A Shared Equity valuation, otherwise known as a Shared Ownership valuation, needs to be carried out by an RICS Registered Valuer. This is to provide a market value for the sale or purchase of your percentage share in your property.

It is likely that Shared Ownership schemes will be managed and owned by a Housing Association. If you are thinking of re-selling the property, you should consider the fact that your share in the home must be offered to the Housing Association first before you consider re-selling the property. It may be that the Housing Association does not wish to acquire your percentage, but in most cases, the Housing Association will also have a right to offer your property for sale.

If you intend to move home, you should contact the Housing Association before marketing. The purpose of this is to get their advice on the next steps you should take.

You will likely need a valuation regardless of whether the Housing Association offers to purchase your share or if you will need a specific time frame to consider selling the property, if an option for the Housing Association exists. A RICS-registered surveyor should be entrusted with the task of carrying out this survey. 

This is known as a Shared Equity valuation or a Shared Ownership valuation. The valuation determines 100% of the market value, and the different shares can be calculated.

Most Housing Associations have some particular rules regarding the valuation process. Some Shared Equity valuations, for instance, require that improvements made to the property since it was acquired be disregarded in the valuation.

For other Shared Equity valuations, request specific information from the surveyor regarding comparable evidence and the details within the valuation report. Housing Associations typically require RICS surveyors to be registered, and the firm is regulated directly by the RICS. All of our surveyors are RICS-registered, and we are regulated by RICS. 

Your surveyor will need specific information regarding the remaining lease term and any associated charges such as ground rent, service charge, building maintenance and insurance etc.

The comparable evidence the surveyor will compile should relate to properties of a similar style, layout and accommodation. In addition to being of similar age and having records of recent sales within the last 12 months. The more specific details of what the surveyor requires should be determined before the inspection.

The Shared Equity valuation will be provided to you in a PDF format and will be written to address the Housing Association. Again, this needs to be confirmed with the surveyor to prevent the report from being rejected. You will need to provide the Housing Association with a copy of the Shared Equity valuation once you receive it. In addition, you will need to provide any necessary documentation in support of this valuation.

Once your valuation is agreed upon, the specific process relating to that Housing Associations policy on buyback or marketing director will need to be confirmed. In the event that the property remains unsold over the required time period for marketing, you are likely to be allowed to market the property directly if the property remains unsold.