Shared Ownership Valuation in Berwick-upon-Tweed

A shared ownership valuation is a specialised assessment required by mortgage lenders, housing associations, and leaseholders when any transaction involves the equity share element of a shared ownership property. Unlike a standard property valuation, this process examines the full market value of the property and then calculates the value of your specific share, factoring in the rent payable on the unsold portion and any provisions for staircasing.

In Berwick-upon-Tweed, where the property market combines historic town centre properties with new developments like Seton Hall and Seton Gardens in the TD15 area, valuations must account for the unique characteristics of each property type. Traditional sandstone properties in the conservation areas around the Royal Border Bridge and the old town require different considerations than modern homes with contemporary construction methods.

The valuation report must be carried out by a RICS registered valuer and is typically required for several scenarios: when you wish to purchase additional shares through staircasing (increasing your ownership from 25% to 50% or higher), when you are remortgaging your shared ownership property, when you want to sell your share on the open market, or when your mortgage lender requires a revaluation for their records.

• Staircasing valuations
• Remortgaging assessments
• Resale valuations
• Mortgage lender requirements
• Housing association staircasing applications

Berwick-upon-Tweed has seen significant investment in affordable housing through shared ownership schemes, particularly from Bernicia Homes. The Seton Hall development in Tweedmouth, located just one mile from the town centre, offers a mix of 2, 3, and 4-bedroom bungalows and family homes with shared ownership options starting from just £42,500 for a 25% share of a 2-bed bungalow.

Seton Gardens nearby features 2-bedroom semi-detached homes available through shared ownership at £51,300 for a 25% share, with monthly rent charges of approximately £372 for the unpurchased portion. These new build properties typically offer modern energy efficiency standards and lower maintenance costs compared to older properties in the area, which can positively influence valuation outcomes.

The Cornhill Road development in East Ord, also by Maden Eco Homes, adds to the shared ownership stock with 2, 3, and 4-bedroom properties. With phase 1 already complete and phase 2 underway, these properties represent the growing availability of shared ownership options in the Berwick-upon-Tweed area, making specialist valuations increasingly important for homeowners looking to staircase or remortgage.

Staircasing is the process by which shared ownership leaseholders purchase additional shares in their property, gradually increasing their ownership until they potentially own 100% of the property. In Berwick-upon-Tweed, this process typically begins with obtaining an independent RICS valuation that determines the current market value of your property.

Once you have your valuation, you can apply to your housing provider (such as Bernicia Homes) to purchase the additional shares you desire. The price you pay is based on the valuation figure, so if your property has increased in value since you purchased it, staircasing will cost more but also means you have built up more equity. Most homeowners in Berwick-upon-Tweed start with a 25% share and staircase in 10-25% increments.

that some leases may have restrictions on staircasing, such as limits on how many times you can staircase or requirements around minimum shares. Your valuation report will include details about your specific lease terms and any implications for staircasing. Our valuers can also advise on whether a full valuation or an updated assessment is more suitable for your circumstances.