Shared Ownership – Equity share in a London home
If you want to increase your share of the equity in your London property or pay off your help-to-buy loan, you’ll need a valuation from a RICS registered valuer. Fortunately, you can use your valuation to negotiate fair terms for your share increase and to plan your finances accordingly.
At Harding Chartered Surveyors, we can give you an honest and accurate equity valuation that remains valid for three months, and we work completely independently of lenders. Call us today to learn more about property valuations for staircasing.
An introduction to Staircasing
Staircasing is the process of purchasing all or some of the remaining equity in your shared ownership home. You can increment your equity share by a minimum of 10% up to three times, decreasing your ongoing monthly rental payments in the process.
Why do I need an equity valuation?
Because London property prices are prone to fluctuation, you need a valuation report that details your property’s current value to increase your share of the ownership. Our valuations allow you to determine how much additional equity share you can afford.
The valuation excludes any improvements you’ve made to the home, unless you intend to sell it, and it doesn’t provide an in-depth report on the property’s condition or required repairs. If you want a cost estimate for repairs, you’ll need a building survey or a RICS HomeBuyer Report.
The benefits of equity valuations for shared ownership properties in London
From giving you an insight into your home’s accurate value to helping you increment your equity share responsibly, here are the benefits of equity valuations for London properties:
- Let Independent Surveyors Value Your Home
Equity valuations let you know how much additional equity you can purchase from your housing developer or the Housing Association.
- Negotiate Fair Terms of Ownership
When you increase your share of ownership, your rent payments should reduce correspondingly. Make sure the terms are fair by getting an equity valuation.
- Protect the Future of Your Finances
By understanding your home’s true value and the costs involved with increasing ownership, you can budget your finances accordingly.