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Book in your RICS Shared Ownership Valuation in Coventry

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The best place to instantly book RICS Shared Ownership Valuations in Coventry

With thousands of successful bookings, Homemove is the UK's leading provider of RICS Shared Ownership Valuations in Coventry. Trusted by homeowners nationwide, we guide you from preparing your property for sale to arranging comprehensive Help-to-Buy valuation, ensuring every step of your home-moving journey is smooth and on track.

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Hero For Coventry RICS qualified Shared Ownership Surveys

The surveyors in Coventry we work with:

are both RICS qualified and registered
are independent of any estate agent
will inspect the inside of the property
will provide at least 3 comparable properties
comparables will be like-for-like in type, size and age, and within 2 miles of your property

Homemove Level 3 RICS Surveyors Coventry

Compliant Shared Ownership Valuations

Signed and dated by the surveyor

It's required that the valuation report is signed and dated by the surveyor.

Headed paper

Your help to buy will be put on headed paper as required.

Supplied as a PDF file/document

Your surveyor will provide your report in a bespoke pdf ready to be sent.

What are your Shared Ownership options?

Staircasing

You'll need a shared ownership valuation if you're planning to 'staircase', or buy more shares in your home after ownership. The cool part? Buying more shares means paying less rent because it's calculated based on the landlord's remaining stake. Usually, you can buy increments of 10% or more whenever you fancy. Be mindful though, some older leases only let you snag 25% or more at a time, while some new ones let you get as little as 5%. The price tag on your new share? It's all about your home's value when you decide to buy that share.

Homemove Homes England Shared Ownership Surveyors

Buying shares of 5% or more

A shared ownership valuation by a RICS-registered surveyor in Coventry is required, and you'll need to cover the cost. Your landlord will inform you whether they'll arrange this or if it's up to you. The price of the additional share will be revealed post-valuation. Keep in mind, your landlord might impose an administration fee each time you purchase a share of 5% or more. This fee, determined by the landlord, can range roughly from £150 to £500. If you're interested in purchasing more shares, please do so within 3 months of the valuation date. If you exceed this time, a new valuation will be necessary. You don’t need to fork out for a full valuation though, the surveyor can just complete a desktop valuation at a nominal fee.

Homemove Homes England Shared Ownership Surveyors in Coventry

Buying shares of 1%

If your home purchase happened on or after April 1, 2021, you might be able to snag shares as small as 1%. To confirm this, check the key info doc for your home to see if 1% shares are on the menu. If you qualify, you can purchase a 1% share each year for your first 15 years as a homeowner. Just a note - you can't buy shares of 2%, 3%, or 4%. The cost of a 1% share will be based on your home's original price, adjusted according to the House Price Index (HPI). Your landlord will hand over an HPI valuation at least annually, or any time you want to buy a 1% share. You or your landlord have the option to opt for a RICS valuation instead of HPI. Remember though, whoever requests the RICS valuation foots the bill. The most recent RICS valuation will then serve as the base for future HPI valuations. You can't accumulate unused 1% share buying options for future years. And the cherry on top? Your landlord won't charge an admin fee when you buy a 1% share.

Valuations and home improvements

If you've upgraded your home and it's affected its value, the valuation needs to highlight two figures:

the current market value in Coventry - reflecting the boosted value thanks to your home improvements
the unimproved value - indicating the home's worth without considering the improvements you've made

If you've got written permission from your landlord to carry out the improvements, the cost of additional shares will be based on the unimproved value. If you skipped getting your landlord's written okay, then the cost of extra shares will rely on the current market value, which, just so you know, could be higher.

FAQ

What is the maximum share you can own with shared ownership?

For most shared ownership homes, the maximum share you can own is 100%. There are some exceptions. In some places, called ‘designated protected areas’, you may only be able to buy a share of up to 80%. Check with the landlord. If you buy an Older Persons Shared Ownership (OPSO) home the maximum share you can own is 75%.

What are the legal fees required?

A shared ownership conveyancer can cost between £600-£750 depending on if you are using cash or a mortgage to purchase your share. If you need legal advice when you buy a share, you must pay your own legal fees. If you borrow money to pay for additional shares, you will need a legal adviser. The landlord must pay their own legal fees when you buy more shares (staircase).

How much does a Shared Ownership valuation cost in Coventry?

You can expect to pay between £195 - £850 for a shared-ownership valuation from a RICS surveyor in your area depending on the property price and the number of bedrooms the property has. The bigger the property the more time it takes to complete the valuation and find comparable property sales.