RICS SHARED OWNERSHIP VALUATIONS
What are Shared Ownership Valuations?
If you used a Shared Ownership Scheme to buy a home and want to sell it or buy more shares in it, you will have to pay for a shared ownership appraisal. Help to Buy is one of many schemes like this.
Equity Ownership & Housing Associations
When a property is sold, equity ownership is usually shared with a housing association. Different housing associations have different rules about selling properties or repaying loans, but there are some aspects that nearly all of them have in common.
Shared Ownership Valuer in Manchester
If you want to sell or pay off part of your loan, you’ll need to find an independent valuer who’s a member of RICS (Royal Institution of Chartered Surveyors). That means someone who is completely independent from any estate agency or similar organisation and whose job and livelihood isn’t connected in any way to the value they put on your home.
RICS Red Book Valuation for Shared Ownership in Manchester
Valuations must follow the RICS Red Book, a set of professional and ethical standards that determine the way all valuations, including those done for shared ownership, are worked out.
Depending on your housing association and the purpose of the appraisal, it is possible that improvements you have made to your home will not figure into the current value.
Description of a Shared Ownership Valuation
The surveyor will investigate the property for construction, location, size and number of rooms. Some attention will be paid to the general condition of the property, but it will not be an item-by-item inspection. The appraisal will be made based on what the surveyor sees and knows about the local market, comparing the deal to comparable property deals that have occurred recently in the immediate area.
Valuation Expiry Date for Shared Ownership
The appraisal will usually be valid for 3 months. If that period expires and you need a new appraisal because your sale has not closed, you will need to commission a desk-based research exercise to extend the appraisal by a further 3 months.
What is included in a Shared Ownership Valuation?
The following are included as part of your Shared Ownership Valuation:
- RICS-certified surveyor and valuer
- Local surveyor to the property
- General condition with photographs
- RICS Red Book Valuation Standards
- Independence from estate agents and mortgage companies
- Multiple comparable sales values and description of evidence and methodology
- Conflict of interest check
- Interior and exterior review
Contact
All of the Building Surveyors and Structural Engineers on our panel are qualified and/or members of a professional regulatory body such as Residential Property Surveyors Association (RPSA), Chartered Institute of Building (CIOB) or Royal Institution of Chartered Surveyors (RICS). This means that you can have complete confidence that your Building Survey Report or Valuation is comprehensive. Your surveyor is independent and is obligated to provide expert advice on an impartial basis.
Surveys of Commercial Property
If you’re thinking of acquiring, leasing, subletting, disposing of, or altering commercial premises in Manchester, you would be well advised to locate a surveyor skilled in the nuances of commercial building surveying – should you spot a defect in a commercial building you can use that information to negotiate an asking price for the property that’s considerably lower than what the seller originally wanted, or you can talk your way out of a bad deal altogether.
Our Manchester-based team of RICS-compliant commercial building surveyors is equipped to handle matters throughout Manchester.
Contact
Our team prioritizes client care above all else. We look forward to being in touch with you so you can instruct a surveyor in Manchester, London, Bristol, Birmingham or Cardiff. You can reach out to us easily. Just fill out our form, and we’ll get back to you with a free quote for your survey. All our surveyors are qualified as members of the Royal Institution of Chartered Surveyors (RICS) and we are one of the UK’s leading providers of building survey and valuation services:
- Accredited Professionals: Certified by organizations like RICS, CIOB, and RPSA.
- Customized Survey Reports: inspections to meet your specific requirements.
- Local Expertise: Deep understanding and specialized knowledge.
- Expert Guidance: Professional recommendations and support.
The property survey you commission will be carried out by an accredited professional. Your chartered surveyor will be a member of the Royal Institution of Chartered Surveyors (RICS) or the Chartered Institute of Building (CIOB), or will belong to some other industry-standard professional body. Rest assured; you will receive highest quality of professional service for your survey.
