Help To Buy Valuation
If you purchased your home under the UK government’s Help To Buy scheme, you will need to get a Help To Buy Valuation if you wish to sell your home or purchase a greater share of it (depending on the type of loan).
The UK government’s Help to Buy scheme can help first time home buyers purchase a property with just a 5% deposit. There are two key types of financial assistance available: an Equity Loan and a Shared Ownership option. Both of these may require a Help To Buy Valuation but in different circumstances.
What is a Help To Buy Valuation?
A Help To Buy Valuation determines the current market value of a property and must be carried out by a suitably qualified, independent surveyor who is a member of the Royal Institution of Chartered Surveyors (RICS).
When do you need a Help To Buy Valuation?
If you have an Equity Loan and are looking to repay the loan by selling your home, remortgaging or paying off the balance, you will need to get a Help To Buy Valuation when you receive an offer on the house that you wish to accept.
If you have purchased your house under the Shared Ownership Scheme then you would need the valuation if you wish to either sell the house or purchase additional shares of it from the government (known as staircasing).
What is Involved in the Valuation?
The surveyor will visit the property and inspect it at a pre-arranged time and date. They will prepare a report which will include the purchase price of at least three comparable properties sold within a five mile radius of the property within the past year. The report will include the date on which it is prepared, will be on official headed paper, signed by the surveyor and provided in PDF format.
What Happens Next?
It is important to note that a Help To Buy Valuations is only valid for three months from the date of inspection. Once you receive the valuation report you should send it directly to the company with which your loan is held and they will then use this information to determine how much you will be required to pay back.
To get a quote for a Help To Buy Valuation contact Lawrence & Taylor – Chartered Surveyors on 01892 652213 or email firstname.lastname@example.org
Please note:this information is intended for general information purposes and should not be seen as professional advice. It is important to talk directly to an RICS accredited Building Surveyor and/or Architectural Designer to discuss your individual circumstances.