Affordable Housing Valuations Oxshott London
Here at Blackacre, we are a multi-disciplinary firm of Chartered Building Surveyors, providing a wide range of professional services. Affordable Housing Valuations Oxshott London.
Affordable housing has become an important aspect of the real estate market in the UK. As the demand for affordable homes continues to rise, homeowners must understand the valuation process and how it impacts their property.
In this guide, we will explore the important aspects of Affordable Housing Valuations Oxshott London in the UK. Read on to know more.
Understanding Affordable Housing
Affordable housing refers to properties that are offered for sale or rent below their market value, often as part of government or local council-backed schemes.
These initiatives are designed to make housing more accessible to specific groups of people, such as residents or individuals earning below the national average wage. The aim is to provide cheaper homes to those who cannot afford to buy or rent at market rates.
If you own a property that was purchased under the affordable housing scheme and you are looking to sell or re-mortgage it, you will need an independent valuation by an RICS registered valuer to determine its current market value. This valuation is essential to ensure fair pricing and transparency in the sale or re-mortgage process.
The Valuation Process
The process for Affordable Housing Valuations Oxshott London follows a specific procedure to ensure fairness and consistency. Here are the key steps involved:
Check the Section 106 Agreement
The Section 106 Agreement attached to your property provides important information regarding the sale of your affordable home.
It includes details such as obtaining a valuation, the maximum percentage of market value you can advertise and sell your home for, and the approval process for potential buyers. It is essential to review this agreement to understand the specific requirements and restrictions that apply to your property.
Find a RICS Chartered Surveyor
Before marketing your home, you need to engage an RICS-registered chartered surveyor to provide an open market valuation. This valuation will determine the fair market value of your property. It is important to choose a surveyor who is familiar with the local housing market and has experience valuing properties in your area.
The RICS surveyor will visit your home and prepare a valuation report based on their assessment. The report should follow the prescribed format provided by the Affordable Housing Authority to ensure its acceptance and validity.
Submit the Valuation Report
Once you receive the valuation report from your RICS surveyor, you must submit it to the Affordable Housing Valuations Oxshott London for assessment. They will review the report and confirm the valuation and the maximum discounted price at which your property can be sold and advertised.
If there are any concerns or discrepancies in the valuation report, the authority will notify you, and you will need to address them before proceeding with the sale.
Market Your Affordable Home
Once the valuation has been agreed upon, you can begin marketing your affordable home. It is important to include specific information in your advertisements, such as stating that the property is an affordable property subject to a Section 106 Agreement and that buyers must be approved by the relevant authority.
Additionally, you may have the option to have your property details shared with potential buyers who are actively seeking affordable homes. This can help increase your chances of finding a suitable buyer.
Buyer Approval Process
Interested buyers must go through an approval process conducted by the Affordable Housing Valuations Oxshott London Authority. The authority will review the buyer’s documentation and determine their eligibility.
This process typically takes up to 15 working days.
Once the buyer is approved, they will receive a decision letter from the authority, allowing them to proceed with the purchase.
Valuing and selling affordable housing in the UK requires careful consideration and adherence to specific procedures.
If you are considering selling your affordable home, it is advisable to consult with professionals and seek guidance from the relevant authorities to ensure a smooth and compliant transaction.
Remember, the valuation process is a critical component of selling your affordable home, and it is essential to work with qualified professionals to ensure accuracy and fairness throughout the process