Shared Ownership Valuation in Chorley

A shared ownership valuation is a specialist assessment carried out by a RICS registered valuer to work out the market value of your leasehold interest in a shared ownership property. It is not the same as a standard mortgage valuation, because we are looking at the value of the share you own, rather than the full property value. That figure matters when you want to buy extra shares, known as staircasing, remortgage your portion, or sell your share on the open market.

In Chorley, the process starts with a physical inspection of the property by one of our qualified valuers. We look at condition, location, and comparable sales in the local area, measure room dimensions, note the general state of the home, and photograph relevant features for the formal report. For places such as Saxon Fields in Euxton or Jubilee Gardens, we also review the lease terms, how long is left on the lease, and any occupation or subletting restrictions that could affect value.

We work to the RICS Red Book valuation methodology, the recognised standard for mortgage valuations across the UK. That means our reports are accepted by every major UK lender and housing association. Recent comparable sales from the Chorley market are reviewed, both shared ownership deals and full market value sales, so we can arrive at a valuation for your specific share percentage.

What you receive is a report showing both the full market value of the property and the value of your leasehold share. For staircasing calculations, that dual figure is important, since the housing association uses the full market value to price any extra shares you want to buy. If we spot any issues during the inspection, such as boundary disputes, alterations made without consent, or overdue maintenance, these are set out too.

• Staircasing (buying more share)
• Remortgaging your share
• Selling your lease
• Inheritance planning
• Help to Buy transitions

There are a few situations where a formal valuation of your shared ownership property in Chorley is needed. Staircasing is the most common, when you want to buy more shares from your housing association. An independent RICS valuation is required to work out the price of the extra share, and under most shared ownership leases that is a legal requirement carried out by a RICS registered valuer.

Remortgaging is another reason to arrange a valuation. If you are switching your mortgage deal or borrowing more against your share, the new lender will want a current valuation to judge how much it can lend. Most lenders ask for a valuation that is no more than three months old when the mortgage application is made, so timing matters. We suggest getting it done before you have a firm mortgage offer in principle, to avoid delays.

When you decide to sell your share on the open market, buyers will need a valuation to secure their mortgage, and the housing association will also ask for a copy of the report. It helps set the right asking price for your share and keeps the process clear for everyone involved. Some Chorley residents also need a valuation for inheritance planning, or because their housing association carries out periodic lease reviews.

Chorley’s property market has grown steadily, at around 2% a year, with some developments rising more quickly depending on location and property type. Our valuers keep close to those local movements, so your valuation reflects the latest conditions in your part of the town, whether that is Euxton near the new Jubilee Gardens development or somewhere in the town centre.

Local conditions in Chorley can also move the valuation. There has been a lot of new development activity, with over ten active sites bringing fresh housing to the area. That extra supply can affect prices, so we stay on top of trends at places like Jubilee Gardens in Euxton, where prices range from £319,995 to £474,995, and Elmbrook Park in Coppull, where four-bedroom homes start from £449,995.

For commuters, Chorley’s position between Manchester and Preston makes it appealing, and homes close to the railway station or with easy access to the M6 and M61 usually attract stronger values. The A581 and A6 corridors give good transport links, and areas such as Euxton and Clayton-le-Woods benefit from that connectivity. Properties within walking distance of Chorley railway station, with regular services to Manchester, Preston, and Bolton, often achieve higher valuations because they are so convenient.

Recent regeneration in the town centre has added interest, while conservation areas, including those containing the 53 listed buildings, among them Astley Hall, a Grade I listed building, bring character and also restrictions that can affect value. Homes in designated conservation areas may need extra consideration because of listed building status, and our valuers know how those rules can limit and support value in Chorley.

We also look at flood risk near the Black Brook and River Yarrow, although most residential parts of Chorley have low surface water flood risk. The Black Brook at Chorley, especially around Heapey Road to Cowling, sits within a Flood Warning Area, so our valuers check those locations carefully when assessing property. Across most of Chorley, surface water flood risk remains low, with approximately 2% of certain development sites in the high-risk zone.

The age and construction of Chorley homes varies a lot from one neighbourhood to the next. Older properties, especially those first built as farmhouses, were put up in sandstone with slate roofs, while Victorian and Edwardian terraces tend to use traditional red brick. Modern schemes like Elmbrook Park use contemporary building methods and a range of high-quality materials. Where a shared ownership property sits in a historic building or conservation area, extra points may need checking, and we are used to assessing those correctly.