Shared Ownership Valuation in M25 Manchester

A shared ownership valuation is a specialised assessment of your property's market value, required by housing associations and mortgage lenders when you want to staircasing (buy additional shares), remortgage, or sell your share in a shared ownership property. Unlike a standard mortgage valuation, this report provides a detailed breakdown of your property's full market value and the value of your specific share, which housing associations use to calculate premiums, fees, and sale prices.

In the M25 area, where shared ownership has become increasingly popular due to rising property prices in Greater Manchester, having an accurate valuation is essential. The valuation considers factors unique to shared ownership properties, including lease terms, remaining years on the lease, the percentage share you currently own, and any restrictions in your lease agreement. Our valuers also factor in local market conditions specific to Prestwich and surrounding areas, where property values have shown steady growth of 2.81% over the past year.

The report includes a RICS Red Book valuation which is compliant with the Royal Institution of Chartered Surveyors standards, ensuring it is accepted by your housing association and mortgage lender. This is particularly important for properties in new developments like The Fairways or The Pastures in Prestwich, where the shared ownership element adds complexity to the valuation process.

• Staircasing assessments
• Remortgage valuations
• Shared ownership resales
• Help to Buy valuations
• Housing association compliance

Staircasing is the process by which shared ownership leaseholders can purchase additional shares in their property, eventually owning 100% of the home. In the M25 area, where property prices have risen to an average of £340,000, many homeowners are looking to staircase to increase their equity and reduce their monthly rent payments to the housing association. The staircase process can be completed in stages, typically starting from a minimum 10% increment, though this varies depending on your lease agreement with the housing association.

When you staircase, the housing association uses the current market valuation to calculate the price of the additional share you wish to purchase. Our valuations provide the accurate, up-to-date market assessment required for this process. The valuations consider factors such as your property's location within Prestwich or surrounding areas, the condition of the property, and current market conditions in Greater Manchester. We also account for any unique features or improvements you have made that may increase the property's value.

Properties in certain parts of M25, particularly those in conservation areas like Prestwich Village or Sedgley Park, may have additional considerations that affect their value. Our valuers are familiar with these local factors and ensure they are properly reflected in your valuation report. Additionally, if your property is in an area with flood risk, which includes parts of Prestwich with medium to high surface water flooding risk, this will be noted in your report as required by mortgage lenders. This transparency helps you make informed decisions about your property purchase.

It is worth remembering that staircase valuations are valid for a limited period, typically three months. If your staircase application is delayed beyond this period, the housing association may require a fresh valuation to ensure the price reflects current market conditions. Our team can advise you on the validity period of your valuation and whether a revaluation would be needed if there are significant delays in your transaction.

The M25 postcode area, particularly around Prestwich and Whitefield, has a history of coal mining activity. This means some properties in the area may be affected by past mining operations, which can cause ground instability and affect property values. While not all properties will be affected, mortgage lenders often require a mining search as part of the valuation process for properties in former mining areas. The Coal Authority maintains records of past mining activity, and our valuers can advise whether a formal mining search is recommended for your specific property.

Our valuers are aware of these local issues and will recommend appropriate searches if necessary. If a mining search reveals potential issues, this will be reflected in your valuation report. Additionally, properties in conservation areas such as Prestwich Village Conservation Area or Sedgley Park Conservation Area may have restrictions on alterations that can affect their value and marketability. These restrictions are important to understand, particularly if you are considering making improvements to your property as part of a staircase application.

The geology of the M25 area also includes glacial till (boulder clay) overlying Permian and Triassic sandstones, which can present shrink-swell risks in clay soils. This is particularly relevant for older properties in the area, which include a mix of Victorian and Edwardian homes alongside post-war and modern developments. Our valuers consider all these factors when assessing your property, ensuring the report captures any issues that could affect its value or marketability. If significant structural concerns are identified, we may recommend a more detailed RICS Level 3 Building Survey to provide you with comprehensive information before proceeding with your transaction.

Flood risk is another consideration for properties in parts of Prestwich. While the overall risk from rivers and the sea is very low, certain areas have medium to high surface water flooding risk, particularly during periods of heavy rainfall. Our valuation reports will include any relevant flood risk information, and we can advise on whether additional investigations or flood risk assessments may be required by your mortgage lender.