Shared Ownership Valuation in Rochdale

A shared ownership valuation is an official assessment of your property's full market value carried out by a RICS-registered valuer. It is required when you want to staircase to a higher equity share, remortgage your shared ownership property, or sell your share. The valuation provides the full market value, the value of your current share, and calculations for any additional share you wish to purchase. This is different from a standard mortgage valuation as it specifically addresses the shared ownership model where you own a percentage of the property and pay rent on the remaining share. In Rochdale, this valuation must meet the specific requirements of your housing association, whether that is Rochdale Boroughwide Housing, Great Places Housing Group, or another provider.

Shared ownership valuations in Rochdale typically cost between £200 and £350, depending on the complexity of the property and the specific requirements of your housing association. Larger properties such as detached houses may be at the higher end of this range, while smaller flats and terraced properties may be less expensive. The fee is usually payable by the homeowner, though some mortgage products may include valuation costs. We provide clear, upfront quotes with no hidden fees, and the cost may vary depending on whether your property is in the town centre, a suburban area like Middleton, or a more rural location like Littleborough. Properties requiring additional assessments, such as those in flood risk areas or former mining areas, may incur additional charges.

The valuation process in Rochdale typically takes 5-7 working days from the date of the property inspection. The inspection itself usually takes 30-60 minutes depending on the property size. We understand that staircasing can be time-sensitive, especially when you have agreed a purchase price for additional equity with your housing association, so we aim to complete valuations as quickly as possible while maintaining accuracy and thoroughness. If you have a specific deadline for your staircasing transaction, please let us know when you book, and we will do our best to accommodate your timeline. Our team will keep you updated throughout the process and let you know as soon as the report is ready.

If the valuation shows your property has decreased in value since you purchased it, this can affect your staircasing options. When staircasing, you must pay the valuation price for the additional share you wish to buy, regardless of whether this is more or less than you paid for your initial share. If your property has decreased significantly, you may find that the amount needed to staircase has reduced, which could actually benefit your position. However, if you have a Help to Buy equity loan, there may be additional considerations regarding how the decrease affects your repayment amount. Our valuers will provide a comprehensive report showing how the valuation was calculated so you understand the figures and can make informed decisions about your staircasing options in the current Rochdale market conditions.

Yes, a shared ownership valuation can be used for remortgaging purposes. However, you should check with your mortgage lender to ensure they accept the valuation for their purposes, as some lenders may require their own valuation. The shared ownership valuation provides the full market value which is useful for remortgage applications, but your lender may also want to see the valuation of your specific equity share. Our report covers both aspects to ensure it meets most lender requirements. When remortgaging a shared ownership property in Rochdale, lenders will also consider the remaining lease term and the terms of your housing association lease, so make sure to have these documents to hand when speaking to your lender.

You will need to provide details of your current lease, including the share you currently own and the housing association that holds the remaining lease. We will also need copies of any previous valuation reports if available, details of any improvements or alterations you have made to the property, and information about your mortgage. Your housing association may also require specific documentation, such as confirmation of your service charge payments or any permissions granted for alterations. Our team will guide you through this process when you book your valuation and provide you with a checklist of everything we need. If your property has had any structural work or extensions, providing the planning permissions and building regulation completion certificates will help ensure an accurate valuation.

If your shared ownership property is an older property in Rochdale, particularly one built before 1919, you may benefit from a RICS Level 2 or Level 3 survey in addition to the shared ownership valuation. These surveys provide a more detailed assessment of the property's condition and can identify issues such as damp, structural movement, or roofing problems that are common in older properties in the area. Given that Rochdale has a significant proportion of housing stock built before 1919, with many solid-walled terraced properties, a detailed survey can be valuable for understanding the true condition of your property before committing to staircasing. Our team can advise on whether a survey would be beneficial for your specific property.

Several Rochdale-specific factors can influence your property valuation, including the local geology which features clay-rich soils that can cause subsidence or heave in some properties, particularly if there are nearby trees. Flood risk is another consideration, with areas near the River Roch, River Irk, and River Spodden having higher flood risk that can affect insurance and desirability. The ongoing regeneration of Rochdale town centre is having a positive impact on property values in central areas, while properties in areas with good primary schools and local amenities may command a premium. Our valuers understand these local factors and will consider them when preparing your valuation report, ensuring you have an accurate assessment that reflects the realities of the Rochdale market.