RICS HELP TO BUY VALUATIONS

What is Help to Buy Valuation?

Help to Buy is designed to do the following: If you are unable to buy 100% of your new home, you can purchase a share. The rest of the share is owned by a housing association or the government, unlike a mortgage from a bank.

Paying off Your Equity Loan

With the Help to Buy scheme, you take out a Government loan to help purchase your home. The Government provides an equity loan to help reduce the percentage needed from a bank or building society. When you sell your home or the mortgage is paid off, whichever occurs first, you must repay the equity loan plus a share of any increase in the home’s value.

Redemption in Help to Buy

In the case of a full redemption, your surveyor will work out the amount you need to repay based on the value of the property at that point in time or the agreed sale price (the higher of the two) as determined by an RICS Help to Buy valuation.
Staircasing Valuation
In the case of staircasing, a Help to Buy valuation is also required if you want to ‘staircase’ by partially redeeming your loan without selling your property, to increase the share you own.
How much to Pay in Staircasing
In the event that the total value of the property increases, so does the amount you owe – if values decline, so does the amount you currently owe. Therefore, it is crucial to arrange for an independent valuation when you refinance the loan so that you and the loan issuer (the government in this case) can be certain that the final loan is equitable and accurate.

Contact Registered Valuers in Manchester

Our panel of surveyors conduct RICS valuations for RICS Help to Buy, shared ownership valuations and Right to Buy valuations. Your expert RICS valuer will supply an expert service that fully complies to the RICS Red Book standards as well as housing association (shared ownership) requirements.

Help to Buy Valuation Criteria

Help to Buy loans are organised by the government and your valuation report will meet the following:

  • RICS-certified Help to Buy Valuation
  • Red Book Valuation Standards
  • Independent from estate agents and mortgage providers
  • Housing association requirements met
  • Multiple comparables matching property size, type, location and age
  • Conflict checks
  • Interior and exterior examination

What is included in a Help to Buy Valuation?

  • inspection by a local surveyor
  • property construction and location overview
  • photographs and description of accommodation
  • comparables of nearby properties sold recently
  • methodologies and assumptions described

Note: Help to Buy valuations are valid for 3 months.

Help to Buy Valuation Report Example Description

Included in the first page of the report is a summary of the property, which provides information on the location, tenure and size. The age of the property will be noted as well as if it is standard-construction. You will also find available information on the sales history.

Then, you will usually find a list of the comparables the surveyor used if this method of valuation is appropriate. Comparables are similar properties nearby that the surveyor assesses in relation to yours for aspects like size, condition, location, etc. This helps the surveyor decide whether the comparables would be expected to have a higher, lower or similar value to your property.

The final section of the report will contain the surveyor’s opinion of the current state of the housing market in the area, stating whether it is rising, steady, or declining. Lastly, you can find the estimated market value, and any explanatory remarks along with evidence for how the valuation was reached.

Surveys of Commercial Property

If you’re thinking of acquiring, leasing, subletting, disposing of, or altering commercial premises in Manchester, you would be well advised to locate a surveyor skilled in the nuances of commercial building surveying – should you spot a defect in a commercial building you can use that information to negotiate an asking price for the property that’s considerably lower than what the seller originally wanted, or you can talk your way out of a bad deal altogether. 

Our Manchester-based team of RICS-compliant commercial building surveyors is equipped to handle matters throughout Manchester.

Contact

Our team prioritizes client care above all else. We look forward to being in touch with you so you can instruct a surveyor in Manchester, London, Bristol, Birmingham or Cardiff. You can reach out to us easily. Just fill out our form, and we’ll get back to you with a free quote for your survey. All our surveyors are qualified as members of the Royal Institution of Chartered Surveyors (RICS) and we are one of the UK’s leading providers of building survey and valuation services:

The property survey you commission will be carried out by an accredited professional. Your chartered surveyor will be a member of the Royal Institution of Chartered Surveyors (RICS) or the Chartered Institute of Building (CIOB), or will belong to some other industry-standard professional body. Rest assured; you will receive highest quality of professional service for your survey.

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