Help to Buy Valuations
Help to Buy Valuation Report
Launched originally in 2013, the Help to Buy scheme provides loans which enable many households to afford the deposit on their own home. Since then, the scheme has undergone various changes but, one of the conditions that has remained, is that the amount to be repaid is dependent on the market value of the property.
The government has recently announced that the Help to Buy Equity Loan scheme will close on 31 March 2023 and closes 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.
Repaying a Help to Buy Loan
However, existing homeowners will continue to need a valuation report prepared by a RICS registered valuer before:
- Repaying the loan in full to become the sole owner of the property (Full Redemption)
- Partially repaying the loan (Staircasing) to increase the share in the property
- Repaying the loan to sell the property
This ensures the amount to be repaid is a fair representation of the current market value.
What is a Help to Buy Valuation?
As an independent, RICS Regulated practice, we hold the necessary accreditation and have RICS Registered Valuers experienced in valuing Help to Buy properties in accordance with the Target HCA criteria.
Our valuers visit and assess the property in terms of condition, age, features and size to provide an accurate valuation. Help to Buy Valuation Reports also require details of three comparable properties from within a 2-mile radius, that have been sold within the last 3 months.
Homeowners are sent a completed and signed valuation report on headed paper. This is valid for 3 months, during which time you must make the repayment. If necessary, a desktop valuation can extend this for a further 3-month period.
For information on repaying a Help to Buy loan or to arrange a valuation, please get in touch with a member of our Valuation team.
For more information on Shared Ownership / Help to Buy Valuations, whether for staircasing, re-mortgage, or sale purposes, please don’t hesitate to get in touch with a member of our Valuation team.