PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Shared ownership staircasing valuation

Options
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:

Comments

  • eddddy
    eddddy Posts: 17,944 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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
    booksurr Posts: 3,700 Forumite
    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
    suki1964 Posts: 14,313 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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
    gazzabboi Posts: 210 Forumite
    Ninth Anniversary 100 Posts Combo Breaker
    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.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.5K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.