Help to Buy: Ending Soon!

The countdown is on for the end of the Help to Buy scheme!

Help to Buy is a government scheme to help first time buyers get a property with just a 5% deposit. You can borrow 20% of the purchase price (40% in London), interest free for five years.

You could apply to the scheme until 31 October 2022 and home purchases must be completed by 31 March 2023!

Why do I need a valuation?

A Help to Buy Valuation is used to assess the value of a property bought with the Help-to-Buy scheme.

The valuation is needed when you are looking to repay the government backed loan, remortgage, or sell the property.

As required by the government’s appointed administrator, the valuer provides an independent valuation of the property. The loan administrator can use this valuation to determine what needs to be settled in order to repay the loan.

As a valuation by an RICS Registered Valuer is required, our Surveyor will inspect the property and look at how it is built, where it is, and the size and number of rooms.

The general condition of the property will also be taken into account but will not be inspected in detail.

The valuation is based on the surveyor’s observations, local knowledge, and comparisons with recent sales of like-for-like properties in the local area. The valuation is normally valid for 3 months.

The valuation will include:

• An inspection of the property by a Surveyor local to the area;
• An overview of the property, its construction, locations, and accommodation:
• An overview of the property’s general condition;
• Details of three nearby properties that are similar to theirs and have been sold within the time frame required by the Housing Association;
• Valuation of the property, with a detailed description of the evidence and assumptions used.

If you would like to learn more or book your own valuation, please get in touch today at 0333 220 1234.

For more information, check out the official Government Help to Buy website!