Help to Buy Valuations
What is the Help to Buy scheme?
Help to Buy is a Government scheme to help people get on – or move up – the property ladder. Under the scheme, the Government or a housing association gives the buyer an equity loan of up to 20% of the cost of a newly built property, meaning they only have to find a 5% deposit to get a 75% mortgage.
With the five-year interest-free period for many Help to Buy homeowners now coming to an end, you may be looking to redeem your equity loan. We can help ensure your final redemption total is fair and reflects current market value.
What is a Help to Buy Valuation?
A Help to Buy valuation will give you a fair and accurate assessment of the current market value of your property. If you’re looking to pay down your Help to Buy equity loan, it will help the provider calculate the redemption figure. A Help to Buy valuation must meet the following criteria:
- The surveyor/valuer must be RICS registered and hold a relevant RICS qualification
- The surveyor/valuer must not be known or related to the client and be independent of an estate agent
- The Help to Buy valuation report must be produced on headed paper, signed by the RICS surveyor and addressed to the equity loan provider
- The valuation must include at least three comparable properties and sale prices
- The comparable properties provided must be ‘like for like’ (property type, size, and age) and be within a two-mile radius of the property being inspected
Why do I need a Help to Buy valuation?
If you purchased your home through the Help to Buy scheme, there are several reasons why you might need a Help to Buy valuation, including:
Interest-free period ends
Full redemption
Partial redemption
Property sale
What will my Help to Buy valuation cover?
If you’re planning to sell your property or redeem your Help to Buy equity loan, a valuation by a RICS-registered surveyor is essential. It will give you an accurate idea of the property’s market value, backed by detailed evidence of how the valuer came up with their estimate. Because RICS is the professional body representing the surveying industry, RICS valuations are the only ones accepted by lenders, Help to Buy and shared ownership schemes.
The RICS surveyor will assess the age, size, location, construction and condition of the property and consider any development or renovation work that has been carried out. They will use this information to evaluate the property compared to similar homes in the same area, to estimate its current market value. Your Help to Buy scheme loan provider will use the report to calculate the loan redemption figure, which must be paid off in full.
Book your Help to Buy valuation today
GB Home Surveys is an independent, RICS regulated chartered surveyors. We have provided trusted property surveying and valuation services for almost 30 years.
Our Help to Buy valuation service is thorough, convenient and hassle-free. It will provide you with all the information you need to ensure your final equity loan redemption total is fair, accurate and reflects the current value of your property. For a free, no-obligation quote, give our friendly team a call today to discuss your requirements.
Fixed fee Help to
Buy valuation - £250+VAT
RICS-regulated
chartered surveyor
Quick turnaround
times
Trusted and
independent
30 years’
experience
“The survey was booked and completed quickly. I was provided with a good explanation of what was included and why, so that I understood what I needed to do. Thank you for your help and advice.”