How does the Help to buy valuation work?

When do you need a help to buy valuation?

A help to buy valuation is a valuation you may carry out prior to buying a help to buy property, when staircasing in a help to buy property or when selling a help to buy property. It is an independent valuation paid for by you on behalf of yourself and the help to buy agent or landlord.

You will also need a help to buy valuation if you want to repay the help to buy equity loan.

What is a help to buy valuation?

A help to buy valuation is an independent valuation on the property value of your help to buy home when you want to sell your shares in your help to buy home or buy new shares with your savings or a staircasing mortgage.

How does a help to buy valuation work?

To trigger a help to buy valuation you would have had to already notified your help to buy agent or landlord that you plan to buy more shares in your help to buy or sell the shares in your help to buy.

Help to buy valuation will also be needed if you planned to remortgage or get a further advance on your current help to buy mortgage.

• You may decorate the house as you please but anything that might alter the value of the property such as a new garage should be approved by the housing association or property developer who owns the rest to ensure they agree. If you haven’t got their agreement in writing it may not be considered when valuing the home.
• You will be paying for the help to buy valuation but it will be for yourself and the help to buy agency or landlord
• Your help to buy valuation must be carried out by a registered royal institute of chattered surveyor
• The help to buy valuations are carried out in accordance with the Royal Institue of Chartered Surveyor guidelines which also comes with professional indemnity insurance.

What you should ensure your RICS valuer knows before a help to buy valuation:

• The valuer must provide at least 3 comparable properties and sale prices within the last year (the date of sale must be stated). These properties must be like for like in regards to type, size and age. They must also be within 2 miles of your help to buy property. The door numbers and full postcodes should be mentioned.
• The RICS help to buy valuer must not be related or known to you.
• The valuer must inspect the complete including the interior and provide a valuation report and not a survey.
• They cannot be an estate agent. They must be independent of estate agents.
• They must provide the report on a headed paper and it must be wet signed by the RICS surveyor or valuer. It must be dated( mentioning the inspection date too) and addressed to the relevant party.
• The valuer must be registered with RICS at the time of the valuation. They must hold the relevant accreditation.
• The valuation report must be sent to your regional help to buy agent, administrator or landlord.
• The valuation must not be carried out for a bank or mortgage purpose.
• The report needs to be provided in a PDF or non-editable document format.

If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.

You can also contact the debt charity “Step Change” if you are in debt and need help.