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Help to Buy Valuations

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What are Help to Buy valuations?

Help to Buy is a government scheme that allows purchasers meeting certain criteria to share ownership of their new home with the government. If you have purchased a home using this scheme, you will need to get an independent valuation when you come to sell the house or repay the government loan. You will also need a valuation if you want to ‘staircase’. Staircasing is a process that allows you to partially repay your loan without selling the property, so that you increase the share that you own.

Unlike mortgages from banks, the help to buy scheme loans you a proportion of the property’s value, rather than a set amount of money. The amount that needs to be repaid when the property is sold, or that is required in order to staircase, depends on the value of the property at that moment in time, or the agreed sale price (whichever is higher).

It is important to remember that a Right to Buy Valuation only includes a brief overview of the property condition. If you want more detail on the condition and structure of the property, including the cost of any maintenance and repairs that you will be responsible for after purchase, you may wish to consider having a full building survey.

So, if the property increases in value, the amount you owe increases too. If the value falls, so does the outstanding loan amount. It is therefore important to get an independent valuation when you make any of the above changes to your loan, so that you and the loan provider (the government, in this case) can be sure that the settlement of the loan is fair and accurate.
Valuations are valid for 3 months. If it is less than 2 weeks since the expiration date, we can carry out desktop research to extend the valuation for a further 3 months, for a small additional fee.

The loans are managed on behalf of the government by a company called Target. Target have set out criteria for these valuations, all of which are met by Allcott Associates.

– We are RICS Certified Surveyors and Valuers
– Valuations are carried out in accordance with RICS Valuation Standards (Red Book)
– We are completely independent from any estate agency
– Our report will be on headed paper, will be signed by a member of the RICS and addressed to Target HCA
– We will provide at least three comparable sales (matching property type, size, and age and within a 2 mile radius of the property in question)
– We carry out a full conflict of interest check upon inspection to ensure no conflicts exist
– We will inspect the interior and exterior of the building and provide a full report
– The inspection date will be shown on the report

Help to Buy valuations carried out by Allcott Associates comply with the RICS ‘Red Book’ – a guidance document that sets out high professional and ethical standards for property valuations.

What does a Help to Buy valuation include?

– Inspection of the property by a surveyor local to the area
– Overview of the property, its construction, locations and accommodation
– Overview of the property’s general condition, with photographs
– Details of three comparable properties nearby that have been sold in the past 12 months
– Valuation of the property, with a detailed description of the evidence and assumptions used

Professional Surveyors, Quality Service | RICS Certified Surveyors

 

Allcott Associates LLP employ both Building Surveyors and Structural Engineers and all our Chartered Building Surveyors are members of the Royal Institution of Chartered Surveyors (RICS). This ensures our Building Survey Reports are comprehensive and will never need referring back to a Building Surveyor or Structural Engineer for further investigation at a further cost unless in the unlikely event that opening up of areas is required. Unlike other firms, we are completely independent and our reports are accepted by all financial institutions and insurance companies.

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