Red Book reports for staircasing, assignment, remortgage, and lease extension.
Regulated
Our RICS-registered valuers produce a Red Book valuation for shared ownership homes in Lurgan, with a fixed fee from £350 and a report turnaround within 5 working days of inspection. The report is written to RICS Valuation Global Standards, so it is ready for staircasing, final staircasing, a sale by assignment, re-mortgaging, or a lease extension. Around High Street and the newer schemes off Silverwood Road, that paperwork often matters more than the visit itself.
Shared ownership has a habit of creating extra admin just when you want things done. If you own a flat near Lurgan town centre, a semi on Victoria Street, or a newer home close to Gilford Road, the housing association will usually want a current Red Book report before it moves ahead. We keep the process direct, from booking the inspection to sending the finished valuation.
38,198
Population
7,387
Private households
40+
Town centre listed structures
2004
Conservation area designation
Using listing data from home.co.uk and property data from homedata.co.uk
Staircasing is the first trigger most people think of, and it is the one that causes the most timing headaches. If you want to buy more shares in a shared-ownership home near High Street or on one of the newer roads off Silverwood Road, the housing association will normally ask for a Red Book valuation before it prices the extra share. Final staircasing works the same way, only the instruction is for the last slice that takes you to 100% ownership.
Selling your share is different again, because the transaction is usually handled as an assignment. In Lurgan, that can mean a nomination period of 4 to 8 weeks while the housing association looks for a buyer before the property can be marketed more openly. Re-mortgaging also needs the valuation, since your lender wants an up-to-date figure for the home in Victoria Street, Kilmore Road, or anywhere else in County Armagh where the lease sits inside a shared-ownership scheme.
Lease extensions can need the same report, especially where the home sits in older stock around the town centre Conservation Area. The valuation is not just about the building, either. It tells the association what the current open market value is, and that figure then feeds the maths for the share you buy, sell, or re-finance.
In and around Lurgan, the request is usually simple, a Red Book report from a RICS-registered valuer, and a valuation date that is no more than 3 months old.
The open market value is the starting point for staircasing. If a home near Kilmore Road is valued at £290,000, a 25% share is worth £72,500 before the lease terms, notice periods, and any staircasing calculations are applied. That is why the figure matters so much. A small change in the valuation can move the price of the extra share by a few thousand pounds.
Older schemes in Lurgan usually allow 10% minimum staircasing steps, while New Model shared ownership homes can move in 1% increments after 2021. That difference matters if your home sits in one of the newer pockets around Victoria Street or Gilford Road. The valuer's job is to set the market figure, not to decide how the scheme itself works.
Tell us the property address in Lurgan, the lease type, and why you need the valuation. We use that to prepare the right Red Book report for staircasing, assignment, or a remortgage case.
We agree a visit time that works for you, whether the home is on High Street, Silverwood Road, or a newer street near Victoria Street. If the property is tenanted or still occupied, we work around that.
Our valuer inspects the home and looks at the features that affect value, such as condition, layout, size, and location. A flat in the town centre will be treated differently from a detached home off the Belfast-to-Dublin railway line.
We write the Red Book valuation and issue it within 5 working days of inspection. The report sets out the open market figure in a format your housing association will recognise.
You send the report to the housing association, lender, or solicitor as needed. If the association has a nomination period for a sale in Lurgan, the valuation is already in place before that process starts moving.
Shared-ownership valuations usually stay valid for 3 months from the inspection date. In Lurgan, that matters if your staircase paperwork, remortgage pack, or assignment sale is still being assembled while your application sits with the housing association. Book too early and you may need a fresh report before the deal completes.
Lurgan has a split personality that matters to valuers. The town centre Conservation Area, designated in 2004, contains over 40 listed structures, and some late 19th-century townhouses on High Street use locally quarried blackstone with yellow brick dressings. Older homes like that can behave differently from newer shared-ownership stock, so the comparable evidence has to be chosen with care.
