The Selling Process or Buying Further Shares in Your Home
If you are either selling your home or buying more shares in your home, you will need to have the property valued. Under the terms of your lease Clwyd Alyn needs to instruct a valuer. We currently require a valuer to conform to a code of conduct such as:
- The valuer must be RICS qualified and regulated.
- The valuer must be independent to an estate agent.
- The valuer should provide at least 2 (two) comparable properties and sale prices where possible.
- The valuer must not be related or known to the resident.
- The valuer must inspect the interior of the property and provide a full valuation report.
- The valuer must attend the property within 7 working days from instruction.
- Valuations carried out for bank or mortgage purposes, or as guide asking price from an estate agents, are not acceptable
- Clwyd Alyn require a copy of the valuation report; the validity of the valuation must be shown on the report.
In addition, because the valuation is being carried out for sale or stair casing purposes, (buying further shares), the valuation should include the following information:
- The staircasing value which excludes any significant improvements made.
- The open market valuation will include any improvements made.
When going through the staircasing procedure Clwyd Alyn use the figure, which excludes significant improvements. This in turn means that residents will not pay for the improvements in the percentage brought from Clwyd Alyn.
To define significant improvements, this would be any change to the floor plan layout of the property. We would also accept newly fitted kitchens and bathrooms which have added value to the property in the valuers opinion. General upkeep and maintenance to the property (to include improvements such as gardening, fence panels, fitted wardrobes etc) will not be excluded and we will be unable to accept a valuation with any of these improvements listed.
Valuations are valid for three months from the date of the report. If the transaction runs beyond this timeline, a further valuation will be required (which residents may be charged for) - this may also mean that the property value and staircasing value will have changed.
Once we have a firm valuation we will within 7 working days advise you of the purchase price you will have to pay. If you want to sell or stair case please instruct us by email: email@example.com
What if I have made home improvements to my home?
When you have your home valued for staircasing, the value is based on the current market value of your home which will include the home improvements you may have done.
General home maintenance, repairs and redecoration are not regarded as improvements and generally will not increase the value of your home.
Improvements such as double-glazing, new fitted kitchen/bathroom, installing central heating, loft conversions and conservatories are considered and may increase the value of your home but not always for as much as you originally paid for the work.
Please remember that you need to request permission and written approval from Clwyd Alyn before carrying out any major improvements to your home. You will have had to provide us with estimates, quotations, plans and local authority planning approval for the permission to be granted. Our surveyor may also visit your home.
You will need to provide these documents if you wish major home improvements to be disregarded from your staircasing offer.