visit?

No if someone can give us access that is fine, or you can also attend in person. The choice is yours.

What is a RICS Desktop valuation?

Once your original Valuation expires you may request a RICS Desktop Valuation, which would be valid for a further three months. No need for a revisit.

How long is the valuation valid?

3 months from date of site visit. If the transaction doesn't complete in this window, an extension or Desktop Valuation is required.

Do you value my specific share or the whole house?

We value 100% of the property's market value. Your share percentage is then calculated from that total figure.

Do home improvements affect the valuation?

Usually, authorized structural improvements you paid for are disregarded so you aren't penalized or charged more for your own investments. You should check with your Housing Association what improvements they will allow for and whether they require us to provide two valuation figures, one before any allowable improvements and one after.

Can the housing association choose the surveyor?

Often yes. Many providers require you to select from their approved RICS panel, though some allow independent local RICS surveyors.

Is a mortgage valuation the same thing?

No. A mortgage valuation protects the lender, whereas a shared ownership valuation fixes the equity/purchase price under Red Book guidelines.

What happens after I get the valuation report?

You submit it to your housing association, or in some cases the Housing Association will require us to CC their relevant Staircasing or Resales team alongside yourself when sharing the report. The Housing Association will issue a formal price figure to you and your solicitor to proceed.

Does the valuation report check the physical condition of the building?

No. It is a market valuation, not a structural building survey or defects analysis.

Mirus Surveyors -
Residential Valuation Specialists

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Email us:

info@mirussurveyors.co.uk

Call us:

0333 9900007