Help to Buy Valuations
There is a relatively new kid on the block, that is Help to Buy. This process occurs where a buyer, usually First Time Buyer, takes advantage of assistance when buying their new home. Such assistance is provided on the basis that repayment is required at a later date.
We are not, here, going to go into the details of the scheme’s requirements or provide further details on that aspect as it’s beyond the scope of a Surveyor’s work, however below is a short outline of what’s required in the valuation report.
When instructing the RICS Valuer please ensure you inform them that:
- The Valuer must be registered with a RICS recognised qualification/accreditation
- The Valuer must be independent of an estate agent
- The report must be on headed paper and signed by the surveyor
- The Valuer must provide at least 3 comparable properties and sale prices within the last year (the date of sale must be stated).
The 3 comparable properties must be included in the valuation report; the comparable must have the door number and one part of the postcode if the full postcode cannot be obtained. This can be within a 2 mile radius of the subject property.
Failure to do so will result in the valuation being rejected.
- The Valuer must not be related or known to you
- The Valuer must inspect the interior of the property and provide a full valuation report
- Valuations carried out for bank or mortgage purposes are not acceptable
- The scheme administrator (Housing Assoc. etc.) will require a copy of the valuation report; the inspection date must be shown on the report
- The report needs to be provided in a PDF or non-editable document format.
If the valuation report does not meet the above guidelines, you will be required to liaise with the Valuer to ensure it does.
Kirk-Brown Ltd are experts in valuation of most types of property, including Help to Buy, as such we’re on hand to help at a reasonable cost.
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