The property assessment is one of the most important steps in your Co-Ownership journey. It's how we make sure the home you've chosen meets our standards, is worth what you're paying for it, and is a sound investment for both you and Co-Ownership.
This page explains what the assessment involves, what we're looking for, and what happens once the report comes back.
What is the property assessment?
The property assessment is a detailed inspection carried out by an independent RICS-certified surveyor from our approved panel. The surveyor visits the property, inspects it inside and out, and prepares a report on its condition, value, and suitability for shared ownership.
This assessment is different from a homebuyer's survey that you might commission yourself. Our assessment is focused specifically on whether the property meets Co-Ownership's standards and criteria. It checks that the home represents value for money, is in good condition with no serious defects, and won't have issues that could make it difficult to sell in the future.
The surveyor's inspection is visual only. They don't test electrics, gas, heating systems, or other services.
When does the assessment happen?
Once you've found a property and your offer has been accepted, you'll upload the property details to your online account through our portal. At this point, you'll need to pay the Property Assessment Fee of £120.
Our team will then carry out some initial checks before instructing the surveyor to visit the property. The assessment normally takes up to seven working days to complete from the date the surveyor is instructed.
What are we checking?
When assessing a property, we're looking at several key things to make sure it's suitable for Co-Ownership and will be a good home for you long term.
The surveyor checks that the property represents value for money based on the agreed sale price and comparable properties in the area. They assess the overall condition and standard of the property, looking at the structure, the quality of construction, and how well the property has been maintained.
They identify any defects or issues that need to be addressed, either before you buy or in the first six months of ownership. They also consider whether there are any problems that might affect your ability to sell the property in the future, such as structural issues, legal complications, or features that make the property less marketable.
The assessment differs slightly depending on whether the property is a resale home or a new build, but in both cases the surveyor will highlight any issues they observe.
For a detailed guide to what the surveyor checks during the assessment, download our guide to Co-Ownership's property assessment.
The property assessment report
Once the inspection is complete, the surveyor prepares a detailed report. This will be available in the Documents section of your online account, usually within seven working days of uploading your property details.
The report includes several key pieces of information:
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The sales valuation, which is what the surveyor believes the property is worth. This confirms whether the agreed sale price represents fair value.
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A summary of the property's condition and any issues identified during the inspection.
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A clear statement on whether the surveyor considers the property suitable for Co-Ownership.
Any issues are categorised into four groups, which we'll explain below.
Understanding the issue categories
If the surveyor identifies any problems with the property, they'll categorise them based on how urgent they are and when they need to be addressed.
What happens if issues are identified?
If the surveyor identifies before purchase or after purchase issues, we'll discuss these with you and work out the best way forward.
For before purchase issues, the vendor needs to carry out the repairs before we can proceed. Your estate agent will coordinate this with the vendor, and once the work is complete, the surveyor may need to re-inspect to confirm it's been done properly.
For after purchase issues, you'll need to budget for these repairs and plan to have them done within six months of moving in. Make sure you factor these costs into your overall budget when deciding whether to proceed with the property.
If the total cost of before or after purchase issues exceeds £6,000, we won't be able to approve the property. In this case, you can either negotiate with the vendor to reduce the sale price to reflect the work needed, ask them to complete more of the repairs before sale, or choose to look for a different property.
Your Property Assessment Fee is non-refundable if the property isn't approved, but your Co-Ownership Approval remains valid for four months if you applied for Co-Own, or six months if you applied for Co-Own for Over 55s, and you can continue to use it to assess another property.
The surveyor's decision is binding
We're bound by the surveyor's assessment when deciding whether to approve a property. If the surveyor says the property isn't suitable for Co-Ownership, or if the issues identified are too significant, we can't proceed with the purchase even if you want to.
This might feel frustrating, but it's there to protect you. We don't want you buying a property that could cause problems down the line, either because it needs expensive repairs or because you'd struggle to sell it when the time comes.
The surveyor is independent and experienced. Their job is to give an honest, professional opinion on whether the property is a sound investment for both of us.
Should you get your own survey?
The Co-Ownership property assessment is detailed, but it's not a full homebuyer's survey. It's focused on our standards and whether the property is suitable for Co-Ownership.
You might want to pay for your own survey, particularly if you're buying an older property, a property that's had significant alterations, or anything that gives you cause for concern. A full homebuyer's survey goes into more detail about the property's condition and can give you additional peace of mind.
Your own survey is paid for separately and is in addition to the Co-Ownership property assessment, not instead of it.
Checking services and systems
Because the surveyor's inspection is visual only and doesn't involve testing anything, we recommend you make sure key systems are working before you complete your purchase.
Ask the vendor or estate agent to demonstrate that the boiler and heating system work properly, check that hot water is available throughout the property, test taps, showers, and other plumbing, and arrange for a qualified electrician to test the electrics if you have any concerns.
Remember, once you buy the property, all repairs and maintenance become your responsibility. It's worth spending time making sure everything is in good working order before completion day.
What the assessment doesn't cover
It's important to understand what the property assessment doesn't include.
- The assessment doesn't guarantee that everything in the property works perfectly or that there won't be any problems after you move in. It's a visual inspection of the property's condition at a point in time.
- It doesn't cover items that are hidden from view, such as issues behind walls, under floors, or in inaccessible areas.
- It doesn't test services or systems, so the surveyor can't confirm whether the boiler, electrics, or plumbing are functioning correctly.
- It doesn't provide legal advice about the property, the lease, or any contractual matters. That's your solicitor's role.
The assessment is there to identify obvious issues and assess whether the property meets our standards. It's a professional inspection, but it's not a guarantee that the property is perfect.
Questions about the property assessment?
If you have questions about the assessment process or want to discuss anything in your property assessment report, contact our team. We're here to help you understand what's been identified and what it means for your purchase.
