Help to Buy Valuation
Pinnacle Surveyors provides Help to Buy Valuations throughout England and Wales.
What is Help to Buy?
Help to Buy covers a number of government schemes aimed at helping the public to purchase property.
These include Help to Buy: ISA, Help to Buy: Shared Ownership, and Help to Buy: Equity Loan. The Help to Buy: ISA was an ISA account that included a bonus payment from the government when the money was used as a house deposit, however this scheme closed for new accounts in November 2019.
Help to Buy: Shared Ownership allows you to buy a share of your home and pay rent on the remaining share. The share you own can be increased as and when you can afford to buy more.
Help to Buy: Equity Loan allows you to buy 100% of a new build property, with the government providing a loan of up to 20%, meaning that you only require a 5% deposit and 75% mortgage.
What is a Help to Buy Valuation?
A Help to Buy Valuation is a valuation that provides the Market Value of a property that was previously purchased under the Help to Buy: Equity Loan scheme.
When do I need a Help to Buy Valuation?
You need to provide Homes England (the agency that provides administration for all Help to Buy: Equity Loans) with a Help to Buy Valuation if you wish to redeem your equity loan. This is required if you are moving home, or if you wish to either fully or partly pay back your equity loan. Providing Homes England with a valuation of your property allows them to provide you with a redemption figure.
Please Note: that this is different to a Shared Ownership Valuation, which is required under the Help to Buy: Shared Ownership scheme.
What is included within a Help to Buy Valuation?
The most important aspect of the Help to Buy Valuation is the current Market Value of your property. This is based on the definition of Market Value within the RICS Valuation – Professional Standards (more commonly known as the Red Book). The report will also state the comparable property sales that have been used in order to assess Market Value. Other things that may be included in the valuation report are a brief description of the property, a list of the accommodation, the Gross External Area of the property, and a rebuild cost for the property.
The property will need to be internally inspected before a report can be produced.
Does the Help to Buy Valuation meet Homes England requirements?
Target HCA have a set of requirements for valuations they will accept. Our team of Valuers are well versed with these and ensure that all requirements are met within their reports.
Do we send the valuation to Homes England?
Once completed, we send the Valuation Report directly to Homes England via email, and we will also send you a copy.
How long is the valuation valid for?
Homes England state that our valuation remains valid for three months. After three months we are able to provide a Desktop Valuation service which Homes England will accept. Please note there is an additional charge for this.
A Desktop Valuation remains valid for a further three months. If the transaction has not completed by this time, Homes England require a new full Valuation Report to be provided, which includes us carrying out a re-inspection of the property. Again, there is an additional charge for this.
In some circumstances, Homes England will accept a letter extending the valuation by one month. A small fee is charged for this.
Does the inspection look for any defects?
When we inspect the property, we will look for any defects that have a detrimental effect on the Market Value of the property, and such defects will be reflected in the Market Value that we provide within our Valuation Report. Our Valuation Report will not provide any specific information or advice on any defects found, as this is outside the scope of the service.
What is the fee for a Help to Buy Valuation?
All our fees are based on either the agreed Purchase Price or an Estimated Value of your property. Use our Online Quote tool to calculate the fee payable.
Why choose Pinnacle Surveyors?
Valuers at Pinnacle Surveyors have extensive experience of carrying out Help to Buy Valuations and ensuring that our Valuation Reports meet Homes England requirements. Our nationwide coverage ensures that the Valuation Report will be carried out by a local Valuer who has a detailed knowledge of the local property market. Our admin team will be in touch with you through every stage of the process, from initial contact through to sending the report to Homes England so you don’t have to.
Please Note: We are unable to provide you with a Help to Buy Valuation if we have already carried out a Mortgage Valuation of your property for your current or proposed lender, as this is deemed a conflict of interest.
Where can I get more information?
To discuss using Pinnacle Surveyors to provide your Help to Buy Valuation, please contact our admin team on 01332 830202 (Option 2) who will be happy to help and provide further information. Alternatively, fill out the Contact Us form and we will be in touch in due course.
For further information on the Help to Buy: Equity Loan redemption process, read the Homes England guidance using the link below.
Useful Links
Homes England – https://www.gov.uk/government/publications/repay-your-help-to-buy-equity-loan
Help to Buy Wales – https://www.gov.wales/help-buy-wales
RICS Red Book – https://www.rics.org/uk/upholding-professional-standards/sector-standards/valuation/red-book/