If you are selling, remortgaging, or paying off the Government’s Help to Buy loan, a Valuation Report (Valid for 3 months) by an RICS Registered Valuer is required.
A Shared Ownership valuation needs to be carried out by an RICS Registered valuer to provide a market value for the sale or purchase of your percentage share in your property. In the Shared Ownership, you own a portion of your property, usually between 10%-75%, with the rest owned by the housing association you purchased it through.
This means that when it comes to selling or staircasing in the property, it’s really important to get an accurate valuation to know how much each portion is worth.
To start the valuation process, you first must inform your housing association that you are looking to staircase or sell the property.
Begin the process
Letting the housing association know your intentions will then allow the process to begin. Some housing associations have no recommended surveyor lists or panels, and simply allow you to find a local RICS chartered surveyor.
Other housing associations have a list of their preferred Valuers and so it is important that you liaise with them first. For more clarity on how your housing association deals with this process, contact them directly.
Housing Association
When you consider selling the property in most cases the share that you have in your home will have to be offered to the Housing Association first. In some instances the Housing Association may not want to buy your percentage of ownership but in most cases the Housing Association will also have a right to offer your property for sale.
Irrespective of whether there is an option for the Housing Association to purchase your share or whether they require a certain time period to consider selling the property it is likely that under the terms of your lease you will need to have a valuation carried out by an independent RICS surveyor.
The principal of the valuation is to determine 100% of the market value from which the percentage split for the homeowner and the Housing Association can be calculated.
Most Housing Associations have very specific rules regarding the valuation process – for example some require us to disregard any improvements to the property since it was originally acquired.
Ideally we will require specific information regarding your lease including duration remaining as well as any associated charges such as ground rent, service charge, building maintenance, insurance etc.
Once you have received the valuation then you will need to provide this to the Housing Association along with any necessary documentation or we can send it directly with your expressed permission.
The costs, types and benefits of an RICS Home Survey
If you are buying a house or a flat in the UK, a house survey – also known as a home survey or property survey – is highly recommended before you buy the property.
Knights Surveys are regulated by The Royal Institution of Chartered Surveyors (RICS) and Valuer Registration Scheme (VRS) Registered.
Complaints Handling Procedure.