What is a Help to Buy valuation?
The Help to Buy scheme was a UK government initiative designed to assist first-time buyers in purchasing newly built homes. Through an equity loan, the government provided financial support, enabling buyers to secure a property with a minimum deposit of 5%. This scheme aimed to make homeownership more accessible by reducing the initial financial burden on buyers. A Help to Buy valuation is a professional assessment of a property's current market value, conducted by an independent RICS (Royal Institution of Chartered Surveyors) registered valuer.
This valuation is essential when a homeowner wishes to repay or refinance their Help to Buy equity loan, as the repayment amount is based on the property's market value at the time of repayment. The valuation ensures that both the homeowner and the government settle the loan fairly, reflecting any changes in the property's value since its purchase. Contact Kirk-Brown Ltd today for professional Help to Buy valuations throughout Kent and the surrounding areas.
How do Help to Buy valuations work?
Help to Buy valuations work by having a qualified valuer visit the property to inspect its overall condition. The valuer uses current market data to determine the property’s value.
They examine features such as the size, location, and any repairs that may be needed. This process follows strict guidelines to ensure the report is accurate and fair.
The resulting valuation helps lenders decide how much money they can lend you or how much you may have to repay.
At Kirk-Brown Ltd, our experienced valuers use a careful approach to deliver a clear and reliable report, ensuring you are well informed before you make any decisions.
What does a Help to Buy valuation include?
A Help to Buy valuation report is a comprehensive document that outlines critical aspects of a property’s market value, condition, and potential issues. This report typically includes a detailed inspection of the property’s structural integrity, internal and external condition, and any visible damage, such as cracks or dampness. The surveyor also assesses the property’s size, layout, and any alterations or extensions that may affect its value.
Furthermore, the report will provide a comparison to similar properties in the area to determine the current market value. It also highlights features that might influence the property's worth, such as proximity to public transport, local amenities, and the neighbourhood's desirability. At Kirk-Brown Ltd, our qualified valuers follow a strict approach to ensure that every necessary factor is addressed, enabling both buyers and lenders to make well-informed decisions.
When do I need a Help to Buy valuation?
A Help to Buy valuation is needed at several key points during the property buying/selling process.
Lenders typically require this valuation before they approve a mortgage under the Help to Buy scheme. It ensures that the property meets the required value and condition standards.
Buyers also benefit from the valuation as it offers a clear view of the property’s worth and any potential issues.
At Kirk-Brown Ltd, we advise our clients to have a valuation completed early to avoid delays. This timely report helps you make informed decisions before finalising your purchase.
Do I Need A RICS Valuation For Help To Buy?
A RICS valuation is carried out by surveyors who follow strict standards set by the Royal Institution of Chartered Surveyors. Many lenders and buyers prefer these valuations because they are accurate and trustworthy. A RICS valuation ensures that the property is assessed fairly, with careful attention to its condition and market value. If you are using the Help to Buy scheme, having a RICS valuation can make the process smoother.
At Kirk-Brown Ltd, our RICS accredited valuers provide thorough and impartial reports. This service helps you feel confident about the property’s value and your decision to buy or sell.
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.
