Selling your home
You can sell your shared ownership home at any time. If you own a 100% share of your home, you can sell it on the open market. For example, through an estate agent. If you do not own a 100% share of your home, you must tell your landlord (Housing Association) when you want to sell your home. You must then obtain a valuation from a surveyor who is a registered valuer with the Royal Institution of Chartered Surveyors (RICS). The sale price of your home will be based on this valuation. Either you or your landlord will need to arrange the RICS valuation. Ask your landlord what their policy is. You’ll still need to pay for the valuation.
At Lockwood Chartered Surveyors we will provide you with an independent and accurate assessment of the market value which will be contained within a report that is acceptable to your Housing Association.
What is staircasing?
You can buy more shares in your home after you become a shared owner. This is known as ‘staircasing’. When you buy more shares, you’ll pay less rent to the landlord on the rest of the property. The amount of rent you pay will be based on the share you do not own. If you buy additional shares, you may need a solicitor to update your lease. You can buy shares until you own a 100% share of the property, however it is worth noting that in some cases staircasing restrictions may apply.
You'll need to pay for a valuation by a surveyor who is a registered valuer with the Royal Institution of Chartered Surveyors (RICS). Your landlord will let you know whether they’ll arrange the valuation or you need to arrange it yourself. Your landlord will tell you the price of the share after the valuation.
If you’ve made home improvements which affect the value of your home, the valuation must show 2 amounts:
the current market value - this is the home’s value including any increase because of home improvements.
the unimproved value - this is the home’s value ignoring any home improvements carried out.
If you have your landlord’s written permission to carry out the home improvements, the price of additional shares is based on the unimproved value.
If you did not get your landlord’s written permission, the price of the additional shares is based on the current market value. This price is likely to be higher.
Lockwood Chartered Surveyors are highly experienced in carrying out valuations for this purpose. Below are just a few of the housing associations that we have been involved with. We are trusted for our impartial, consistently high and professional service.
Andrew carried out a house valuation for us and I honestly couldn't be happier with the service. They were very flexible on timing, turned it around way quicker than I had even hoped and it was a very personal service - really happy and will recommend to others! Thanks again
Andrew and Sandrine were very good at communicating and getting my survey done quickly. Comparables were fair and varied
Friendly and professional
A thorough and professional service.
Andrew surveyed my property yesterday morning. He was punctual, professional and friendly, with excellent communication skills. He was also informative, answering all of my questions, and I have already received the survey report this morning. I highly recommend Lockwood Chartered Surveyors.
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Andrew at Lockwood was superb from start to finish. Firstly I got quoted absolutely mega bucks by a national surveyor company to perform a grade 3 survey who were based in Manchester so I rang Winkworth who I was purchasing a property from and they recommended Lockwood and also Gilson Bailey confirmed to me they were highly regarded as one of the best in and around Norwich. Within 5mins of ringing they sent me a quote which was over half the price I’d originally be quoted so obviously I took the plunge.
The survey was very in depth and super informative. Andrew sent a drone above the house to notice the roof basically needed a complete renovation removing all old tiles and replacing for new, fix chimneys, felt & lead flashing etc which I knew was going to cost thousands.
I got prices in from local roofing companies which were around the £20k mark. I then managed to renegotiate my purchase price with the seller and they agreed to take the full amount off. So Lockwood basically saved me £20k!!!