Our qualified RISC-registered surveyors in London & Sheffield offer a professional Staircasing Property Valuation service. We will provide you with an independent market valuation of your shared property ownership home, whether you’re looking to buy some or all of the remaining shares in the property.
Our valuations are specifically prepared for Staircasing purposes and meet all necessary requirements, including:
- Prepared by registered specialist Staircasing RICS Surveyors
- Market valuation reports including at least three comparable properties, analysis, and justification where possible
- Full internal and external inspections of your property
- Consideration for the number of years remaining on the lease, impacting the valuation accordingly
- Exclusion of any significant improvements regarding Staircasing property value
- Open market valuation will include any improvements made
- Our specialist Staircasing surveyors have extensive local knowledge of the South West London area, as required by the Royal Institute of Chartered Surveyors
- Valid for 3 months
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Staircasing Valuation Comparable Approach
When completing a Staircasing Property Valuation, our Staircasing RICS Surveyors will take a valuation comparable approach. This means comparing your property to other similar properties to help determine an accurate valuation. We will look at the material elements of the property, comparing them to that of comparable properties, within the constraints of available market evidence and geographical location.
Staircasing Valuation Analysis
RICS Surveyor’s staircasing appraisal has to take into consideration a broad range of macro-economic and local-geographic factors to be deemed accurate and trustworthy. It is for these reasons that lending institutions and stakeholders only rely on professionals, namely RICS Chartered Surveyors, for their opinions on property market value.
Following retrieval of appropriate comparable evidence, a detailed valuation analysis will be carried out by our RICS Surveyors to provide you with an accurate report. This involves making adjustments in sales figures achieved to capture the differences between your property and comparable properties.
Frequently Asked Questions
Depending on the terms of your lease, and on how long you have lived in your shared-ownership property, you may be able to buy further shares or all of the shares of your home. This is known as Staircasing.
Staircasing RICS Surveyors will conduct a variety of valuations and analyses on your home to determine the market value and, as such, how much the remaining shares are worth. From here, you can choose to buy some, or all, of those shares. Although, in most cases, you may only Staircase up to three times to take you up to owning 100% of the property.
A Staircasing Property Valuation is the first step to take when looking to Staircase your shared ownership property. This will help you determine the accurate market value of the property and the value of the remaining shares. The Staircasing Property Valuation is only valid for three months, so keep this in mind when planning your timeline.
The process of Staircasing can often take between 1-3 months to purchase an additional share in your property. The time that it may take to Staircase your way to full ownership of your property will depend entirely on the terms of your lease, and your ability to raise the additional funds. Time will also need to be afforded to Staircasing Property Valuations each time you choose to Staircase as the market value of the property will likely change during this time.
A Staircasing property Valuation is only valid for a three month period. If the Staircasing transaction isn’t completed within the three-month time frame, another valuation will have to be completed to get an updated current market value.
Right to Buy and Staircasing are similar, but not the same. Right to Buy is a process designed for those living in council houses that wish to purchase the property. Staircasing, however, refers to those living in a shared ownership home that wish to purchase additional shares in their property. Find out more about our Right To Buy property valuations here.
Staircasing works by allowing shared-ownership homeowners to buy a larger proportion of their house through shares. The more shares you buy in your home, the less rent you pay to your housing group. To staircase, you need to let your housing provider know what you intend to do. You will also need to arrange for a surveyor to do a current property valuation in order to determine how much additional shares will cost.
