Valuation of Residential Property for Shared Ownership Redemption or Staircasing Purposes

25 October 2023

Valuation of Residential Property for Shared Ownership Redemption or Staircasing Purposes

Shared ownership is a housing scheme that allows people to buy a share of a property and pay rent on the remaining share. Staircasing is the process of buying additional shares in your shared ownership property over time until you own it outright.

If you are considering redeeming your shared ownership property or staircasing, you will generally need to obtain a valuation of your property for the Shared Ownership Landlord. This is to ensure that you are paying a fair price for the additional share(s) you are buying or to determine the value of your property if you are selling it outright.

Why is it Recommended to Obtain a RICS Red Book Valuation of a Property for Shared Ownership Redemption or Staircasing Purposes?

  • Accuracy: RICS Registered Valuers are highly qualified and experienced professionals who use a rigorous methodology to assess the value of your property.
  • Independence: RICS Registered Valuers are independent and impartial, so you can be confident that your valuation will be fair and accurate.
  • Compliance: RICS Red Book valuations comply with the requirements of most shared ownership housing associations and staircasing lenders.
  • Peace of mind: A RICS Red Book valuation can give you peace of mind knowing that your property is being valued in accordance with the highest professional standards.

What Factors Affect the Value of a Shared Ownership Property?

  • Location: The location of the property is a major factor that affects its value. Properties in popular areas with good amenities are generally more valuable than properties in less desirable areas.
  • Condition: The condition of the property is also an important factor that affects its value. Properties that are in good condition and well-maintained are generally more valuable than properties that are in poor condition or need repairs.
  • Size: The size of the property is another factor that affects its value. Larger properties are generally more valuable than smaller properties.
  • Features: The features of the property can also affect its value. Properties with desirable features, such as gardens, parking spaces, or views, are generally more valuable than properties without these features.

How to Choose a RICS Registered Valuer in West Sussex

  • Check that the valuer is a member of the Royal Institution of Chartered Surveyors (RICS).
  • If it's a national firm, check that the valuer has experience in valuing shared ownership properties in West Sussex.
  • Get a written quotation from the valuer before they start work.

Henry Adams Chartered Surveyors have a team of experienced and qualified valuers who can help you with all of your shared ownership valuation needs. Here are some of the benefits of using Henry Adams Chartered Surveyors:

  • Local knowledge: Our valuers have a deep understanding of the local property market in West Sussex and the factors that affect the value of residential property in the area.
  • Reputation: We have a reputation for providing high-quality valuation services.
  • Transparency: We will provide you with a clear and concise valuation report that explains how we arrived at our valuation. We will also be happy to answer any questions you have about the valuation process or the value of your property.

Please do not hesitate to get in touch on 01243 215840 should you wish to discuss any aspect of the above or if you would like us to provide a fee quote for a Red Book Valuation.

Do you need a professional RICS property valuation?

Our team of Chartered Surveyors provide professional RICS Valuations to home-owners, land-owners, companies, banks, charities, developers, housing associations and other institutional clients.

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