If you own a property purchased through the Help to Buy equity loan scheme, you’ll eventually need a RICS Help to Buy valuation. Whether you’re selling your home, remortgaging, or repaying part or all of your equity loan, this specialized valuation is a crucial step in the process. This guide explains everything you need to know about RICS Help to Buy valuations – what they are, when you need one, and how to ensure your valuation meets all the necessary requirements.
A RICS surveyor conducting a Help to Buy property valuation
What is the Help to Buy Equity Loan Scheme?
The Help to Buy equity loan scheme was introduced by the UK government in 2013 to help people buy new-build homes with a small deposit. Under the scheme, the government lent buyers between 20% (40% in London) of the cost of a newly built home, with buyers only needing a 5% cash deposit and a 75% mortgage to make up the rest.
Unlike a traditional loan, the Help to Buy equity loan is percentage-based. This means when you come to repay it, you’ll pay back the same percentage of your property’s current value, not the original amount borrowed. For example, if you borrowed 20% of your property’s purchase price, you’ll repay 20% of its current market value.
Example: If you bought a house for £200,000 with a 20% equity loan (£40,000), and your house is now valued at £250,000, you’ll need to repay £50,000 (20% of the current value).
This percentage-based repayment system is why an accurate, independent valuation is so important when it comes to repaying your Help to Buy loan.
What is a RICS Help to Buy Valuation?
A RICS Help to Buy valuation is a specific type of property valuation carried out by a surveyor registered with the Royal Institution of Chartered Surveyors (RICS). This valuation establishes the current market value of your property, which is then used to calculate how much of your Help to Buy equity loan you need to repay.
Unlike standard mortgage valuations or other types of surveys, a Help to Buy valuation must meet strict criteria set by Homes England (formerly the Homes and Communities Agency), who administer the Help to Buy scheme.
Sample RICS Help to Buy valuation report
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When Do You Need a RICS Help to Buy Valuation?
There are three main scenarios when you’ll need to obtain a RICS Help to Buy valuation:
1. Selling Your Property
If you’re selling your Help to Buy home without having first repaid your equity loan, you’ll need a valuation to determine how much of the equity loan needs to be repaid from the sale proceeds.
2. Repaying Your Equity Loan
If you want to repay part or all of your Help to Buy equity loan while continuing to live in your property, you’ll need a valuation to calculate the current repayment amount.
3. Staircasing
‘Staircasing’ refers to buying more equity in your home. If you want to repay a portion of your Help to Buy loan (minimum 10%), you’ll need a valuation to determine the current value of that portion.
Important: You’ll also need a RICS Help to Buy valuation if you’re remortgaging and want to borrow more to repay some or all of your equity loan. However, you don’t need one if you’re simply switching to a new mortgage deal without borrowing more.
The Role of RICS-Regulated Surveyors in Help to Buy Valuations
Homes England requires Help to Buy valuations to be carried out by surveyors who are registered with the Royal Institution of Chartered Surveyors (RICS). This ensures the valuation is conducted to professional standards and provides an accurate, independent assessment of your property’s value.
RICS surveyor conducting an interior inspection during a Help to Buy valuation
RICS Surveyor Requirements
Your Help to Buy surveyor must meet the following criteria:
- Be RICS qualified and registered as either an MRICS (Member) or FRICS (Fellow)
- Be completely independent of any estate agent involved in selling your property
- Have no personal or professional relationship with you
- Physically inspect the interior of your property
- Provide details of at least 3 comparable properties and their sale prices
- Produce a valuation report on company letterhead, signed and addressed to Homes England
Warning: Mortgage valuations carried out for bank or mortgage purposes are not acceptable for Help to Buy. You must commission a specific Help to Buy valuation that meets all Homes England requirements.
Step-by-Step RICS Help to Buy Valuation Process
Understanding the valuation process will help ensure everything goes smoothly when you arrange your Help to Buy valuation. Here’s what to expect:
- Find a qualified RICS surveyor who can provide Help to Buy valuations. Ensure they understand the specific requirements for Help to Buy reports.
