A help-to-buy valuation is an independent valuation from a RICS registered valuer for a property bought with the help-to-buy scheme, introduced by the government to support first time home buyers get a foot onto the property ladder. The need for the ‘Red Book’ or RICS registered valuer valuation comes into play when the homeowner is looking to repay the loan, remortgage the house or sell the property. The valuation provides an independent assessment of the market value of the property, as required by the government appointed administrator or housing association. From this valuation, the administrator of the loan can work out what needs to be paid back to settle the debt.
Target is an organisation which has been appointed by the government to process the loan administration services on behalf of the Home & Communities Agency. Target require a specific RICs valuation to be sent to them referencing a detailed valuation of the help-to-buy administered property.
Timing is vital to ensure that the valuation is used within it’s qualifying period of 3 months.
There are a number of standard requirements of an RICS valuer to be entitled to provide a help-to-buy valuation as well as some set criteria for the report itself. These are:
Charges for valuations of this type for properties throughout the Midlands are as follows, dependent upon the number of bedrooms within the property;
The RICS valuation will only be valid for 3 months. If the loan redemption or sale is not completed within 3 months of this date, an extension will need to be provided. An additional charge of £100 will be levied should an extension be required.
If you require a help-to-buy valuation, in the first instance, please contact one of our RICS registered valuers who will discuss the specific timing and potentially liaise directly with your estate agent or mortgage advisor to ensure that you receive the valuation in a timely fashion so as to avoid any unnecessary additional charges for an extension to the valuation. It is important to bear in mind that a remortgage application can take quite some time.
For Northamptonshire, Warwickshire or Leicestershire, please contact Josh Peat at the Howkins & Harrison Rugby office on 01788 564687 / Joshua.email@example.com