When is a Help to Buy Valuation Required?
Help To Buy valuations are required if you choose to repay the loan, whether for sale or re-mortgaging purposes. Our independent valuation ensures that you have a fair current property value.
Help To Buy requires that an independent valuation of the property is undertaken by a RICS Registered Valuer. This is separate from any valuation prepared by a Chartered Surveyor acting on behalf of a mortgage lender.
How Long is a Help to Buy Valuation Valid for?
Any RICS Valuation Report is regarded by Target HCA as valid for 3 months. After this time, there is a 2-week window to request a ‘desktop valuation’. Target HCA also regard the desktop valuation extension as valid for 3 months.
Neil Moran Associates Limited is an RICS Regulated practice with RICS Registered Valuers who have extensive experience in the preparation of valuation reports compliant with the requirements of Target HCA.
Help to Buy Scheme Information
Launched originally in 2013, the Government’s Help to Buy Scheme has helped many first-time buyers to get onto the property ladder.
The Help to Buy Scheme offers first-time buyers a 20% equity loan from the Government. This means that buyers need to find a 5% deposit and a 75% mortgage at the point of purchase. The 20% loan can be repaid, in part or full, at any time within the equity loan term of 25 years. It also has to be repaid, along with any interest, if you decide to sell the property. The amount owed is not fixed; it is based on the current value of the property, rather than the original purchase price.
You might also like to read our blog articles on the Help to Buy Scheme: When do I need a Help to Buy Valuation and why and also Who pays for a Help to Buy Valuation.
Please note that the government has announced that the Help to Buy Equity Loan scheme will close on 31 March 2023 and it 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.
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