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 compliant 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.
Jack Benjo
Chloe MarshallHighly recommended. An appointment was booked very promptly and was very professional . Would use in the future .
Sylvia Spencer- MountneyAndrew was extremely helpful with my queries prior to the survey. The report was thorough and extensive. It also contained details of possible future repairs. Thanks to Sandrine who was friendly and helpful guiding me through the process. I highly recommend this company.
Jack StampsAndrew did a great job with our shared ownership valuation, and was attentive and helped alleviate any questions we had.
Kevin BraggAndrew’s Level 3 Survey report for our potential purchase of a 375-year-old house provided exactly the right amount of detail for us to be able to negotiate with the vendor over any perceived issues. Communication with Lockwood was excellent before and after the survey was done and we would highly recommend them to others.
Lindsey BunceWe had a great experience with Charles, who carried out a valuation of our property. He was professional, knowledgeable and friendly throughout, taking the time to explain everything clearly. We really appreciated his helpful and straightforward approach. Thanks also to Sandrine and Andrew who were so helpful and accommodating when we needed to change the date. We would definitely recommend Lockwoods to anyone looking for a reliable and professional property valuation service
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I would highly recommend Lockwood Chartered Surveyors. Andrew is very knowledgeable he’ll guide you on the right path with whatever questions you may have after they have completed the survey!
They are very quick at you receiving the report which was very handy for me as I can then raise any enquiries with my solicitor!
Highly recommend!