RICS REgistered

Help To Buy Valuations London

Help To Buy Valuation London
Thomas Winfield
Mr Thomas Winfield DipSP AssocRICS
London Help To Buy Valuation Specialist

What is a Help To Buy Valuation and why do I need one?

Winfields Chartered Surveyors have been providing Help to Buy Valuations throughout London, The South East & The Home Counties successfully for many years.

If you have bought a home with a loan from the Help to Buy scheme, you may be looking to repay, re-mortgage or sell your property. To do this, Target, whom Homes England (formerly HCA) has appointed to administer the scheme, requires you to get an independent Help to Buy Valuation report.

What does a Help To Buy valuation cover?

The Help to Buy Valuation will determine the amount repayable in direct proportion to the current market value of your property. The Valuation must be conducted by a Chartered Surveyor regulated by the RICS.

Winfields Chartered Surveyors, are RICS registered & are here to do just that. We have carried out more than 2,000 help-to-buy valuations, and our high reputation precedes us.

RICS White Logo
Winfields Chartered Surveyors London meets the relevant criteria outlined by Target HCA to carry out Help to Buy valuations as defined below:
Help To Buy Valuation London

Understanding Help to Buy Valuations

If you are living in London, you may have received a loan of up to 40% of the purchase price from the Help to Buy scheme. This must be repaid after 25 years or sooner if you choose to sell your home during this time. Additionally, you can choose to pay the loan off earlier or to re-mortgage before mandatory repayment comes into effect.

Importantly, the amount that you must pay back will be calculated on the value of the property at the time of repayment, not the original purchase price.

As such, choosing when to pay back your loan on your own terms can be advantageous if the market value of your property has decreased since the initial purchase. Conversely, if the value of the property has increased, you will end up paying more than you initially borrowed.

Once you have your Help to Buy Valuation, you must send it to Target, who will, in turn, calculate the value of your loan and provide you with the repayment figure.

Get Your Valuation

To get booked in for one of our surveyors to carry out a Help To Buy valuation on your property, simply fill out the form below and one of our friendly representatives will get back to you as soon as possible 

FAQ

Frequently Asked Questions

At Winfields we charge £300 plus VAT for all Help To Buy Valuations.

Yes, you will need to instruct a solicitor. Any redemption figures will be sent directly to your solicitor and copied to yourselves. When considering a solicitor, it is important to confirm that the solicitor has dealt with the Redemption process before, especially in relation to selling property.

Yes, we are fully aware of the valuation criteria.  Please be aware that you can instruct your own surveyors but the criteria is stringent and failure to meet this criteria will result in the valuation you provide being rejected. If you are to instruct your own surveyor, it is important that you confirm the criteria to them directly. Weve carried out thousands of help to buy valuations with lots of happy customers. Give Winfields a call today.

The valuation is valid for 12 weeks. This is from the date that the surveyor arrives at your property and carries out the valuation. If you need to extend the valuation time, then prior to the 12 weeks’ expiry, and we would recommend at approximately 10 weeks, you consider re-instructing the surveyor, to carry out a desktop valuation which will keep the valuation live for a further 12 weeks. This is, however, on the assumption that the values have not changed since the original valuation was carried out. You do need to be aware that in certain locations within the UK, the valuations change on a monthly basis, and therefore you may well need to reconsider having a valuation carried out in full.

The valuation will take anywhere from 15-30 minutes depending upon the size of the property. It is important to note that it is a valuation only and not a survey. In order to speed up the process for your redemption, it is likely that we would request information regarding your original plot detail, purchase price, purchase date, developer, etc., and also any detail regarding any subsequent sale. The majority of the work carried out for the valuation report itself is done with the comparable analysis and providing the information required by the HCA team. This tends to be done away from the property itself.

The process in total was estimated to be 12 weeks under the original scheme but this has now altered with Target. Some of the redemptions can be as quick as two weeks but Target will not provide a redemption figure until such time as the administration fee is paid – trying to contact Target can be where the time is lost. Once the figure is received from Target, then the redemption process could take up to 4 weeks to complete.

Please note that valuations carried by bank surveyor for lending or remortgage are not accepted by Target HCA. Target HCA requires that you instruct valuer specifically for a purpose of providing loan redemption valuation for Help to Buy.

Our Help to Buy Valuation Reports are based on our professional intelligence and market experience. Our valuations are always a fair reflection of the current market value. That said, we are always open to hearing your views on the value of your property and if you feel there has been a mistake or something we need to look into. Just get in contact we are a friendly family-run business, and customer satisfaction is always a priority.

If you believe the valuation is inaccurate, you can request a second opinion from another RICS accredited valuer. You’ll need to provide evidence supporting your claim, such as recent comparable sales or information about any improvements that may have been overlooked in the initial valuation. Keep in mind that obtaining a second valuation may involve additional costs.

All of our desktop top-up valuations are £120.00 plus VAT. If we did not carry out the initial inspection, we would have to charge you the total price to carry out a new report.

To find a RICS accredited valuer, you can visit the RICS website and use their “Find a Surveyor” tool. This feature allows you to search for local RICS registered valuers, making it easy to locate a qualified professional to perform the valuation services you need. Additionally, you can ask for personal recommendations from friends or family members who have recently had their properties valued.

A Help to Buy valuation is essential because your equity loan is a percentage of the property’s value. The valuation helps calculate the amount you need to repay on your equity loan, based on the current market value of your property, allowing for a fair and accurate repayment calculation.

No, you must repay the equity loan when selling your property. The Help to Buy valuation will determine the repayment amount based on the property’s current market value. This ensures that both you and the government receive a fair share of the property’s value, in line with the original equity loan agreement.

To ensure the most accurate valuation, it’s essential to present your property in the best possible light. This includes cleaning and decluttering your home, completing any necessary repairs, and documenting any significant improvements that could increase its value, such as extensions or high-quality fittings. By preparing your property, you’ll provide the valuer with a clear understanding of its current condition and features, contributing to a more accurate assessment.

Once you have the Help to Buy valuation report, submit it to your Help to Buy agent within the 3-month validity period. They will review the report, approve the valuation, and confirm the equity loan repayment amount. If you’re selling your property, you can proceed with the sale process, while if you’re remortgaging, you can use the valuation to negotiate new mortgage terms. If you’re staircasing, you can use the valuation to calculate the repayment amount and start the partial repayment process. In all cases, it’s essential to maintain open communication with your Help to Buy agent to ensure a smooth and successful outcome.

An RICS valuation is an assessment of the value of a property, which is conducted by a chartered surveyor. Surveyors work under guidelines set out by the RICS, providing accurate estimates for sellers and prospective buyers who may want more information about the value of a house or flat before they buy.

How do I arrange a valuation? You can contact us here at Winfields Chartered Surveyors & Valuers or you can contact local chartered surveyors who are registered with the Royal Institution of Chartered Surveyors. You can discuss your requirements and find out more about fees and availability.