Shared Ownership Valuation Woking | From £350 | Book Online

Shared ownership valuations in Woking are not the same as standard mortgage valuations. When you staircase, meaning you buy extra shares in your home, or you want to release equity, the housing association asks for an independent RICS valuation so the current market value is clear. That way, the price for any further shares is set properly, and you know what the property is worth right now.

Over the last year, the Woking market has shifted quite noticeably, with overall prices down by approximately 7% according to recent data. Flats, which make up a large share of shared ownership homes here, have fallen by around 6-9% depending on location and condition. Those movements make a current valuation far more useful than relying on what the property cost before.

Our valuers look at several things when they assess a Woking shared ownership property, from recent comparable sales in your postcode area to the condition and presentation of the home. We also take account of any improvements or alterations since the original purchase, along with demand for similar properties. Local amenities, rail links to London via Woking station, and the standing of the development or street all feed into the figure.

New apartment schemes in Woking town centre have altered the picture for existing shared ownership flats nearby. Our valuers keep up with new build activity and understand how extra supply can shape values across the wider market. By contrast, homes in established areas such as Horsell, with its conservation area status, or Pyrford, with its village character, often sit in a different valuation bracket from newer places close to the railway station.

• Staircasing applications
• Equity release
• Remortgaging
• Selling your share
• Help to Buy transitions
• Initial shared ownership valuation

Woking has a broad mix of construction types, and our valuers know the local stock well. There are traditional brick-built terraced and semi-detached houses from the early-to-mid 20th century, especially in Maybury and Sheerwater, as well as more modern flats and apartments built since the 1990s. A good number of shared ownership homes sit in purpose-built apartment blocks, often with concrete frame or brick and render cladding systems.

One reason valuations here need care is the ground beneath the town. Much of Woking sits on London Clay and Bagshot Beds, both known for shrink-swell behaviour. In wet weather the clay expands, then contracts during dry spells, which can lead to subsidence in homes with shallow foundations. Our valuers look for cracking, structural movement and signs of subsidence that may affect value and matter to mortgage lenders.

Near the River Wey, flood risk comes into play, particularly in parts of Old Woking and Send. Where a property sits in a designated flood zone, or has a flooding history, that has to be noted in the valuation report because lenders take it seriously. We check the Environment Agency flood maps for the exact location and record anything relevant.

• Traditional brick construction
• Modern apartment developments
• Concrete frame buildings
• Properties on London Clay geology
• Conservation area considerations

Several issues keep cropping up in Woking when we value shared ownership homes. In a number of modern apartment blocks in the town centre, building envelope defects show up around windows, doors and balcony details, and those faults can allow water ingress. We record them carefully because they can have a real effect on value.

Homes built on London Clay in places such as Horsell and Old Woking can show movement, especially after a spell of drought followed by heavy rain. Our valuers know the signs, including cracking patterns, sticking doors and windows, and other clues that point to foundation trouble. If subsidence has already been documented, a structural engineer's report may be needed before the valuation can go ahead.

Flat roofs are another familiar issue for our team in Woking, both on modern apartments and older terraced properties. Plenty of homes built in the 1960s and 1970s have flat roof constructions that are now at, or beyond, their expected lifespan. We note signs of previous repairs, sagging or visible deterioration during the inspection, then factor that into the valuation.

• Building envelope defects
• Subsidence and foundation issues
• Flat roof deterioration
• Concrete degradation
• Cladding system concerns

Your valuation report from our Woking team contains the key sections housing associations and mortgage lenders usually ask for. The main figure is the open market value, which shows what the property would achieve if sold on the open market with vacant possession. That figure is then used to work out the value of your current share and any extra shares you want to buy through staircasing.

We also include a reinstatement value for insurance purposes, which is the cost of rebuilding the property if it were completely destroyed. That matters especially for shared ownership homes where the housing association may have a Buildings Insurance policy that needs to sit alongside your own contents insurance.

For homes in Woking's flood risk areas near the River Wey, our valuers note any flooding history or risk in the report. Mortgage lenders take flood risk seriously, and any concerns must be declared. Properties in designated conservation areas, such as parts of Horsell, Old Woking and Pyrford, can also need extra consideration because planning restrictions may affect future buyers.

The report also carries a condition rating based on RICS guidance, which shows whether the property is in good, satisfactory or poor condition. That is especially relevant for older shared ownership properties in Woking that may need maintenance or renovation. Our valuers also give practical guidance on any issues picked up during the inspection.

• Open market value
• Reinstatement value
• Share percentage calculation
• Condition rating
• Flood risk assessment
• Energy efficiency notes