Shared Ownership Valuations
Shared Ownership Valuation Report
The Housing Act 1980 included a provision to help people in housing need, who could not afford to buy outright. Ownership of the property is split, with the occupier paying their mortgage to cover their share and rent to the housing association owning the other share.
A condition of shared ownership is that a valuation report, conducted by a RICS registered valuer is required before:
- Purchasing a greater share in the property
- Selling the property
Following a framework set out by RICS, this provides an accurate market value of the property.
Shared Ownership Valuation Reports
As an independent, RICS Regulated practice, we hold the necessary accreditation and have RICS Registered Valuers experienced in valuing Shared Ownership properties.
Our valuers visit and assess the property in terms of condition, age, features and size to provide an accurate valuation. Shared Ownership Valuation Reports also require details of three comparable properties from within a 2-mile radius, that have been sold within the last 3 months.
Homeowners are sent the completed and signed report on headed paper. This is valid for 3-months, however, if the property has not sold within 3 months, we can provide a desktop valuation to extend it for a further 3-months.
Please note: It is important to read the reselling policy and other terms set out by the housing association. In some cases, there is a requirement to offer the property back to the housing association to sell.
For further information or to arrange a Shared Ownership valuation, please get in touch with a member of our Valuation team.