Specialist residential valuation for social housing rent review.
In-depth valuation report in line with Government policy.
Enabled charity to calculate new formula rent.
Social Housing Valuation - West Midlands Charity
5
houses
converted into self-contained flats, Birmingham.
Challenge
Vail Williams was appointed by a mental health charity in the West Midlands to provide expert valuation advice on how to calculate formula rent social housing for five residential properties in their portfolio.
The mental health charity had acquired the houses, which had been converted into self-contained flats, from a housing association. They required social housing valuation advice to support them in calculating a new formula rent, in accordance with Government policy on rents for social housing.
How we helped
- Undertook in-depth research, exploring residential property valuations to inform the calculation of the formula rent.
- This included inspecting the properties and providing valuations of the current market value and market rent, together with an estimate of the market value in January 1999.
- Searched historical records and land registry prices, taking into account conversion of houses into self-contained flats and the effect on the valuation
- Also spoke to local agents and researched old planning records to inform the historical valuations.
- Pulled together the research for each property into an in-depth valuation report, with accompanying summary.
Result
- The complex current and historical residential valuations enabled the charity’s accountant to undertake a formula rent calculation, in line with the Government’s policy on rents for social housing.
- The new formula rents were implemented across the portfolio, enabling the charity to set a new and fair rent for the occupants of their social housing.
Get in touch
If you think you may need similar support to that described here, or you would simply want to have an informal chat with a member of our team to discuss your property needs, get in touch.
