Compare Help to Buy Valuations
What is a Help to Buy Valuation?
A Help to Buy Valuation determines the amount repayable on a Help to Buy Equity Loan. This is in proportion to the current market value.
The valuation consists of a physical inspection of the home and market research. This is to determine the value of the property and is completed by a RICS-registered valuer. A Help to Buy Valuation is necessary when you want to sell, remortgage or buy more shares of your HTB home.
With Compare My Move, you could save up to 70% on your Valuation costs by comparing surveyors with us. We can match you with up to 6 professionals in your local area who can provide a RICS Valuation.
What is Help to Buy?
Help to Buy (HTB) is the name of a set of government schemes designed to help first-time buyers achieve home ownership. These include the Help to Buy ISA, Shared Ownership and the Help to Buy: Equity Loan Scheme.
Be aware that you can no longer apply for a Help to Buy: Equity Loan in England. The advice below is for those who either have an existing Help to Buy loan on their property or are buying in Wales. The scheme in Wales has been extended to March 2025.
Via the equity loan, the government offered a contribution to the purchase of a new build home. This means they own a percentage of your property. This allowed individuals to buy newly built homes with less of a deposit and a smaller mortgage.
What Does a RICS Valuation Include?
When the surveyor visits the home, they will consider the following:
- Type of property (including size, age and number of bedrooms)
- How it was built and the materials it is made from
- Location and local government zoning
- Condition of the home
- If it is leasehold or freehold
- If there are any planning permissions
- Additional property features such as improvements and extensions
They will also conduct market research, reviewing recently sold properties in the area. This allows them to determine the current market value.
The report is likely to be sent as an email, although you may be able to request a physical copy. The report will be basic with a simple layout, clearly stating the estimated value. Be aware that a valuation is not a detailed look at the home and should not replace a property survey.
When Do I Need a Help to Buy Valuation?
You will need a Help to Buy Valuation when you sell your home, are remortgaging or repaying the loan.
Target HCA, appointed by the Homes and Communities Agency to administer the Help to Buy Equity Loan scheme, require a valuation from a RICS-registered valuer:
- When you are selling the home
- When you remortgage
- If you are "staircasing" (buying more shares of your home)
- If you are paying off the loan in full
The valuation is valid for 3 months from the date it is produced. According to the government website, it must be sent to government administrators within 5 working days of being issued.
Understanding Your Valuation Report
Your valuation report will include an overview of the property, including the size, age location and whether it is freehold or leasehold. It will also include data on sales history.
There will be a list of comparables used to determine the home's value and an assessment of the current housing market in the area. Finally, there will be an estimated market value along with notes on how the valuer came to this figure.
The report must:
- Be on company-headed paper
- Signed by the RICS surveyor
- Addressed to and supplied to Target
- Assess the interior of the property
- Include the inspection date
- Not be carried out for a bank or mortgage purposes
- Consider at least 3 comparable properties and their sale prices
Finding a RICS Registered Valuer
To meet the requirements of Target HCA, the valuer you opt for must be qualified and RICS registered. They should also be independent and not connected to any estate agent and not be known to or related to you
Compare My Move can match you with up to 6 local RICS registered surveyors who offer valuations among their services. These surveyors will not only have exceptional market knowledge, but they will also have local knowledge of the area of the home. Our Sales and Partner Support Teams work hard to ensure we only take on the best in the business. All surveyors and valuers must be RICS registered before joining our network.
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