This article explores : Do I need a RICS valuation for help to buy? If you are planning to repay, remortgage, or sell a home bought with a Help to Buy equity loan, you may need a RICS valuation.
This report gives an independent view of your property’s current market value and is often required by Homes England as part of the process. Understanding when a Help to Buy valuation is needed can help you avoid delays and make sure your repayment or sale moves forward smoothly.
What is a Help to Buy valuation?
The Help to Buy scheme was a government scheme in England that helped people buy a new home with a small deposit. Under the help to buy equity loan, buyers could borrow a percentage of the property price from Homes England and then repay that loan later. When the time comes to repay, remortgage, staircasing, or sell, you will usually need a help to buy valuation to confirm the current market value of your home.
A help to buy valuation is an independent valuation carried out by a RICS surveyor. This means the surveyor must be RICS registered and independent of any estate agent or other party related or known to you. The report gives a clear view of the value of your property based on current market conditions, recent market data, and similar properties in the local area. This is important because the repayment amount for a help to buy loan is calculated as a percentage of the property's value at the time of repayment, not the amount you first borrowed.
In simple terms, if your home has gone up in value, you may need to repay a higher amount. If the market value has gone down, the amount you owe may also be lower. That is why a proper RICS valuation is such an important part of the process.
Do I need a RICS valuation for Help to Buy?
In most cases, yes. If you want to repay your help to buy equity loan, repay the loan in full, make partial repayments, remortgage, or start selling your home, Homes England will usually require a RICS valuation report. A standard estate agent estimate or mortgage valuation is not enough. You need a help to buy valuation report produced by an independent RICS qualified surveyor.
The report must meet specific criteria. It should be signed, dated, and issued on headed paper. It must be addressed to Homes England or to the help to buy agent acting on its behalf.
It must confirm the current market value and explain how that value was reached. In most cases, the surveyor must provide at least 3 comparable properties and sale prices, with details of similar properties that support the valuation.
These comparable homes should usually be close in type, size and age, and where possible within 2 miles or within 5 miles, depending on the property's location and the local market.
This is why people often ask, do I need a help to buy valuation, or do I need a RICS valuation for help to buy. The answer is normally yes if you are repaying, remortgaging, staircasing, or selling.
Why a RICS valuation matters
A RICS valuation gives an independent view of your home's value. It is not based on what you hope to sell for, and it is not simply an estate agent opinion. It is a formal market valuation carried out under standards set by the Royal Institution of Chartered Surveyors, sometimes written as the institution of chartered surveyors or the royal institution of chartered surveyors. This helps ensure the process is fair to both you and Homes England.
A RICS help to buy valuation is also useful because it reduces the chance of problems later. If the report does not meet the required format, or if important information is missing, it may be rejected. That can slow down your repayment, remortgage, or sale. By arranging the right valuation early, you can help complete the process with fewer delays.
What does the valuation report need to include?
A buy valuation report for Help to Buy should contain more than just a figure. The surveyor will inspect the property inside and outside, assess its condition, and consider anything that could affect its value. This includes the home's size, layout, age, type, location, improvements, and any visible issues. The report must also explain the current market value and show the evidence used to reach that figure.
In many cases, the report must provide at least 3 comparable properties and sale prices. These similar properties should reflect the subject property's type, size and age as closely as possible.
The surveyor may also include details about market conditions, local demand, and other factors that affect value. If there have been changes to the home, such as an extension or planning permission for major work, the surveyor may mention whether those changes affect the market value.
The valuation report should also be valid, clearly dated, and signed by the surveyor. Many help to buy valuations must be completed by a surveyor who is M-RICS or F-RICS, which shows that they meet RICS standards.
How is the repayment amount worked out?
The help to buy equity loan is based on a percentage of your home's value, not a fixed cash amount. For example, if you borrowed 20 per cent of the purchase price, you will usually need to repay 20 per cent of the current market value when you repay. If the home is worth more than when you bought it, the repayment amount will be higher. If the value is lower, the amount to repay may also be lower.
This is why the value of your property matters so much. The valuation helps determine how much you owe and what you need to pay. If you are making partial repayments, sometimes called staircasing, the same principle applies. The amount repaid is based on the percentage being repaid and the current market value shown in the new valuation.
It is also worth remembering that extra costs may apply during the process. Depending on your case, you may need to pay administration fees, solicitor fees, and vat on some services. If your loan is not repaid on time, or if there are arrears, further charges may apply. Reading the scheme details carefully can help you understand the full cost before you proceed.
When do I need a Help to Buy valuation?
You may need a help to buy valuation when you want to repay your loan in full, make part repayments, remortgage, or sell your property. If you are selling your home, the valuation is often one of the first things to arrange because Homes England and your solicitor may need it before the sale can move forward.
