Shared Ownership valuations

Shared ownership valuations are required if you have purchased a property using a shared ownership scheme and wish to sell the property or purchase a larger share of the property. Housing associations (also known as HA) often offer a shared equity of property ownership. Housing associations have different rules regarding selling properties and repayment of loans.

The following rules are common throughout most Housing Associations.

If you wish to sell or pay off part of your loan, you will need to obtain an independent valuation from an RICS accredited Valuer. The practice should also be regulated by the Royal Institution of Chartered Surveyors. The valuer should be independent from any estate agency. Valuations should be carried out in accordance with the RICS Red Book ( a set of professional and ethical standards that valuers / valuations must adhere to.

Depending on the housing association and the reason for the valuation, home improvements that you have made may or may not be taken into account when assessing the current value of your home so you should check with your housing association if this is required and have relevant details for the surveyor if possible.

The surveyor will inspect the property and look at:

• Construction type

• Age

• EPC banding.

• Location

• Size

• Room type and quantity.

• The general condition of the property will also be taken into account, but will not be inspected in detail ( a condition schedule or building surveyor will not be undertaken).

Things to be aware of:
The valuation will be based on the surveyor’s observations, local knowledge and comparisons with recent sales of like-for-like properties in the local area.

The valuation is normally valid for 3 months.

If you need to renew the valuation after this period because your sale has not completed then we will need to carry out desktop research to extend the valuation for a further 3 months.

Probate Red Book Valuation

When applying for the grant of probate an RICS Red Book valuation should be obtained to ensure that any property included with the estate is accurately valued.

An RICS Red Book valuation will provide an accurate reflection of what the property would sell for on the open market on the date that the owner died.

Valuation Go are able to provide this service for you, please contract us for our fees .

RICS Redbook Rebuild and Reinstatement Insurance Valuations

When you get a home insurance quote, most insurance providers will ask for an estimated rebuild or reinstatement cost. The first question most people ask is:

What is rebuild or reinstatement valuation?

If your home was completely destroyed in a fire or flood, the rebuild value (also known as a reinstatement value) is the amount it would cost to rebuild the property from the ground up.

Rebuild / reinstatement value includes:

• The fees for professionals, e.g. engineers, architects and surveyors.

• The cost for demolishing and removing what remains of the original property from site.

• The cost of materials, plant and labour needed to rebuild the property to the same standard as the original property.

Its important that the rebuild cost that you provide your insurer for them to base their quote on is accurate. If you over estimate, you will pay more than you need. If you estimate is too low, you will end up having to pay the shortfall in the event of a claim.

Can the rebuild value be higher than the properties market value? 

The rebuild cost can be higher than the market value. An old timber framed cottage will more to reinstate than a modern brick-built home, materials and labour would both be more expensive. 

Can I estimate the value online Myself?

You can do an estimate yourself on an online property calculator such as The Building Cost Information Service (BCIS), which is part of the Royal Institution of Chartered Surveyors (RICS), but this tool is limited and in our opinion is only suitable for standard construction modern properties.

When should I contact Valuation Go?

If your property falls into any of the following categories it’s worth arranging an independent assessment to determine the rebuild value:

• Properties made of non-standard materials (anything other than brick).

• Listed buildings, or homes with historical significance.

• Properties built to a high finish quality standard.

• Properties with special design or architectural features.

• Properties with large high end hard landscaped areas.

Also contact us if you are in doubt and have questions, or if you don’t want to take the risk of valuing your property if it is modern or traditional construction.