Shared Ownership Valuations - Southampton
Bartley West Chartered Surveyors offer Shared Ownership Valuations across the South of England for submission to your Housing Association for either staircasing or resales.
Shared Ownership
Do I need a Shared Ownership Valuation?
Shared ownership valuations are required if you have bought a home using a shared ownership scheme and are now wishing to sell or purchase more shares (known as Staircasing).
The various housing associations have different procedures but we meet the requirements for the valuation part of this process whereby you will need to get an independent valuation from an RICS Certified Valuer.
Depending on the housing association, the reason for the valuation and what changes you have made; some home improvements you have made may or may not be taken into account when assessing the current value of your home.s
- RICS registered valuers
- Valid for up to 3 months
- Desktop extension valuation available
- Valid for 3 months
- MRICS RICS Registered Valuer
- Approved by Housing Associations
Shared Ownership
Shared Ownership Valuation Process
The surveyor will inspect the property, note it’s construction, where it is, size and fit out specification. The condition will be noted but our investigations will be limited and will not be a Building Survey. The valuation will be based on the surveyor’s observations and utilising the comparative method of valuation. Reasoning will be noted within the report, and we will state at least 3 comparables; which is usually a requirement of the Housing Association.
Housing Associations usually consider our report ‘valid’ for 3 months. If you need to renew the valuation after this period because the transaction has not completed, then we will need to carry out a ‘desktop valuation’. We do not revisit but do have to undertake the comparative method of valuation again to report a value that may or may not be the same as the original value, depending on the evidence at that time. There is a further charge for a desktop. You should enquire with your Housing Association as to their desktop procedures; most allow further desktop reports within a year of our visit but some will restrict on only 1 being permitted.
Let's work together
Why Bartley West?
Bartley West Limited has been a specialist Survey & Valuation firm across the South of England since 2012, All valuations are undertaken only by a fully qualified MRICS RICS Registered Valuer with the knowledge and expertise needed to undertake the work for you. We provide our advice to you in a way that is clear, easy to understand, compliant with requirements and delivered within your required timescales.
- Regulated by RICS
- Our surveyors share a wealth of experience and local knowledge
- Specialists in valuation & surveys since 2012
FAQ
Most frequent questions and answers
You will need one of our RICS Registered Valuers to inspect and report on your home if you are planning to sell or staircase (acquire more shares).
Different Housing Associations have different rules; you should check on their website or contact them by phone to make sure you are able to instruct us now. The common ground is that they will all require a surveyor’s report – this is someone who is regulated by the Royal Institution of Chartered Surveyors and is completely independent from an estate agency. Valuations should be carried out in accordance with the RICS Red Book – the professional and ethical standards that valuations must adhere to.
Improvement policies also vary between different Housing Associations. Where permitted, we will report two separate valuations – one of the property as it is and one ‘disregarding improvements’. The improvements that can be disregarded are usually major changes to a property and do not include general decoration or landscaping but alterations such as extensions, new kitchens/bathrooms (if they still create ‘added value’), conservatories and the like. You should check with your Housing Association prior to the survey inspection that the surveyor is permitted to exclude any improvements and provide the surveyor with the details of said changes which may include details of dates, costings and installer information.
The surveyor will inspect the property, look at its key components and measure room sizes. They will consider the position of the property, its outlook, local environment and external features. The general condition of the property will be considered but this is not a detailed condition survey so assumptions will be made for the purpose of the valuation report based on what is clearly apparent at the day of the visit.
The Housing Association will normally consider the value reported valid for 3 months. If you need to renew the valuation after this timeframe as your sale has not progressed, or staircasing has not completed, you will need a desktop valuation report. There is an additional charge for this and we will re-report at a new valuation date. Be mindful that if the market has increased or decreased the desktop value reported may not be the same as the initial valuation. The desktop valuation sum reported will then be considered valid for a further 3 months.
The Valuation will be undertaken in accordance with the RICS Valuation – Global Standards (‘Red Book Global’).
Market Value is defined as: ‘The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgably, prudently and without compulsion.’
The surveyor will seek comparative evidence and we will outline at least three examples of these within the report. The valuer will appraise comparables and make adjustments for the different features of those compared to the subject property to formulate a reasoning base for the valuation adopted.
Shared Ownership is different to an equity loan and we do also provide equity loan valuations including Help to Buy or those that are offered by Housing Associations. Please do refer to our quote page for a price for either service as we are compliant for each type of RICS Red Book valuation for submission to the Housing Associations and Homes England (Lenvi).
We are compliant to provide Shared Ownership Resales or Staircasing valuations for all Housing Associations. We are an RICS Registered firm with RICS Registered Valuers with the appropriate skills and qualifications. We are on the panel for many Housing Associations and have submitted reports for key providers including: Sovereign, Vivid, Guinness Homes, So Resi, Metropolitan Thames Valley, Abri, Housing 21, Aster, Winchester Housing Trust, Catalyst, Hyde Homes, Clarion, Latimer.
Our RICS Registered Valuers are based across the South of England. We work throughout Hampshire (Southampton, Romsey, Winchester, Eastleigh, Portsmouth, Andover, Basingstoke, Ringwood), Dorset (Bournemouth, Poole, Wimborne, Blandford Forum), Wiltshire (Salisbury, Amesbury, Durrington, Wilton, Old Sarum), Berkshire (Reading, Newbury, Maidenhead, Bracknell, Wokingham, Slough, Crowthorne), Surrey (Guildford, Farnham, Woking, Camberley, Leatherhead, Bagshot), West Sussex (Chichester, Bognor Regis), Buckinghamshire (High Wycombe). We work across the following local authorities: Hampshire, Southampton, Portsmouth, Reading, Slough, West Berkshire, West Sussex, Windsor and Maidenhead, Wokingham, Bracknell Forest, Buckinghamshire, Bournemouth, Christchurch and Poole, Sorset, Wiltshire.
Useful documents
Sample Valuation Report
Customer Information Pack
Get your Shared Ownership Valuation quote
If you need a Shared Ownership Valuation, do get in touch whether by phone, email or via our online forms. Whilst we offer online services with instant quotes for speed and efficiency, our friendly team are on the other end of the phone or email if you have queries or want to talk the process through.
