Your Questions
- How much does an equity valuation cost?
- Do you pay any solicitor’s costs?
- When can I buy a bigger share?
- Do you pay any estate agents costs if I sell my property?
- How long does it take to get an equity valuation?
- When can I sell my property?
- I want to sell my property – what should I do?
- Can you offer me any financial advice?
- Will I get a discount when I staircase?
- What is an equity valuation?
- What is a market valuation?
- Can you tell me what my new monthly rent payment will be if a buy a bigger share?
- Do I need a solicitor?
- Do you have a say in which solicitor I choose when I staircase?
How much does an equity valuation cost?
We absorb most of the cost. You pay us a token fee, not more than £15. Our equity department will confirm the precise amount on request.
Do you pay any solicitor’s costs?
No. Your solicitor is working for you alone when you staircase or sell your property, so you are responsible for his costs.
When can I buy a bigger share?
At any time. We encourage you to take on as much as you can as soon as you can. The quicker you can increase your share, the greater your investment in the property will be.
Do you pay any estate agents costs if I sell my property?
No. The estate agent is working for you alone when you staircase or sell your property, so you are responsible for his costs.
How long does it take to get an equity valuation?
Most will be carried out inside 3 weeks. If you are in the process of selling your home we will give you priority.
When can I sell my property?
At any time.
I want to sell my property – what should I do?
As a first step you may put your property up for sale with an agent or agree a private sale if you wish, but either way you must contact us to get an equity valuation before the sale can complete. Equity valuations last for 12 weeks. If you think your sale won't complete before the 12 weeks are up, contact our equity department for advice as soon as possible.
Can you offer me any financial advice?
No. If you need advice, you must consult your own professional financial adviser.
Will I get a discount when I staircase?
No. You received a subsidy at first purchase, rather than a discount when staircasing. Here is an example to show the difference.
The Housing Executive’s tenant purchase scheme and the Co-Ownership scheme are both ways of bringing home ownership within reach. In the tenant purchase scheme sitting tenants may purchase their rented property at the current market value less, where appropriate, a discount.
Co-Ownership is quite different because you are a leaseholder, not a tenant. Unlike a tenant you have an asset right from the start, your share in the property. And when you increase that share you do so not at the current market value, but at the equity value.
What is an equity valuation?
You made an investment in your home at the time of purchase. An equity valuation simply shows how much that investment is worth today. Your improvements are not included in the equity valuation figure. The basic property, in the condition you first purchased it, is valued at today's prices. Equity valuations last for 12 weeks. After that, we will need to review it. Equity valuations are available only from NICHA.
What is a market valuation?
Your home is valued as if it was for sale on the open market. The figure includes value added for any improvements you have made.
Can you tell me what my new monthly rent payment will be if a buy a bigger share?
Yes. Contact our equity department for details.
Do I need a solicitor?
Not if you are simply buying a bigger share but will not own 100% of the property. You will need a solicitor if you are remortgaging, buying 100% or selling the property.
Do you have a say in which solicitor I choose when I staircase?
The choice is yours. Once you have received your equity valuation and decide to go ahead, at that stage we merely ask which solicitor you have chosen so that we send him the information he needs without delay.
