A valuation report may be required if you want to buy more shares, borrow more money on your mortgage, or sell your home.
If you have been asked to provide a valuation report, this needs to be carried out by a surveyor who is registered with the Royal Institution of Chartered Surveyors (RICS) rather than an estate agent’s valuation. They will visit your home and look at what similar properties have sold for to work out the market value of your home.
Why do I need a valuation?
The Shared Ownership scheme is funded by the Government to help people get on to the property ladder. In order to protect this public investment, we need a valuation from a professional surveyor.
This helps both you and us be sure that the value is correct when we are working out how much your share is worth.
Who can I use to get a valuation report?
You can use any surveyor who is registered with the Royal Institution of Chartered Surveyors (RICS). The surveyor will also need to be independent of an estate agent looking after the sale (if applicable), and must not be related or known to you, to avoid any conflict of interest.
What does my valuation report need to show?
The surveyor firms on our panel provide reports which include all the information we need. If you are using a different surveyor, please ensure that the report contains:
- The open market valuation figure.
- At least three comparable properties and sale prices, that are like-for-like in terms of type, size, age and within a two-mile radius of the property being valued, as per RICS guidance.
The valuation report must be provided on headed paper and signed by the RICS surveyor including their name and RICS number. It should then be sent in a PDF or another non-editable document format.
How long is my valuation valid for?
Your valuation will be valid for three months. If you don’t complete your transaction within this time, we will need a new valuation – but this is usually cheaper than your initial valuation fee.
Most firms will offer a ‘desktop review’ where they consider how the market has moved since your valuation without visiting your home again. These are typically cheaper than getting a new valuation and can extend the report to be valid for a further three months.
If you have any feedback relating to surveyors, please do not hesitate to contact the officer dealing with your transaction or our designated Customer Service team on 0800 145 6663.