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When do I need a Help To Buy Valuation?
If you purchased your property using the government’s Help To Buy scheme then, when you come to sell, remortgage or want to repay your Help To Buy loan, you will need to obtain a valuation report in the correct format from a RICS Registered Valuer and Chartered Surveyor.
We are complaint with Homes England requirements. Not all surveyors can undertake these valuations, so it is important to select the right surveyor.
We have carried out valuations on most modern residential housing developments within Norfolk & Suffolk meaning we have extensive local market knowledge and experience which is essential in providing accurate valuations.
Once you have instructed us to undertake a Help To Buy valuation, we will need to come and physically inspect the property both internally and externally. The inspection usually takes up to 1 hour. Once we have completed our inspection we will undertake extensive research and aim to deliver your valuation report within 2 working days. This can be sent to Homes England.
FAQs
What is redeeming my Help to Buy loan?
Redeeming your loan means that you will be paying it off, either by selling your property and paying it back from the proceeds of that sale, or buying the percentage of the property you do not currently own. In this situation, a Help To Buy valuation is required so that the amount you have to repay can be calculated.
What do I need to do if I have a Help to Buy loan and want to sell my property?
When a property bought with a Help to Buy loan is put on the market you will need to provide the Help To Buy provider with an independent RICS valuation report before the sale can exchange contracts.
Can I use a mortgage valuation to give to my Help to Buy provider?
Unfortunately, you cannot use your mortgage valuation. Your Help to Buy loan provider will require you to arrange a completely independent RICS valuation report that is produced to a different specification than a standard Mortgage Valuation or Home Survey Report.
How long is a Help To Buy valuation valid for?
A Help To Buy valuation is valid for 3 months. This being the case, you should try to time the valuation so that the valuation date is no more than 3 months before the point that you expect to complete on your sale or complete your remortgage. In the event that the valuation expires this can be extended on a desktop basis for an additional fee.
What happens if my Help To Buy valuation expires?
If this happens then you can obtain a desktop valuation, but this must be completed and sent to Homes England within 2 weeks of the first valuation expiring. A desktop valuation is an update of the original valuation and will confirm whether or not the valuation has changed. If the valuation has changed then new evidence will be provided. The desktop valuation will be valid for a further 3 months.
What an excellent high quality company. Such a friendly, helpful and rewarding process. The documentation provided from the survey was so detailed and concise yet structured in an easy to read/understand format. The after service was brilliant with Andrew keeping me updated of the progress of the survey. Andrew was also very helpful when I contacted him regarding a couple of questions. I cannot rate or recommend Lockwood's highly enough. A first class highly professional company.
Excellent service with great communication pre and post survey. The level 2 report I received was very detailed and it allowed me to make an informed decision about the property purchase.
Very thorough and personalised service and excellent value. Lockwood also offers a drone aerial view of the roof which is well worth the extra investment.
Very professional
Very in depth survey
Excellent all round service
We would highly recommend Lockwood Chartered Surveyors. Their secretary Sandrine was very helpful and patient when explaining what the surveys could offer. Andrew completed our survey and was informative, thorough and professional. He also shared the report following the survey in a timely fashion. Thanks again!
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Andrew was a brilliant choice when it came to instructing a surveyor for our property purchase. We chose Andrew from his 5* reviews and great reputation.
On the day of our survey, he called me before he was due to leave the property to ensure there wasn’t anything else specifically we wanted him to check, which to me shows care and attention to detail.
A few days later, we received a thorough report which helped to highlight a few things we never would have known about without Andrew’s help and expertise. His help also continued after the survey by suggesting recommended contractors for repairs which were needed.
Sandrine was also extremely helpful in the organisation of the survey and did everything she promised she would.
We would highly recommend Lockwood Chartered Surveyors.