- Book the valuation at a convenient time when you can provide access to all areas of your property.
- Prepare your property by ensuring all areas are accessible and the property is presented in good condition.
- The surveyor visits and inspects both the interior and exterior of your property, taking measurements and notes.
- Research comparable properties – The surveyor will research recent sales of similar properties in your area to support their valuation.
- Produce the valuation report – Usually within a few working days of the inspection.
- Submit to Homes England – You’ll need to send the report to Homes England as part of your loan repayment application.
RICS surveyor assessing the exterior of a Help to Buy property
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Understanding Your Help to Buy Valuation Report
A compliant Help to Buy valuation report will include several key components:
| Report Section | What It Includes | Why It’s Important |
| Property Overview | Location, type, size, age, construction type, and tenure details | Establishes basic property characteristics that affect value |
| Comparable Properties | Details of at least 3 similar properties that have recently sold in your area | Provides evidence to support the valuation figure |
| Market Assessment | Analysis of the local property market (rising, falling, or static) | Puts the valuation in context of current market conditions |
| Valuation Figure | The surveyor’s assessment of your property’s current market value | Determines how much of your equity loan you’ll need to repay |
| Methodology | Explanation of how the valuation was calculated | Demonstrates the valuation is based on sound principles |
Comparable properties section of a RICS Help to Buy valuation report
Differences Between Standard and Help to Buy Valuations
Help to Buy valuations differ from standard property valuations in several important ways:
| Feature | Standard RICS Valuation | Help to Buy Valuation |
| Purpose | General market value assessment | Specifically for equity loan repayment calculation |
| Format Requirements | Flexible format | Must follow Homes England specific format |
| Comparable Evidence | May include comparable properties | Must include at least 3 comparable properties |
| Addressee | Usually addressed to client or lender | Must be addressed to Homes England |
| Validity Period | Typically 3-6 months | Strictly 3 months only |
| Interior Inspection | May be optional for some purposes | Mandatory interior inspection required |
Comparison of standard RICS valuation (left) and Help to Buy valuation (right) reports
Common Challenges in Help to Buy Valuations
Several issues can arise during the Help to Buy valuation process. Being aware of these potential challenges can help you navigate them effectively:
Potential Challenges
- Valuation higher than sale price – If your RICS valuation is higher than the offer you’ve accepted on your property, Homes England may require you to pay the difference
- Expired valuations – If your sale or loan repayment takes longer than 3 months, you’ll need a desktop valuation extension
- Rejected valuations – If your valuation doesn’t meet all Homes England requirements, it may be rejected
- Finding comparable properties – In unique or rural areas, finding suitable comparable properties can be challenging
- Properties with cladding – Properties with certain types of external cladding may require specialist valuations
Solutions
- Work with experienced surveyors who understand Help to Buy requirements
- Time your valuation carefully to avoid expiration before completion
- Check all requirements before submitting your valuation
- Use surveyors familiar with your area who can find appropriate comparables
- Seek specialist advice for properties with cladding or other unique features
Homeowner discussing potential valuation challenges with a RICS surveyor
Help to Buy Valuation Costs and Timeframes
When planning your Help to Buy valuation, it’s important to consider both the cost and timing:
Typical Costs
RICS Help to Buy valuations typically cost between £600-£1,000 including VAT, depending on your property size, location, and the surveyor you choose. Desktop valuation extensions (if your original valuation expires) usually cost £250.
