Shared Ownership is a housing scheme which allows you to buy a share in a home worth between 25% and 75% of the property’s market value, and pay a discounted rent on the remaining share owned by the landlord or housing association.
When you buy an additional percentage, a formal valuation is required. The valuation, undertaken by a RICS registered valuer, will exclude the impact of any home improvements made at the share owner’s expense.
The surveyor will inspect the property and look at how it’s built, where it is and the size and number of rooms. The general condition of the property will also be taken into account, but will not be inspected in detail. The valuation will be based on the surveyor’s observations, local knowledge and comparisons with recent sales of like-for-like properties in the local area. The valuation is normally valid for 3 months.
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