What do you need to know if you are planning to pay off part or all of the Help to Buy equity loan, sell or remortgage a Help to Buy property?  Having recently published an article about Help to Buy valuations, we have received additional questions on this subject. We endeavour to inform you about payment, the valuation process, re-mortgaging and further sources of support.

Who Pays for the RICS Valuation and Report?

Although you, the homeowner, have not got a full share of the property, full responsibility for arranging a valuation lies with you. This cost is not covered by the Government or Target HCA, you have to pay for this service.

On the plus side, as the client, you can use the opportunity to ask the surveyor questions before or after they inspect your property, or get their advice on anything that is concerning you about your home or the valuation process.

Be assured, that an RICS Registered Valuer follows clear guidelines to consistently provide an independent and fair valuation report.

How Long does a RICS Valuation Take?

When you contact local surveyors, ask them about availability, as well as price before making your decision. You want someone who can come and inspect your property at a time that is convenient to you.

It is advised to allocate approximately an hour for the valuation. It may not take that long, but this provides the opportunity for any questions you may have.

To simplify the process, it is advised to make sure that all rooms, exterior spaces and outbuildings are easily accessible in advance of the visit, as a full inspection is necessary.

The valuation report will be compiled and sent to you within 5 working days.

What do I do with a Help to Buy Valuation Report?

It is a requirement that the RICS Registered Valuer signs the report and presents it on headed paper. This has to be sent, with a completed application, to Target HCA. They are the company appointed to manage Help to Buy Loans. They will review the application and report and advise if these are accepted and therefore that the reported figure is the one on which repayments are based.

Can I Remortgage my Help to Buy Property?

You can re-mortgage on terms agreed with an alternative mortgage lender. Compare the options to ensure you get a competitive deal. If you do re-mortgage a Help to Buy property, a Deed of Postponement request has to be sent to the Scheme Administrator. Ask your lender to explain this and help you with the process.

Useful Contacts for Help to Buy Valuations and Equity Loan Repayments

On paper, the process of selling or re-mortgaging a Help to Buy property sounds complex, however, most RICS Registered Valuers, advisers and lenders are familiar with the process and can advise you.

Neil Moran Associates Ltd offers experienced Chartered Surveyors, registered with RICS, who undertake Help to Buy valuations across the Home Counties. Our approachable and proactive approach has helped ease the process with many of our clients. Contact us on 01296 254800 or info@neilmoranassociates.com for availability, costs and information.

Any questions about the repayment process can be answered by Target HCA. They can be contacted at: Target.HCA@targetgroup.com or 0345 848 0235.

Note: The government has recently announced that the Help to Buy Equity Loan scheme will close on 31 March 2023 and closed to new applications on 31 October 2022. To be eligible for an equity loan, you must legally complete by 31 March 2023. Read the full notice on the Gov.uk website.