Timeframes
The valuation process typically follows this timeline:
- Booking the valuation: 1-2 weeks waiting time (varies by surveyor availability)
- Property inspection: Usually takes 1-2 hours
- Report production: Typically 3-5 working days after inspection
- Validity period: 3 months from the date of valuation
- Desktop extension: Can extend validity by another 3 months if needed
Typical Help to Buy valuation timeline
Compare Help to Buy Valuation Costs
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Tips for Homeowners Preparing for a RICS Help to Buy Valuation
To ensure your Help to Buy valuation goes smoothly and accurately reflects your property’s value, consider these preparation tips:
Before the Valuation
- Time it right – Only get your valuation when you’re ready to sell or repay your loan, as it’s only valid for 3 months
- Research local property prices to have a realistic expectation of your property’s value
- Make minor repairs to address any obvious defects that could affect the valuation
- Tidy and declutter to show your property in its best light
- Prepare a list of improvements you’ve made since purchasing the property
During the Valuation
- Ensure access to all areas of your property, including loft spaces and outbuildings
- Point out improvements you’ve made that might not be immediately obvious
- Provide information about any unique or valuable features
- Ask questions if you’re unsure about any aspect of the process
- Request clarification on the timeline for receiving your report
Preparing your property for a Help to Buy valuation inspection
“A well-presented property that’s clean, tidy, and in good repair will create a positive impression during the valuation. While surveyors are trained to look beyond cosmetic issues, first impressions still matter.”
What Happens After Your Help to Buy Valuation
Once you have your RICS Help to Buy valuation report, here’s what happens next:
- Complete the application form – Fill out the Help to Buy loan redemption form (available from Homes England)
- Submit your valuation – Send your valuation report to Homes England within 5 working days of receiving it
- Pay the admin fee – There’s a £200 administration fee for processing your application
- Receive your redemption letter – Homes England will send you a letter confirming how much you need to repay
- Instruct a solicitor – You’ll need a solicitor to handle the legal aspects of repaying your equity loan
- Complete the process – Your solicitor will arrange for the funds to be transferred and the equity loan to be settled
Reviewing Help to Buy redemption paperwork with a solicitor
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Conclusion: Ensuring a Smooth Help to Buy Valuation Process
A RICS Help to Buy valuation is a crucial step in repaying your equity loan or selling your Help to Buy property. By understanding the requirements, preparing properly, and working with qualified professionals, you can ensure the process goes smoothly.
Remember these key points:
- Always use a RICS-qualified surveyor who understands Help to Buy requirements
- Time your valuation carefully, as it’s only valid for 3 months
- Prepare your property to show it in its best light
- Submit your valuation to Homes England promptly
- Work with experienced solicitors for the legal aspects of the process
With the right preparation and professional support, you can navigate the Help to Buy valuation process with confidence and take the next step in your property journey.
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Frequently Asked Questions About RICS Help to Buy Valuations
Can I use a mortgage valuation instead of a RICS Help to Buy valuation?
No, mortgage valuations are not acceptable for Help to Buy purposes. Homes England specifically requires an independent valuation carried out by a RICS surveyor in their prescribed format. Mortgage valuations are conducted primarily for the lender’s benefit and don’t meet the specific requirements for Help to Buy.
How long is a Help to Buy valuation valid for?
A Help to Buy valuation is valid for exactly 3 months from the date it is produced. If your loan redemption or property sale hasn’t completed within this timeframe, you’ll need to obtain a desktop valuation extension, which can extend the validity by another 3 months.
What happens if my property sells for less than the RICS valuation?
If your property sells for less than the RICS valuation, Homes England will base your repayment on whichever is higher – the sale price or the valuation. This means you might need to make up the difference if you sell below the valuation figure. This policy ensures the government receives their fair share of the property’s value.
Can I challenge a Help to Buy valuation if I think it’s incorrect?
Yes, you can challenge a valuation if you believe it’s incorrect. You would need to provide evidence to support your case, such as recent sales of comparable properties that weren’t considered. However, it’s often more practical to commission a new valuation from a different RICS surveyor if you strongly disagree with the first one.
Do I need a Help to Buy valuation if I’m remortgaging?
You only need a Help to Buy valuation if you’re remortgaging to borrow more money to repay some or all of your equity loan. If you’re simply switching to a new mortgage deal with the same loan amount, you don’t need a Help to Buy valuation.
