Compare Shared Ownership Valuations
What is a Shared Ownership Valuation?
A Shared Ownership valuation determines the value of a home bought via the Shared Ownership scheme. It will provide an accurate, up-to-date valuation and give an overview of the condition of the home.
When you are buying a bigger share of the home, shares are purchased at the current market rate. For this reason, an accurate and approved valuation is essential. You will also need a Shared Ownership valuation if you want to sell the property.
With Compare My Move, you could save up to 70% on your valuation costs by comparing surveyors with us. We can match you with up to 6 professionals in your local area who can provide a RICS Valuation.
What is Shared Ownership?
Shared Ownership comes under the “Help to Buy” government schemes. These are designed to help first-time buyers get on the property ladder. This can be for new-build homes and certain “resale” properties.
Shared Ownership means that a buyer pays a mortgage on the share of the home they own, plus subsidised rent. This is usually to a housing association that owns the remaining share. As a result, the deposit required for the home will be lower.
The homeowner can then choose to increase their share of the property over time. This is done by buying more of the home from the landlord, known as “staircasing”.
When Do You Need a Shared Ownership Valuation?
You will need a Shared Ownership Valuation when you are selling a Shared Ownership home. This type of valuation is also required when you want to increase your share of the ownership of your home.
You must use a valuer registered with the Royal Institution of Chartered Surveyors (RICS). The sale price of your home will be based on this valuation. If you are buying more of the home, a valuation determines how much you pay based on the current market value.
How Much Does It Cost?
We found that a RICS Valuation Report costs approximately £320. This is based on the average UK house price of £277,000. Keep in mind that this is an average cost which will vary depending on the home being valued.
The size and type of property, in addition to the location, are all factors which influence the cost of having a valuation. Across the board, it can be as low as £160 and as high as £600.
For more information see: How Much Does a RICS Valuation Cost?
What Does a Shared Ownership Valuation Include?
Your valuer will inspect the home to determine its condition and value. The valuation report will include an overview of the home.
The valuer will also research the current property market and recently sold homes in the area. This allows them to reach an accurate valuation.
There are a few mandates that must be met for the valuation to be valid and accepted for a Shared Ownership home:
- The valuer must be qualified and regulated by RICS
- The inspection must be carried out in line with RICS Valuation Standards (RICS Red Book)
- The valuer must be independent of estate agents and not be related to or known to you
- The report itself must be completed on RICS-headed paper and be signed by a member of RICS
- The valuer should provide at least three comparable sales. These must be like for like in terms of property type, size, and age and within a 2-mile radius.
Finding a RICS Registered Valuer
One of the best ways to find valuation surveyor for a Shared Ownership home is using a trusted comparison website.
We can match you with up to six local RICS registered surveyors who offer valuations among their services. These surveyors will have experience and excellent market knowledge.
Our Sales and Partner Support Teams work hard to ensure we only take on the best in the business. All surveyors and valuers must be RICS registered before becoming a partner.
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