Shared ownership staircasing valuation

gazzabboi

Hi All,

Im looking at stair casing my house to 100% ownership. I bought 2 years ago, so the prices have gone up a lot. I have been told I need a RICS valuation before I can buy. I obviously don't want somebody to overvalue the house because I will end up paying more for my shares. Can anybody recommend any surveyors who have given you a low-ish valuation. I have 35% remaining to buy back.
Thanks:beer:

eddddy

I can't recommend anyone. You need to be cautious about suggesting anything like this to an RICS surveyor.

It would be a breach of RICS bye-laws, and the surveyor could be fined or perhaps even struck off by the institute if they did this.

booksurr

the housing association or whoever owns the share you want to buy will have their own idea of its value and will have final say in what it is to be "sold" for. Your attempt to manipulate will fail

don't forget to allow for stamp duty if you didn't make a market value election when you bought your first share

suki1964

Your surveyor needs to go by the valuations of similier properties

S/he will value accordingly

You can also do your own research and challenge the valuation if you think it's too high, as will the HA if they think it's too low

You just have to accept the fact that prices have increased by ?%. That's the risk you take in buying SO


When we bought ours, prices had increased beyond the pale and we never staircased. However we had enough equity when we sold for it not to matter

gazzabboi

Thanks for the responses. I'm not looking to manipulate the price. I've just read on a few other threads how some valuations come in at a lot more than others, and at £250 a valuation, I don't fancy doing it twice.