The Help to Buy Equity Loan scheme closed to new applicants in Spring 2023. The scheme helped buyers to purchase a new build home with a 5% deposit. Users of the scheme could borrow an equity loan from the government of up to 20% of the property’s value (or up to 40% if the property was in London). The government loan was interest free for the first five years.
Although Help To Buy is closed to new applicants, there are around 380,000 people who used the scheme and currently have Help To Buy loans.
If you purchased your property using the government’s Help To Buy scheme then, when you come to sell, remortgage or want to repay your Help To Buy loan, you will need to obtain a valuation report in the correct form from a RICS Registered Valuer.
Stephen Michael Surveying provides Help To Buy Valuations across Norfolk and Norwich. For a fast, free, no-obligation quotation, please Contact Us.
The valuation report is then sent to Homes England (the administrators of the scheme) and this will be used to calculate the amount you have to repay.
Please note that your Help to Buy valuation will only be valid for 3 months. Therefore, it is important to time the valuation carefully as, if you get your valuation report too soon, it may not be valid by the time the sale on your property is completed. This is also important to bear in mind if you are remortgaging as this process can also take some time.
As a RICS Registered Valuer, I am able to provide Help To Buy Valuations in the form required by Homes England and I can schedule the valuation to ensure it fits in with your timetable for selling or remortgaging.
As an expert on the Norfolk property market, I am able to provide timely and accurate valuations. The valuation inspection typically takes around 1 hour and valuation reports are issued no later than 3 working days after the inspection.
The cost of a Help To Buy valuation depends on the size of the property but is typically between £259 and £299 (no VAT to pay). For a fast, free, no-obligation quotation, please Contact Us.
Help To Buy Frequently Asked Questions
In what circumstances will I need a Help To Buy valuation?
If you purchased your property using the government’s Help To Buy scheme then, when you come to sell, remortgage or want to repay your Help To Buy loan, you will need to obtain a valuation report in the correct form from a RICS Registered Valuer.
When should I get my Help To Buy valuation?
Because a Help To Buy valuation only lasts for three months, you should try to time the valuation so that the valuation date is no more than three months before the point you expect to complete your sale or remortgage. In the event that the valuation expires, you can obtain an updated ‘desktop valuation’ for a small additional fee.
What are the requirements for a Help To Buy valuation?
The requirements for a Help To Buy valuation are set out by Homes England (the administrators of the Help To Buy Scheme). The key requirements are:
• The Valuer must be appropriately qualified and RICS registered.
• The Valuer must be independent, not known to you, and not connected to an estate agent.
• The Valuer must consider at least 3 appropriate comparable properties and sale prices.
• The Valuer must assess the interior of the property and provide a full valuation report.
• The valuation report must include certain information, be on company headed paper, be signed by the RICS surveyor and be addressed to Homes England.
What does redeeming my loan mean?
Redeeming your loan means that you will be paying it off, either by selling your property and paying it back from the proceeds of that sale, or buying the percentage of the property you do not currently own. In this situation, a Help To Buy valuation is required so that the amount you have to repay can be calculated.
What is staircasing?
Staircasing means that you are choosing to pay off a percentage of your Help to Buy equity loan so that you own more of your property than you did before. Even though you are not selling your property in this situation, a Help To Buy valuation is required so that the amount you have to repay can be calculated.
How much will the Help to Buy valuation cost?
The cost of a Help To Buy valuation depends on the size of the property but is typically between £259 and £299 (no VAT to pay). Please Contact Us to receive a fast, free, no-obligation quotation.
How long does a Help To Buy valuation inspection take?
The inspection entails an examination of the exterior and interior of the property and typically takes around 1 hour.
When will I receive my Help To Buy valuation report?
Obtaining the most up to date information on comparable properties can take time, and sometimes involves discussions with estate agents. As such, valuation reports are guaranteed to be delivered within 3 working days of the inspection. However, where comparable information is more readily available, reports can be delivered more quickly.
How long is a Help To Buy valuation valid for?
A Help To Buy valuation is valid for three months. That being the case, you should try to time the valuation so that the valuation date is no more than three months before the point you expect to complete your sale or remortgage. In the event that the valuation expires, you can obtain an updated ‘desktop valuation’ for a small additional fee.
What happens if my Help To Buy valuation expires?
If this happens then you can obtain a ‘desktop valuation’, but you must obtain this and send it to Target within two weeks of the first valuation expiring. A desktop valuation is an update to the original valuation which will either confirm the valuation has not changed or, where it has, will provide new comparables to evidence a new valuation. The desktop valuation is valid for a further three months. As the desktop valuation does not require a further visit to the property, it can be provided for a lower fee. My charge for a desktop valuation is 50% of the initial valuation fee.
Stephen Michael Surveying provides Help To Buy Valuations across Norfolk and Norwich. For a fast, free, no-obligation quotation, please Contact Us
