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HELP TO BUY – VALUATION

HELP TO BUY

A Help to Buy Valuation is required for properties that are purchased under the government Help to Buy Scheme.

The valuation report is a complex document that we can prepare on your behalf.

In order for the valuation report to be compliant, it must adhere to the following criteria set by Target HCA:

  • The Valuer must be registered with the recognised RICS qualification.
  • The Valuer must be independent to an Estate Agent.
  • The report must be on headed paper, signed by the RICS surveyor and addressed to Target HCA.
  • The Valuer MUST provide at least 3 comparable properties and sale prices.
  • The comparable provided must be like for like in terms of property type, size and age and within a 2 mile radius to the property that is being inspected.
  • The Valuer must not be related or known to the client.
  • The report is valid for 3 months from the date of issue.

If the report expires before your property sale completes

If your valuation report expires before you repay your equity loan, you’ll need a ‘desktop valuation’, which will extend the original valuation by 3 months.

This letter must be:

  • from the same RICS surveyor that made the valuation;
  • on the company’s headed paper and addressed to Homes England;
  • supplied as a PDF or a digital document that you cannot edit.

If you do not complete the repayment process in the additional 3 months, you’ll need to provide a new valuation report.

Getting a desktop valuation

The RICS firm who did the original valuation can supply a desktop valuation report without visiting the property in person.

They must:

  • refer to the original valuation report;
  • confirm the updated report is a desktop valuation;
  • be a surveyor from the same company as the first inspection;
  • provide at least 6 comparable properties and sale prices from the last year if the property has increased or decreased in value. If 6 are not available, they must state this clearly.

The report must be:

  • made within 2 weeks of the expiry date of the original valuation report;
  • completed, signed and dated by the same RICS surveyor;
  • on the company’s headed paper;
  • supplied as a PDF file or a digital document that you cannot edit.

This valuation is valid for 3 months from the date it is produced.