Help To Buy Valuation
When selling, repaying or remortgaging your property with a Help To Buy equity loan, you require a written independent market valuation by a qualified RICS surveyor.
Why have a Help To Buy Valuation?
Getting a Help To Buy (HTB) Valuation, which must be conducted by an RICS registered valuer, is a mandatory step when you decide to sell the mortgage, or pay off (“staircase”) your equity loan.
Key benefits of obtaining a RICS Help to Buy valuation include:
Accurate Repayment Calculation: The valuation ensures you pay back the correct, current share of the equity loan. If your property value has increased, you pay back more; if it has decreased, you pay back less than you originally borrowed.
Compliance with Government Rules: Target (the loan administrator) requires a RICS-compliant valuation report to accept your repayment, staircasing, or sale application.
Independent, Unbiased Assessment: Unlike an estate agent's appraisal, a RICS surveyor provides an independent, professional market value not influenced by the desire to increase commission.
Accurate Equity Position: It helps you understand your true equity position, which is essential for making informed decisions on whether to sell or remortgage.
Fair Valuation for Downward Trends: If the property market has fallen and your home is worth less, a professional valuation ensures you benefit from a lower repayment amount.
Enables Staircasing: It allows you to buy back a portion of your home (minimum 10% increments) to increase your ownership percentage.
Prevents Overpayment: It prevents you from overpaying on your redemption, especially if your property value has increased.
Important Considerations:
Validity Period: The valuation is typically only valid for 3 months, so it is crucial to plan your timing with your sale or remortgaging process.
Higher Value Wins: If you are selling, Target will base the repayment on the higher of the RICS valuation or the agreed sale price.
It is essential to use a RICS-certified surveyor who is independent of any estate agent, as non-compliant, non-RICS valuations will be rejected.
OUR HELP TO BUY VALUATION PROCESS
1
Initial Consultation
We begin with a discussion to understand your needs.
2
Booking the Valuation
Once you request a valuation, our team will arrange a suitable date to inspect the property.
3
The Property Inspection
The RICS surveyor will conduct an in-depth inspection.
4
Valuation Preparation
After the inspection, the surveyor compiles evidence to calculate the current market value of the property.
5
Receiving Your Valuation
You will receive your valuation within a few days, which you can then forward to the appropriate parties.
How Much Does a Help To Buy Valuation Cost?
Valuation costs vary depending on property type, size and location. Here’s what affects the price:
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Larger or more complex properties take longer to inspect, increasing valuation costs.
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Older or listed buildings may require a more detailed inspection, affecting pricing.
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Valuation costs vary based on the property's location and ease of access.
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More detailed inspections with additional checks may increase costs.
For an accurate quote based on your property, get in touch with our team today.
Professional. Trusted. RICS Accredited.
The Royal Institution of Chartered Surveyors (RICS) sets the gold standard for surveying professionals.
By choosing a RICS-accredited surveyor, you are assured of expert advice, high-quality service and adherence to strict ethical standards.