You may also need a new valuation if your previous report has expired. A help to buy valuation is usually valid for 3 months. In other words, it is valid for 3 months or 3 months from the date it was issued. If your case takes longer, you may need a new report. In some cases, an additional 3 months may be allowed, but this depends on the rules in place at the time and whether the provider accepts an extension. It is always best to check the current guidance before relying on an older report.
Because time matters, many people arrange the valuation early. This can help avoid delays if you are trying to complete a remortgage, sale, or repayment within a set period.
How the surveyor works out the value
The surveyor will usually visit the home and carry out an inspection. This is not the same as a full building survey, but it is a professional review of the property and its features. The surveyor will look at the condition, location, size, and any points that may affect value. They will then compare the home with similar properties and sale prices in the local market.
The value is based on evidence, not guesswork. The surveyor will read recent sales information, consider current market data, and use professional judgement. This helps ensure the figure is fair and based on the property's current market position. In some situations, people ask about a desktop valuation, but for Help to Buy a full independent valuation is usually required rather than a desktop-only assessment.
This is one reason why an estate agent appraisal and a mortgage valuation are not usually accepted as a replacement. A mortgage valuation is often carried out for the lender's benefit, while a help to buy valuation must meet the specific criteria set for the scheme.
Can home improvements change the value?
Yes, they can, but not every change adds value in the way people expect. Improvements such as updated kitchens, bathrooms, or extra living space may affect the market value, especially if they make the home more attractive compared with similar properties. However, the final figure will still depend on current market conditions and local evidence.
If you have made major changes, it is helpful to tell the surveyor. For example, if work has been completed with planning permission or building approval, this may be relevant. Even so, the surveyor will still base the valuation on what buyers in the current market are likely to pay for the property.
How long does the process take?
The timing can vary, but many people want to know how quickly they can receive the report and move on with repayment or selling. After you contact a surveyor and arrange an inspection, the report is often produced within a few working days, although this depends on the surveyor, the area, and how easy it is to find suitable comparable evidence.
Once you receive the report, you may need to send a copy by email or through an online form, depending on the process being used. It is important to check that the report is addressed correctly and includes all required details before you send it. If anything is missing, you may be asked for a new report, which can add more time and cost.
How to choose the right surveyor
Choosing the right help to buy surveyor is important. You should look for a RICS registered professional with experience of help to buy valuations. The surveyor should be independent of any estate agent and able to provide a report that meets Homes England criteria.
It is sensible to ask whether they have carried out RICS help to buy work before and whether the report will be on headed paper, signed, dated, and fully addressed.
You may also want to ask about cost, vat, availability, and how quickly the report can be completed. A clear quote and a simple explanation of the process can make things easier. Many users also find it helpful to read feedback, explore the surveyor's site, and check whether the services offered are related to help to buy valuations rather than only general survey work.
Common mistakes to avoid
One common mistake is relying on an estate agent valuation instead of a formal RICS valuation. Another is waiting too long and finding that the report is no longer valid for 3 months. Some people also forget that the valuation must be addressed to Homes England and must include comparable properties and sale prices.
It is also important to remember that the amount you repay is not based on the original loan figure alone. It is based on the percentage borrowed and the current market value. That means your repayment amount may be higher than expected if the property has gone up in value.
A further issue is assuming that all valuations are the same. A mortgage valuation, a survey, and a help to buy valuation each have a different purpose. Understanding the difference can help you avoid delays and extra cost.
Frequently asked questions
People often ask whether they need a new valuation if their case has not completed within 3 months. In many cases, yes, because the report is only valid for 3 months from the date it was issued. Others ask whether a desktop valuation is accepted, whether they need to repay before selling, or whether a lower sale price changes the amount repaid. These questions depend on the details of the case, so it is always wise to read the latest guidance and speak to the right professionals.
Many also ask whether the scheme still applies in Wales as well as England. The rules can differ depending on the scheme and location, so you should always check which help to buy scheme your home falls under before you apply, repay, or sell.
RICS Valuations and Help To Buy
So, do I need a RICS valuation for Help to Buy? In most situations, yes. If you want to repay, remortgage, or sell a home with a help to buy equity loan, a RICS valuation is usually required. It helps determine the current market value, shows the value of your property fairly, and supports the repayment process with an independent report.
A proper help to buy valuation can help you complete the process more smoothly, avoid delays, and understand what you may need to repay. Making sure the report meets the required criteria, is valid, and is prepared by a RICS registered surveyor is one of the most important steps.
For help to buy valuations and clear advice on the process, contact Kirk-Brown Ltd to find out more.
Are you looking for professional home buyers valuations across Kent, Sussex and Surrey? If you have any questions please get in touch with us today.
