We provide independent and honest RICS valuations for shared equity properties.
What is Help to Buy or Shared Ownership?
Help to Buy is a housing scheme which allows you to buy a part-share in a home, and pay a discounted rent on the remainder, which is waived for the first 5 years.
Similar schemes exist on a Shared Equity or Shared Ownership basis.
The size of the share of the property you can initially purchase is usually between 25% and 75% of the home’s market value. But over time you may be in a position to increase your owned share. You can usually do this in increments of 10% and it’s called “staircasing”. When you increase your share of the property, the amount of rent you pay goes down.
When will I need a Help to Buy or Shared Ownership Valuation?
When you decide to “staircase” a formal valuation of the property will be required, and you will need to use an independent RICS-registered chartered surveyor to carry out the valuation, such as Donald Leslie & Co.
Or if you are planning on selling the property altogether, you will also need a formal market valuation carried out by an independent RICS-registered chartered surveyor.
A Help to Buy or Shared Ownership Valuation must follow strict rules. For example, the surveyor cannot be related to you, and must be independent of an estate agent. We will need to inspect the interior of the property and provide a full valuation report (not a survey) that follows strict guidelines.
The Help to Buy or Shared Ownership valuation lasts for 3 months, which should be adequate time for your housing association to assess the report. But if there are any delays, then you can always get back in touch with us to extend the period of the valuation.
At Donald Leslie we have 25 years’ experience of the property markets in the Buckinghamshire and Hertfordshire areas. We can cover any shared ownership property within a 25-mile radius of our Amersham office, including Hemel Hempstead, Aylesbury, High Wycombe, Maidenhead, Windsor, Slough, and St Albans. We can also survey properties in Gerrards Cross, Beaconsfield, Rickmansworth, Chorleywood, Princes Risborough, Thame, Chesham, Berkhamsted, Tring, Harrow, Pinner, and Uxbridge plus all the villages in between. And we frequently also travel to parts of North, West and Central London.
This also means we are familiar with the criteria requested by many local and national Housing Associations and the Help to Buy scheme. Please contact us and we’ll be happy to chat through the process with you.