What is Help to Buy?
Help to buy is still relatively new to the UK housing market, having been introduced in 2013. For many, this has been most advantageous as a means to getting on the housing ladder. It’s a shared equity scheme where first-time buyers can borrow up to 20% of the cost of a new build house (40% if you live in London).
Getting a RICS Help To Buy Valuation
As part of your buying and redemption process you will be required in full to obtain a RICS Help To Buy Valuation carried out by a RICS Registered Surveyor. At Mayfords, this is where we can make the process run much smoother for you. A Help to Buy valuation is needed to help establish the market value of your property whether you have sold your property or are just repaying the loan.
In detail, if you have benefitted from the Help to Buy scheme and may be looking to remortgage, with a view to repaying your loan, a RICS regulated valuation will be required. Alternatively, if you may have used a Help to Buy equity loan during the purchase your property and are now looking to sell, you will need to repay your equity loan at the time of sale.
Help To Buy Valuations are prepared in full compliance to and with the RICS Red Book guidelines which include full Professional Indemnity Insurance.
The RICS Help to Buy valuations we offer will cover all of the major criteria required however our main speciality is in regard to the high quality advice we are able to supply you with. An RICS valuation is an important part of the process but knowing what else to submit, understanding what is required. The actual advice we give to clients on the submission and telephone discussion, has led to numerous successful redemption’s.
Mayfords comply with all of the strict industry guidelines. We are also 100% independents and with this you have the peace of mind that we are not in any way affiliated with any estate agents or major property developers.
Mayfords Chartered Surveyors are most compliant in meeting the key criteria outlined by Target Services Limited (Target) for Help to Buy valuations as per below:
- The Valuer must be RICS registered / qualified.
- The Valuer must be independent and have no affiliation to any major estate agent.
- The report must be compiled and completed on headed paper, signed by the RICS surveyor and addressed to Target HCA.
- The Valuer must carry out their valuation comparable to at least 3 comparable properties and sale prices.
- In terms of overall comparables, they must be similar in terms of property type, size, and age and this must be within a 2-mile radius of the property being inspected.
- The Valuer must be of no relation and have no link to you.
- The Valuer will need to also inspect the interior of the property and deliver a full valuation report.
- Valuations cannot be carried out for bank or mortgage purposes as this will not be acceptable.
- A copy of the end report must be supplied to Target; the inspection date must be shown on the report.
Servicing Berkshire, Buckinghamshire and London, please contact us with enquiries you may have regarding Help to Buy Valuations and Surveys. Please visit our Contact page and submit an enquiry form or contact us on 01494 67 78 78 or by email at firstname.lastname@example.org