If you purchased a property using the Help to Buy scheme in England, you'll need to have your property valued in the following scenarios:
· When selling your home
· When repaying your equity loan
· You may also require a valuation when you remortgage
This valuation is crucial as it determines the maximum amount of equity loan you need to repay.
What is a Help to Buy Valuation?
A Help to Buy Valuation is a professional assessment of a property's market value, carried out by an RICS Registered Valuer. The Valuer must:
· be both RICS qualified and registered
· be an RICS member or fellow (MRICS or FRICS) - if you have Help to Buy: Equity Loan (2021-2023)
· be independent of any estate agent
· not be related or known to you
· inspect the inside of the property
· provide at least 3 comparable properties and sale prices
The valuation is used to determine the equity loan amount. The government's equity loan is calculated as a percentage of the property's market value, or the sale price (if applicable), whichever is higher.
How Does the Valuation Process Work?
Instruct a Valuer: You will need to instruct an independent RICS Registered Valuer in accordance with the above criteria. You will be responsible for the cost of the report.
Property Inspection: The valuer will then conduct an inspection of the property, both inside and out.
Valuation Report: The valuer will prepare a market valuation report and send this to you. The vast majority of our valuation reports at South East Surveyors would be returned to you on the same working day.
Send the report: You will need to send the report to the Home England Help to Buy Customer Service team within five days of the date the report was issued:
· Post: Help to Buy Customer Service team, PO Box 5262, Lancing, BN99 9HE
Reports are valid for three months from the date they are produced. If the report expire before the process has been completed, you will need to instruct a further ‘desktop valuation’ to extend the original evaluation by a further three months.
Please get in contact if you require a Help to Buy Valuation.
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