Flood risk is part of the local picture as well. Lurgan was identified as an Area of Significant Flood Risk, with rivers flowing towards Lough Neagh and past flood events in August 2008, October 2011, and November 2014. A valuer will not turn the report into a flood survey, but a visible issue near Drumnamoe or another low-lying part of town can influence comparable selection and market judgement.
New-build activity is another factor. Recent schemes around Victoria Street, Silverwood Road, Kilmore Road, Gilford Road, and Cornakinnegar Road give the valuer nearby evidence for newer homes, while the older streets around the centre anchor the lower end of the local range. That mix matters for shared ownership, because the scheme often sits between the two, in a price band where buyers need a lower entry point than a full purchase.
In a Red Book valuation, the figure is the open market value, not the discounted share price. The valuer reaches that figure by comparing the home with local evidence from Lurgan, such as similar properties around High Street, Victoria Street, or the newer roads off Kilmore Road. If the home is a flat, a terrace, or a semi-detached house, the nearby comparables will not be identical, but they should be close enough to support a reasoned figure.
Can you challenge it? Usually, not on the basis that you hoped for a lower number. A re-inspection can be sensible if the valuer could not access a loft, garage, or outbuilding, or if a real condition issue changed after the visit. That is different from asking for a new figure simply because the one in the report feels awkward.
It is usually valid for 3 months from the inspection date. Housing associations tend to enforce that strictly, so if your home in Lurgan is in the middle of a staircasing or sale process, do not leave the booking too early.
Staircasing, final staircasing, selling your share, re-mortgaging, and lease extension are the usual triggers. If your property is on High Street, Silverwood Road, or Victoria Street, the same Red Book format is normally the one your housing association asks for.
In most cases, the leaseholder or seller pays. For staircasing in Lurgan, that means you. For an assignment sale, the person selling their share usually covers it, while a remortgage valuation is generally paid by the borrower.
Our Red Book report is issued within 5 working days of inspection. That gives people in Lurgan a quicker route to the housing association, which can matter when a nomination period is running on an assignment sale.
You can ask for a review if something relevant changed, such as access, condition, or missing information from the inspection. You usually cannot dispute it just because the number is not the one you wanted, especially once the valuer has used comparable evidence from Lurgan and the County Armagh market.
Most associations accept a Red Book report from a RICS-registered valuer, but some will insist on a shortlist or a named practice. If that happens, tell us the association's requirements before we inspect the home, and we will check the instruction against them.
New Model shared ownership homes, usually those sold after 2021, can allow 1% staircasing each year. Older schemes around Lurgan normally need 10% minimums, so the lease wording matters more than the postcode.
Final staircasing is the last purchase of shares so you own the property outright. Once that final share is bought, there is no rent left on the unsold share, and the home is fully yours.
Not quite. A shared-ownership sale is usually an assignment, and the housing association often has a nomination period of 4 to 8 weeks before the home can be marketed more openly. In Lurgan, that pause can be important if you are trying to line up a move from a flat near the town centre.
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Legal support for staircasing, final staircasing, or buying through assignment in Lurgan.
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Sale-side support if you are assigning your shared-ownership share.
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Remortgage support for shared ownership or full ownership cases in County Armagh.
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A Level 2 survey for homes where condition matters, including older stock in Lurgan town centre.
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Removal help for a move across Lurgan, Craigavon, or Portadown.
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Red Book reports for staircasing, assignment, remortgage, and lease extension.
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Homemove is a trading name of HM Haus Group Ltd (Company No. 13873779, registered in England & Wales). Homemove Mortgages Ltd (Company No. 15947693) is an Appointed Representative of TMG Direct Limited, trading as TMG Mortgage Network, which is authorised and regulated by the Financial Conduct Authority (FRN 786245). Homemove Mortgages Ltd is entered on the FCA Register as an Appointed Representative (FRN 1022429). You can check registrations at NewRegister or by calling 0800 111 6768.
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