Shared Ownership Valuation in Chorley

A shared ownership valuation is a specialist assessment carried out by a RICS registered valuer to determine the market value of your leasehold interest in a shared ownership property. Unlike a standard mortgage valuation, this specifically calculates the value of the share you own, not the full property value. The valuation is essential for several transactions, including when you want to buy additional shares (staircase), remortgage your portion of the property, or sell your share on the open market.

The process involves a physical inspection of your Chorley property by one of our qualified valuers, who will assess the overall condition, location, and comparable sales in the local area. We measure room dimensions, note the property's general condition, and photograph relevant features for the formal report. For properties in developments like Saxon Fields in Euxton or Jubilee Gardens, the valuer will also consider the specific terms of your lease, the remaining length, and any restrictions on occupation or subletting that may affect the value.

Our valuers use the RICS Red Book valuation methodology, which is the recognised standard for all mortgage valuations in the UK. This ensures our reports are accepted by every major UK lender and housing association. We analyse recent comparable sales data from the local Chorley market, including both shared ownership transactions and full market value sales, to arrive at an accurate valuation figure for your specific share percentage.

The report we provide will include both the full market value of your property and the value of your specific leasehold share. This dual figure is essential for staircasing calculations, where the housing association uses the full market value to determine the price of any additional shares you wish to purchase. Our reports also detail any issues identified during the inspection that might affect value, such as boundary disputes, alterations made without consent, or outstanding maintenance issues.

• Staircasing (buying more share)
• Remortgaging your share
• Selling your lease
• Inheritance planning
• Help to Buy transitions

Several circumstances require you to obtain a formal valuation of your shared ownership property in Chorley. The most common is staircasing, where you wish to purchase additional shares from your housing association. The housing association will require an independent RICS valuation to determine the price of the additional share you want to buy. This is a legal requirement under most shared ownership leases, and the valuation must be carried out by a RICS registered valuer.

Remortgaging is another common reason for obtaining a valuation. If you want to switch your mortgage deal or borrow additional funds against your share, your new lender will need a current valuation to assess how much they can lend. Most lenders require the valuation to be no older than three months at the time of your mortgage application, so timing is important. We recommend obtaining your valuation before you have a firm mortgage offer in principle to avoid delays.

If you decide to sell your share on the open market, potential buyers will need a valuation to secure their mortgage, and the housing association will also require a copy of the report. The valuation helps set the correct asking price for your share and provides transparency for all parties involved in the transaction. Some Chorley residents may also need a valuation for inheritance planning purposes or if their housing association conducts periodic lease reviews.

The Chorley property market has seen steady growth of around 2% annually, with certain developments showing stronger appreciation depending on location and property type. Our valuers stay current with these local market trends, ensuring your valuation reflects the most up-to-date conditions in your specific area, whether your property is in Euxton near the new Jubilee Gardens development or in the town centre.

Several local factors specific to Chorley can influence the valuation of your shared ownership property. The town has seen significant new development activity, with over ten active sites bringing new housing to the area. This increased supply can impact property values, and our valuers stay current with trends across developments like Jubilee Gardens in Euxton (prices ranging from £319,995 to £474,995) and Elmbrook Park in Coppull (with four-bedroom homes from £449,995).

Chorley's location between Manchester and Preston makes it attractive for commuters, and properties near the railway station or with good access to the M6 and M61 typically command premium values. The A581 and A6 corridors provide excellent transport links, and areas like Euxton and Clayton-le-Woods benefit from this connectivity. Properties within walking distance of Chorley railway station, which offers regular services to Manchester, Preston, and Bolton, often achieve higher valuations due to this convenience.

The town centre has seen regeneration in recent years, and conservation areas like those containing the 53 listed buildings (including Astley Hall, a Grade I listed building) add character but may impose restrictions that affect valuations. Properties in designated conservation areas may require additional considerations for listed building status, and our valuers understand how these factors can both constrain and enhance property values in Chorley.

Flood risk areas near the Black Brook and River Yarrow are also considered during valuations, though most residential areas have low surface water flood risk. The Black Brook at Chorley, particularly around Heapey Road to Cowling, falls within a Flood Warning Area, and our valuers check these specific locations when assessing properties. Surface water flood risk is predominantly low across most of Chorley, with approximately 2% of certain development sites in the high-risk zone.

The age and construction of properties in Chorley varies considerably across different neighbourhoods. Older properties, particularly those originally built as farmhouses, were constructed of sandstone with slate roofs, while Victorian and Edwardian terraces use traditional red brick construction. Modern developments like those at Elmbrook Park incorporate contemporary construction methods with a range of high-quality materials. For shared ownership properties in historic buildings or conservation areas, additional considerations may apply, and our valuers are experienced in assessing these factors accurately.