How to choose the right valuer for your Help to Buy valuation
A Help to Buy valuation is a big step. It’s the point at which the 20% equity loan from the Government is paid off, so the valuer must provide an accurate market estimate.
But how do you know what makes a good valuer? How do you know if they can be trusted and where do you find out how to contact them in the first place?
GB Home Surveys offers Help to Buy valuations. We’ve compiled this page to explain what happens and the importance of using a recognised chartered surveyor.
What is a Help to Buy valuation?
A Help to Buy valuation is crucial to pay the Government loan off.
When signing up for the Help to Buy scheme (applications have closed as of 31 December 2022), you’ll have agreed to the following criteria:
- 5% deposit (provided by you)
- 20% equity loan (provided by the government)
- 75% mortgage
Under these conditions (and a few more), first-time buyers could purchase a new home.
That 20% will be due for repayment sooner or later. This could happen when you move house, remortgage, or simply want to repay the loan. Anyone finding themselves in this position needs a Help to Buy valuation.
A Help to Buy valuation provides an accurate, unbiased estimate of the property’s market value. The amount due to the Government is 20% of this figure or 20% of the original sale price (whichever is the highest).
Things to look for in a Help to Buy valuation surveyor
So, you need to get a Help to Buy valuation. Great. But where do you start?
Here are a few things we think you should know.
Using a RICS surveyor is vital
The Royal Institution of Chartered Surveyors is the British governing body for residential and commercial surveyors.
Members of this organisation are vetted. They undergo intense training and must accumulate at least three years of industry experience. On top of this, they’re bound by a strict code of ethics and are covered by insurance.
Anyone in the country can call themselves a surveyor (even if they have no experience whatsoever). But the term ‘chartered surveyor’ is legally protected – only RICS members can use it.
We strongly advise using a RICS valuer for your Help to Buy valuation. It’s not that other surveyors will necessarily do a bad job – plenty of skilled workers are out there. It’s that RICS gives you a guarantee. You know the high standards you expect, and there are complaints procedures in the rare cases they might be necessary.
At GB Home Surveys, all our chartered surveyor staff are RICS members. You’ll find a list of RICS members here.
Experience and training
Again, using a RICS chartered surveyor means the individual in question will be trained and experienced. They’ll know what makes a home worth more and what devalues it, and they’ll be efficient at comparing their findings with other resources, such as the local property market.
With any valuation, education and experience are vital. With Help to Buy, it’s even more critical. Overestimating the value of your home could result in an overly-high repayment.
Look for someone local
Many chartered surveyors work for nationwide companies. While there are advantages to these services, they’re often – by nature – less accurate.
This is because of the lack of local presence. When the valuer doesn’t know the ins and outs of the nearby markets, including mains services, desirable features and attractions, cultures, and so on, they might provide an inaccurate estimate.
In contrast, a local, independent chartered surveyor (a smaller business based in the area) will have spent all its time working on properties in the immediate region. As a result, your Help to Buy valuation will come back with a more precise figure.
Contact GB Home Surveys about Help to Buy valuations
Help to Buy valuations are crucial to get right. Here at GB Home Surveys, we have exceptionally high standards, and we hold ourselves to them.
As a small business, our team of RICS chartered surveyors are based in local offices, spread throughout the country. They’re passionate about the areas in which they work, which include Gloucestershire, Herefordshire, Worcestershire, the Cotswolds, Bristol, Bath, Devon, Taunton, South Wales and the West Midlands.
Each of our dedicated chartered surveyors knows their respective areas inside out. If you need a Help to Buy valuation and live near one of these areas, why not get in touch? Use the form below to contact our head office, or, if you prefer, get in touch with your local team directly.
We look forward to your message and will get back to you as soon as possible.
