Shared Ownership Valuation in B30

Shared ownership schemes involve a unique set of circumstances that require specialist valuation expertise. When you own only a percentage of your property through a housing association, any transaction whether you want to increase your share (staircase), remortgage with a different lender, or sell your share back requires a valuation that complies with RICS standards and your specific leasehold terms. Our valuers understand the complexities of shared ownership leases and the formulas used by housing associations to calculate equity values.

In the B30 area, we have valued numerous shared ownership properties across different housing developments. The district encompasses areas like Bickleton, Hill Hook, and parts of King's Norton, where shared ownership has provided an important pathway to homeownership for many local residents. Our reports are accepted by all major housing associations and lenders, ensuring your valuation meets the requirements of your specific scheme.

The valuation process for shared ownership properties involves assessing the full open market value of your home as if it were sold on the open market with 100% ownership, then calculating the percentage value of your equity share based on your current leasehold position. This figure is used by housing associations to determine prices for staircasing transactions or when selling the freehold. Our valuers take into account local market conditions in B30, recent sale prices of comparable properties, and any unique features of your specific property.

• RICS Certified Valuers
• Accepted by All Major Housing Associations
• Fast Turnaround Times
• Detailed Equity Assessment Reports

Staircasing the process of buying additional shares in your shared ownership property has become increasingly popular in the B30 area as property values have risen. When you staircase, you need an up-to-date valuation to determine how much the additional share will cost. The housing association uses this valuation to calculate the price based on the increase in your equity percentage. With average prices in B30 showing positive growth, many homeowners are choosing to staircase to gain full ownership of their property.

Our valuers understand the specific requirements of different housing associations operating in the Birmingham area. Whether your property is owned through a large national housing association or a regional provider, we ensure our reports contain all the information required for your staircase transaction. The valuation will clearly show the full market value and the proportional value of your current share, making it easy for you and your housing association to proceed with the transaction.

Staircase prices are calculated based on the current market value of your property, not the original purchase price. This means that if property values in B30 have increased since you bought your share, which they have by approximately 2.5% in the past year, staircase costs may be higher than initially expected. Getting an accurate valuation before committing to staircase helps you plan your finances effectively and understand the true cost of increasing your ownership share.

To ensure an accurate valuation, there are several things you can do to prepare for the inspection. First, gather any documentation related to your shared ownership lease, including details of your current equity percentage and any previous valuation reports. This information helps our valuer understand your specific situation and ensures the report is correctly formatted. You should also make note of any improvements you have made to the property since purchasing, such as a new kitchen or bathroom, as these may affect the valuation.

Our valuer will need access to all areas of the property, including bedrooms, bathrooms, the kitchen, and any loft or outbuildings. Please ensure access is available on the day of the inspection. If you have any special circumstances or concerns about the property condition, let us know in advance so our valuer can allocate appropriate time for the inspection. In the B30 area, many properties have features typical of Birmingham housing, including garages and rear gardens that will be assessed as part of the valuation.

When the valuation is complete, you will receive a comprehensive report that you can share with your housing association or mortgage lender. If you are staircase, the housing association will use our valuation figure to calculate the cost of your additional share. If you are remortgaging, your new lender will require the report as part of their affordability assessment. We can also provide the report directly to your solicitor if required, making the process as smooth as possible for your transaction.