What is a Help to Buy Valuation?
If you bought your home under the government-backed Help to Buy scheme and you are now looking to sell you property or you wish to buy-back complete ownership of your property then you will require a Help to Buy valuation.
Help to Buy Scheme
The help to buy shared equity scheme is a government backed scheme where 1st time buyers can borrow upto 20% of the cost of a new build house interest free for 5 years.
When Do I Require a Valuation?
On the assumption you have used the 'help to buy scheme' and in a position to remortgage your home and commence repaying your loan then you will require a RICS regulated valuation carrying out on your property.
Required criteria?
Upon instructing a surveyor to carry out you survey, the following criteria must be met before instructing:
- You must hire a RICS regulated independent chartered valuer to carry out the valuation.
- Must be registered with RICS and be independent to an estate agent
- Cannot be related to you
- Valuer must provide at least 3 comparable properties and sale prices
- Those properties must be like for like with regards to property type, size, and age, and must be within a 2 mile radius of your property
- Valuations carried out for bank or mortgage purposes will not be accepted
- The valuer must inspect the property interior and provide a full valuation report (not a survey)
- The report must be on headed paper, signed by a RICS surveyor, date, and addressed to the appropriate association.