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    • rabh
    • By rabh 19th Jun 15, 8:42 AM
    • 29Posts
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    rabh
    How to pick recommended RICS surveyor, for shared ownership staircasing?
    • #1
    • 19th Jun 15, 8:42 AM
    How to pick recommended RICS surveyor, for shared ownership staircasing? 19th Jun 15 at 8:42 AM
    We're in a shared ownership flat, and after a wage increase and coming into a bit of money, would like to staircase to increase our share. From speaking to the housing group (in London), they've sent through a list of 4 recommended independant RICS surveyors that we have to pick from. Once we pick one and tell the housing group, the housing group will instruct them to come up with a valuation. A report is then sent to us.

    Does anybody have any advice on how we pick one? We have nothing really to go on, other than price. All the surveyors are based fairly close to each other in East London (our flat is in South East London).

    Is there anything stopping me from going directly to all 4, paying them to produce valuation reports, and then telling the housing association to instruct the cheapest one to come up with our valuation? The cost of paying for 4 valuations (around £800) would be covered by any savings if there are differences between the valuations.

    Any advice from somebody who has been through the process would be very much appreciated.
Page 1
    • LJS2014
    • By LJS2014 19th Jun 15, 2:51 PM
    • 85 Posts
    • 42 Thanks
    LJS2014
    • #2
    • 19th Jun 15, 2:51 PM
    • #2
    • 19th Jun 15, 2:51 PM
    Not sure if it's the same company but as I have sold my flat which was purchased using the Help To Buy scheme I had to get an independent RICS valuation and was provided with 4 that were on their panel. (This is Housing Options Plus I'm talking about - not sure if you're dealing with the same people.) I opted for E-surv and was impressed with them, agreed to the t's & c's and paid the survey fee Monday lunchtime - the valuer came round Tuesday morning. I've just had the valuation approved by HOP which is good so now the sale can go ahead - just need to complete before the valuation expires as they put a 3 month time limit on it.

    • rabh
    • By rabh 19th Jun 15, 2:53 PM
    • 29 Posts
    • 1 Thanks
    rabh
    • #3
    • 19th Jun 15, 2:53 PM
    • #3
    • 19th Jun 15, 2:53 PM
    Not sure if it's the same company but as I have sold my flat which was purchased using the Help To Buy scheme I had to get an independent RICS valuation and was provided with 4 that were on their panel. (This is Housing Options Plus I'm talking about - not sure if you're dealing with the same people.) I opted for E-surv and was impressed with them, agreed to the t's & c's and paid the survey fee Monday lunchtime - the valuer came round Tuesday morning. I've just had the valuation approved by HOP which is good so now the sale can go ahead - just need to complete before the valuation expires as they put a 3 month time limit on it.

    Originally posted by LJS2014
    Thanks, that's interesting to know. Ours is One Housing Group.

    What did you think of the valuation? Was it in line with what estate agents in your area list properties at, or below/above?

    That's a pretty quick turnaround, I'm hoping ours can get sorted as quickly.
    • libf
    • By libf 19th Jun 15, 3:11 PM
    • 996 Posts
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    libf
    • #4
    • 19th Jun 15, 3:11 PM
    • #4
    • 19th Jun 15, 3:11 PM
    I picked the cheapest on the list.
    • LJS2014
    • By LJS2014 19th Jun 15, 3:18 PM
    • 85 Posts
    • 42 Thanks
    LJS2014
    • #5
    • 19th Jun 15, 3:18 PM
    • #5
    • 19th Jun 15, 3:18 PM
    The RICS part of things was so quick - once I submitted the valuation I had to chase HOP to get a response from them but finally got there in the end. Per the info pack they gave me, they were supposed to approve the valuation within 10 working days but it took double that and now they need another 10 working days to contact my solicitor with their bank details for redemption.

    With regards to the valuation itself I found it a little on the low side. I actually had 4 different estate agents come round and give me valuations too so that I had a decent basis for comparison. The estate agent's valuations were pretty much in line with what I sold for whereas the RICS valuer came in at a lower value. Luckily my sale price is higher than the valuation so it doesn't matter to HOP because they will take back 20% of the higher value so in this case the sale price.

    Depending on if you have a newbuild house/flat, the advice I was given by the valuer is that many are sold at such a premium they can take years to get back to the value you paid for them so if it has only been a couple of years since you bought, you might find the valuation is lower and therefore you'd stair-case at a cheaper price.

    All depends on area too of course.
    • libf
    • By libf 19th Jun 15, 3:40 PM
    • 996 Posts
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    libf
    • #6
    • 19th Jun 15, 3:40 PM
    • #6
    • 19th Jun 15, 3:40 PM
    Depending on if you have a newbuild house/flat, the advice I was given by the valuer is that many are sold at such a premium they can take years to get back to the value you paid for them so if it has only been a couple of years since you bought, you might find the valuation is lower and therefore you'd stair-case at a cheaper price.

    All depends on area too of course.
    Originally posted by LJS2014
    When I bought the full market value on my new build flat in Oxford was £138,000. The valuation for my sale after 4 years was £185,000.
    • ££sc££
    • By ££sc££ 19th Jun 15, 4:10 PM
    • 228 Posts
    • 119 Thanks
    ££sc££
    • #7
    • 19th Jun 15, 4:10 PM
    • #7
    • 19th Jun 15, 4:10 PM
    "Is there anything stopping me from going directly to all 4, paying them to produce valuation reports, and then telling the housing association to instruct the cheapest one to come up with our valuation?"


    sounds like a good idea. I'd just send the cheapest one to the H.A. you can usually use your own surveyor to as long as RICS but double check first. also you may get a cheaper rate going through H.A (as they send so much work the surveyors way)
    • AMG1362
    • By AMG1362 15th Mar 17, 3:32 PM
    • 1 Posts
    • 0 Thanks
    AMG1362
    • #8
    • 15th Mar 17, 3:32 PM
    • #8
    • 15th Mar 17, 3:32 PM
    Hi there...I am facing a similar dilemma and was wondering how did you approach this and what was the outcome… your help is greatly appreciated...
    • Grant Urismo
    • By Grant Urismo 15th Mar 17, 11:46 PM
    • 41 Posts
    • 15 Thanks
    Grant Urismo
    • #9
    • 15th Mar 17, 11:46 PM
    • #9
    • 15th Mar 17, 11:46 PM
    RICS valuers are totally honest and independent, will all give exactly the same value and to suggest otherwise would be unthinkable. None of them would ever dream of cozying up to a housing group that gives them a really large portion of their work by offering low rates in return for valuation that favoured the housing group.

    You would certainly never, ever be able to double cross a housing group by telling them you wanted to sell, receiving a very low valuation and then 'changing your mind' and deciding to buy at that same RICS agreed value.

    This never happens, because that would imply something corrupt and illegal was going on, which can;t possibly be the case!

    On a totally unrelated matter, I just staircased to 100% for about 40k less than I expected. It turns out my 4 bed semi has an independent RICS value 15k less than a terraced 3 bed over the road that was built at the same time.

    I wonder how that could have happened?
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