A shared ownership valuation london owners need for staircasing or selling is an independent view of value, and this guide from IQSURV, a RICS regulated firm, explains how it works.
When a shared ownership valuation london homes require is used
Rules and procedures differ between landlords and lease terms, so check your lease and speak to your solicitor and housing association before you start. Our role is to provide the valuation, not legal advice.
Shared ownership lets you buy a share of a home, usually between 10% and 75%, and pay rent on the rest to a housing association. Valuations play a part at several points: when the home is first sold, when you want to buy more of it (known as staircasing), and when you eventually sell. This guide explains how a shared ownership valuation works in London and what to expect.
Why a valuation is needed
The share you buy, the rent you pay and the price you receive when you sell all depend on the full market value of the home. That value has to be assessed independently, so that the figures are fair to both you and the landlord. In London, where property values can differ sharply from street to street, an accurate valuation matters.
Staircasing: buying a larger share
Staircasing means increasing your share in stages, up to 100% in many cases. When you buy more, the price is based on the current market value of the whole property at that time, not the value when you first bought. Your lease and the landlord will set out how and when a valuation is required, and whether a RICS valuer must be used. Always check your lease and take advice before you instruct anyone.
Who carries out the valuation
Shared ownership valuations are usually carried out by an independent RICS registered valuer. The valuer inspects the property, looks at comparable sales nearby and reports the open market value of the whole home. The report may be used by you, the landlord or both, so it is important to be clear about who the valuer is acting for and who may rely on the report.
What affects the value
A valuer will consider the location, size, layout and condition of the home, the length of the lease, any ground rent or service charges and recent sales of similar properties. For flats, which make up most London shared ownership homes, the condition of the building and the remaining lease length can have a noticeable effect.
Getting ready for a valuation
Gather your lease, details of any improvements you have made, and the paperwork from your housing association. Tidy access to all rooms and any lofts or outbuildings helps the valuer complete a proper inspection. Your solicitor can confirm which steps your lease requires.
Speak to IQSURV
IQSURV is a RICS regulated firm offering property valuations across London. If you are staircasing or selling a shared ownership home, call 020 3780 5386 or visit Unit 107, 401 Edgware Rd, London NW2 6GY to discuss what you need. This article is general information and not financial or legal advice.
Questions to ask your surveyor
Whatever your situation, it helps to ask what the work will cover, how long the report will take and how findings are explained. Ask whether a follow-up call is possible so you can talk through anything unclear. These simple questions make it easier to use the advice on shared ownership valuation london in practice, and they help you feel confident about the decisions that follow. Remember that a survey describes the visible condition of a property at the time of inspection, and your solicitor should advise on legal matters.
Next steps after reading about shared ownership valuation london
If this guide on shared ownership valuation london raises questions about your own property, you may find our guides on market valuation in London and RICS Red Book valuations useful. The Royal Institution of Chartered Surveyors sets professional standards for the industry, and you can read more on the RICS website. To discuss your situation, get in touch or request a quote through our home page, or call 020 3780 5386.