If you purchased your home using the government’s Help to Buy equity loan scheme, you’ll eventually need a Help to Buy valuation. Whether you’re planning to sell your property, remortgage, or repay part or all of your equity loan, this specialised valuation is a crucial step in the process. This comprehensive guide explains everything you need to know about Help to Buy valuations, from understanding what they are to navigating the requirements and avoiding common pitfalls.
What is a Help to Buy Valuation?
A Help to Buy valuation is a specific type of property valuation conducted by a Royal Institution of Chartered Surveyors (RICS) qualified surveyor to determine the current market value of a property purchased with a Help to Buy equity loan. Unlike standard property valuations, Help to Buy valuations must meet strict criteria set by Homes England (the government agency that administers the Help to Buy scheme).
The valuation provides an independent assessment of your property’s current market value, which is then used to calculate how much you need to repay to Homes England. Since the government owns a percentage of your property (typically 20%, or 40% in London), the amount you repay is based on the current value, not the original purchase price.
For example, if you bought your home for £200,000 with a 20% equity loan (£40,000) and your property is now valued at £250,000, you would need to repay £50,000 (20% of the current value) to Homes England.
When Do You Need a Help to Buy Valuation?
You’ll need a Help to Buy valuation in several scenarios:
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Help to Buy Valuation Requirements
Homes England has specific requirements for Help to Buy valuations. Understanding these requirements is essential to ensure your valuation is accepted and the process runs smoothly.
Key Requirements for Valid Help to Buy Valuations:
Valuation Report Format
A compliant Help to Buy valuation report must include:
The valuation is only valid for 3 months. After that, you’ll need to reconfirm the valuation, and after 6 months, you may need a completely new report. Remember that property values can change, which might affect your repayment amount.
The Help to Buy Valuation Process: Step by Step
Understanding the process of obtaining a Help to Buy valuation will help you plan effectively and avoid delays. Here’s a step-by-step guide to the entire process:
Costs and Timeframes
The cost of a Help to Buy valuation typically ranges from £500 to £750, depending on your property’s value, location, and the surveyor you choose. Most surveyors offer a fixed fee service, but it’s always worth confirming the exact cost before proceeding.
| Process Stage | Typical Timeframe | Notes |
| Booking the valuation | 1-3 days | Depends on surveyor availability |
| Valuation inspection | 30-60 minutes | Be present to answer any questions |
| Receiving the report | 2-5 working days | Some surveyors offer express services |
| Homes England processing | 5-10 working days | To provide redemption figure |
| Valuation validity | 3 months | May need reconfirmation after this period |
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Staircasing vs. Full Redemption: Understanding Your Options
When it comes to your Help to Buy equity loan, you have two main options for repayment: staircasing or full redemption. Each has different implications and requirements.
Full Redemption
This involves repaying your equity loan in full, either when selling your property or through remortgaging.
Staircasing
This involves repaying part of your equity loan, increasing your share of ownership.
Both options require a Help to Buy valuation to determine the current market value of your property, which forms the basis of your repayment calculation. The valuation process and requirements are the same for both staircasing and full redemption.
Preparing Your Property for a Help to Buy Valuation
While a Help to Buy valuation is not the same as selling your property, presenting your home in the best possible light can help ensure you receive a fair valuation. Here are some tips to prepare for your valuation:
Cleanliness and Tidiness
Maintenance and Repairs
Documentation
Remember that the surveyor is looking for the true market value of your property. While presentation matters, they are trained to see beyond cosmetic issues and focus on the fundamental aspects that determine value.
Improvements That Add Value
If you’ve made significant improvements to your property since purchase, these may increase its value. Be sure to point these out to the surveyor and have documentation ready if possible:
Common Pitfalls and How to Avoid Them
There are several common issues that can arise during the Help to Buy valuation process. Being aware of these potential pitfalls can help you navigate the process more smoothly.
Valuation Lower Than Expected
One of the most common issues is receiving a valuation that’s lower than you expected. This can be particularly problematic if you’re selling your property and have already agreed on a sale price.
How to avoid:
Non-Compliant Valuation Reports
Homes England has strict requirements for Help to Buy valuation reports. If your report doesn’t meet these requirements, it may be rejected, causing delays.
How to avoid:
Valuation Expiry
Help to Buy valuations are only valid for 3 months. If your transaction takes longer than expected, you may need to get a new valuation.
How to avoid:
Avoid Valuation Pitfalls with Expert Help
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Frequently Asked Questions About Help to Buy Valuations
How much does a Help to Buy valuation cost?
Help to Buy valuations typically cost between £500 and £750, depending on your property’s value, location, and the surveyor you choose. Most surveyors offer a fixed fee service for standard properties.
How long does a Help to Buy valuation take?
The property inspection usually takes 30-60 minutes. You’ll typically receive the valuation report within 2-5 working days after the inspection, depending on the surveyor’s workload.
Can I use any surveyor for a Help to Buy valuation?
No, you must use a RICS qualified and registered surveyor who is independent of any estate agent. The surveyor should also have experience with Help to Buy valuations to ensure they meet all Homes England requirements.
What if I disagree with the valuation?
If you believe the valuation is inaccurate, you can appeal to Homes England with evidence supporting your case. Alternatively, you can get a second valuation from another RICS surveyor, though this will incur additional costs.
Do I need to be present for the valuation?
While not strictly necessary, it’s beneficial to be present during the valuation to answer any questions the surveyor might have and to point out any improvements you’ve made to the property.
How is the repayment amount calculated?
The repayment amount is calculated as a percentage of your property’s current market value, as determined by the Help to Buy valuation. This percentage is the same as the original equity loan percentage (typically 20%, or 40% in London).
Conclusion: Navigating Your Help to Buy Valuation Successfully
A Help to Buy valuation is a crucial step in the process of repaying your equity loan, whether partially through staircasing or in full when selling or remortgaging. By understanding the requirements, preparing adequately, and choosing an experienced RICS surveyor, you can ensure the process runs smoothly.
Remember that the valuation must meet Homes England’s specific requirements to be accepted, and it’s only valid for three months. Planning your timeline carefully and being aware of potential pitfalls will help you avoid delays and additional costs.
Whether you’re looking to increase your share of ownership through staircasing or fully repay your equity loan, a compliant Help to Buy valuation is your first step toward achieving your property ownership goals.
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