Help To Buy Valuation
Help To Buy scheme was introduced on 1st April 2013 with an aim to help first-time buyers get on a housing ladder with only 5% deposit and with rest being funded by the Government loan and traditional mortgage loan. The Government provides an interest-free equity loan of 20% (40% within Greater London), mortgage lender provides 75% and the remaining 5% is provided by the first-time buyer.
Help To Buy scheme is administered by Target which was appointed by the Housing and Communities Agency (HCA) to handle Help to Buy redemptions.
If you have purchased the property with the Government’s Help to Buy Scheme and looking to sell or pay back equity loan you will need to obtain Help To Buy Valuation which conforms with RICS Red Book Valuation Standards and is prepared by RICS Registered Valuer.
Help To Buy Valuation report is needed by Target HCA to calculate your Help To Buy redemption loan which is directly proportionate to the market value of the property.
Why Us?
We are a highly experienced Chartered Surveyors firm with exceptional market knowledge of Help To Buy transactions. We are time-efficient and have one of the quickest Help to Buy valuation report turnarounds in the industry. After inspection, the majority of Help to Buy valuation reports are sent back within 3 working days.
We have come across instances where people have submitted estate agents valuations, mortgage valuations and poorly drafted valuation reports that do not conform to the criteria set by Target HCA. Help to Buy valuation reports provided by us carries zero risks of being rejected by Target HCA for being non-compliant.
When you instruct us to carry out Help to Buy valuation you can rest assured that our valuation report conforms with all standards and will be accepted by Target HCA allowing you to further proceed with Help to Buy redemption process.
REQUEST A QUOTE
SEE HOW CLIENTS ARE RATING US
Help To Buy Redemption Valuation Report
Our valuation report complies with Target HCA set requirements which are as follows:
- Must be prepared by a member of RICS who is also registered valuer
- The valuer must be independent to an estate agent
- The report must be signed and produced on a company headed paper and addressed to Target HCA
- The valuer must provide at least 3 comparable properties that sold
- The comparables must be within 2 miles radius from subject postcode and be of similar design, size and type
- The valuer needs to physically inspect the property and show the inspection date on the report
Help To Buy Valuation Experts
Frequently Asked Questions
Can I Use Lenders Valuation?
Please note that valuations carried by bank surveyor for lending or remortgage are not accepted by Target HCA. Target HCA requires that you instruct valuer specifically for a purpose of providing loan redemption valuation for Help to Buy.
How Does Help to Buy Valuation Work?
Initially, when you buy the property via Help to Buy you receive equity loan interest-free for 5 years. After which if you don’t repay you will have to pay an interest rate on the original equity loan. In total, you have a maximum of 25 years to repay the equity loan. The amount you pay back to the Government will be calculated on the value of the property as at the date of valuation and not the original purchase price.
If you’re planning remortgage to pay back the equity loan in part or in full then timing Help to Buy Valuation when the market is at the downturn can be beneficial. Because equity loan will be less than when you purchased originally. However, if the property has increased in value then equity loan has also increased in value meaning you’ll have to repay more than you initially borrowed.
How Long Valuation Report Is Valid For?
You should note that Help to Buy RICS Valuation is only valid for 3 months. If the transaction of the property does not materialise then you will be required to obtain a valuation extension. Valuation extension is completed in the form of the desktop report where the surveyor will analyse market conditions remotely and update the report without re-inspecting the property.
You should obtain Desktop Valuation report 2 weeks prior to the original valuation expiration. The desktop valuation again will be valid for 3 months.
What Our Clients Are Saying About Us
I contacted Erikas Grig Chartered Surveyors to conduct a survey and valuation on a period flat after reading the positive online reviews, and I was not disappointed. Erikas patiently talked me through the process and offered advice on the best type of survey for my needs. Communication with him and Iveta was seamless and prompt, both by email and phone. The survey report was incredibly thorough, useful, and offered guidance that was clear and accessible. Erikas took the time to answer all my follow-up questions and was very knowledgeable and professional. I would definitely recommend this excellent service, thanks!
Read MoreI recently had the pleasure of working with Erikas Grig Chartered Surveyors for a market valuation of a garage, and I must say, I am thoroughly impressed with their exceptional service. I needed the valuation done on short notice, and they truly exceeded my expectations in every aspect.
First and foremost, the team at Erikas Grig Chartered Surveyors displayed remarkable professionalism throughout the entire process. They were highly responsive and attentive to my needs, making me feel valued as a client. Despite the time constraints, they promptly scheduled the valuation and ensured a convenient time for both parties.
What truly sets them apart is their competitive pricing. I was pleasantly surprised to find that their rates were more than reasonable, especially considering the quality of service they provided. Erikas Grig Chartered Surveyors offered a fair and transparent pricing structure, which was a refreshing change compared to other companies I had considered.
The quick turnaround time is another aspect that deserves commendation. Despite the urgency, the surveyors conducted a thorough and comprehensive assessment, leaving no room for errors or oversights. They paid meticulous attention to detail, leaving me confident in the accuracy and reliability of their valuation report.
Moreover, the market valuation report itself was comprehensive and well-presented. The surveyors explained the methodology and factors considered in arriving at the valuation, ensuring complete transparency. This level of professionalism and clarity left me with a strong sense of trust in their expertise.
Overall, my experience with Erikas Grig Chartered Surveyors was outstanding. They provided me with a top-notch market valuation service on short notice, at a competitive price, and with a quick turnaround time. I wholeheartedly recommend their services to anyone in need of reliable surveying expertise.
Thank you to the entire team at Erikas Grig Chartered Surveyors for their excellent work and dedication to customer satisfaction. I will undoubtedly turn to them for any future surveying
Read MoreI'd recommend using Erikas Grig - they were able to come at the time we required, at quite short notice and did a thorough job with a reasonable and considered valuation to RICS standards.
Read More