Shared Ownership Valuations
Shared Ownership Valuation £199
Are you looking to increase the share ownership of your home? If so, you will require an RICS valuation in order to establish your properties current market value.
The Government Shared Ownership scheme has helped thousands of people to buy their home by offering a contribution towards the initial purchase. This means that they continue to own a percentage of your home. You may decide that you wish to buy back some, or all of the Government share of your home. If you do, you will need a RICS Shared Ownership Survey (otherwise known as a Shared Ownership valuation Report).
We have made it really easy to get a Shared Ownership Valuation Report. Simply follow these steps and we can get a surveyor to attend your property and produce a report for you to give to your Shared Ownership agent and Target.
It’s really important that you get the right company to perform this for you as the wrong valuation could cost you thousands of pounds. Our job is to give you an accurate Shared Ownership Valuation Report which can be presented to Target HCA.
Secure Online Booking
Booking your Shared Ownership Valuation is simple with FP Surveying. Simply complete this simple form and pay online. Your valuation will be completed and sent to you and your Shared Ownership Agent.
Shared Ownership Valuation 'Must Do's'
A Shared Ownership Valuation Report is a complicated document that we prepare on your behalf
- The Valuer must be registered with the recognised qualification of RICS
- The Valuer must be independent to an Estate Agent.
- The report must be on headed paper, signed by the RICS surveyor and addressed to the probvider you pay rent to.
- The Valuer MUST provide at least 3 comparable properties and sale prices.
- The comparables provided must be like for like in terms of property type, size, and age and within a 2 mile radius to the property that is being inspected.
- The Valuer must not be related or known to client.
- A copy of the valuation report must also be supplied to the client.
Questions our RICS Shared Ownership Valuation specialists get asked...
We love helping people and that’s why there is no question too big or too small. Of course, your mortgage provider or financial adviser will be helping you with the details surrounding remortgaging. Alternatively, you may have only spoken to your housing association or Target.
Whilst our job is to provide you with an accurate valuation, we can also help you with any questions relating to redeeming or stair casing your Shared Ownership Mortgage. Alternatively, if you own a Help to Buy property, we can help you here.
If you have any questions, please email enquiries@fpsurveying.co.uk or you can contact us at anytime for more information
It’s very similar to a mortgage valuation where come and visit your home before using our local market knowledge to put a value on your property. We will reasearch the values of similar property and take into account market conditions.
We like to visit Shared Ownership valuations within 2 working days and sometimes sooner dependent on location and availability. The report itself will take no more than 30 minutes and we send you a copy within 48 hours.
Remember it is only valid for 3 months. After that, we will need to reconfirm the valuation and if after 6 months we may need to perform a new report. Also, the longer you leave it, your property may go up in value which will mean that your Shared Ownership valuation will be higher.
Once you have successfully submitted a valid Shared Ownership valuation report you will receive an estimated repayment quote. This will include details of any arrears and your daily interest payment rate to allow your solicitor to calculate an accurate final repayment sum.
Here is a handy guide from Target which explains everything.
All of our RICS Surveyors like a cup of Tea or Coffee. I’m sure they would all be very grateful to be asked that question! On a serious note, we are a friendly bunch that love helping people, we take an invitation into your home as a great honour.
Shared Ownership Valuation Report, A Surveyors Perspective
When you bought your home, you had a valuation carried out by the mortgage lender to ensure that the property was worth what the developer was selling it for. The mortgage lender wanted to be 100% sure that the value was correct which is why they instructed a RICS surveyor.
My job is to make sure that we get a 100% accurate valuation for your property so that when your housing association calculate what you owe them, it is the correct amount. I take time to understand the true value of your property and do not simply work off what you paid for it.
Make sure your Shared Ownership valuation is accurate by appointing fpsurveying to come out and see you.
Why You May Need A Shared Ownership Survey
When it comes to increasing your share or selling your property, this process is called staircasing. For details on the full process and documentation needed for both options please read the Target HCA Customer Information Pack.
Redeem when you sell
Before you decide to sell your property, you will need to get an RICS valuation in order to know the minimum sale value.
The repayment amount you will be required to pay is calculated as a proportion (percentage) of either the current market value or the agreed sale price of your home (whichever is higher).
- You will need a Shared Ownership Valuation Report.
Redeem without selling
In this scenario you will be looking to repay (redeem) your loan in full without taking out another loan secured on your property. The repayment amount you will be required to pay is calculated as a proportion (percentage) of the current market value.
- You will need a Shared Ownership Valuation Report.
Staircasing with another loan
In this scenario you will be looking to repay (redeem) your loan in part by taking out another loan secured on your property with another lender.
- You will need a Shared Ownership Valuation Report.
Staircasing without a loan
In this scenario you will be looking to repay (redeem) your loan in part without taking out another loan secured on your property.
- You will need a Shared Ownership Valuation Report.
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