Help to Buy RICS Valuation
The process to repay your Help to Buy loan varies slightly depending on your circumstances, but in all cases, the following applies:
If you are repaying your loan - in whole or in part - you will need a RICS Valuation
This is the same whether you are remortgaging, selling your property, or repaying your Help to Buy with your own money. We can carry out a RICS Valuation of your property, prepared by a Surveyor who is a Registered Valuer, in support of your Help to Buy repayment.
Peer | King Surveyors offer fully compliant RICS Valuation Reports:
Our Help to Buy valuations are fully compliant with RICS and Homes England requirements.
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Valuation reports a with site visit when it suits you.
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£359 (including VAT)
However you are repaying your Help to Buy, you will need a RICS Valuation:
RICS Valuation
Market valuation and insurance reinstatement cost, in accordance with RICS 'Red Book' requirements
Includes site visit
£359 including VAT
Understanding the Help to Buy Scheme
The Help to Buy scheme is managed by Homes England, part of HM Government. You can contact Homes England here. You can also find out more general information about the process of repaying your Help to Buy Equity Loan here.
Why You Need a RICS Help to Buy Valuation
When you decide to repay your Help to Buy loan, whether partially or fully, a RICS valuation is essential. This valuation determines the current market value of your property, ensuring that the repayment amount is fair and accurate. A RICS valuation is a requirement set by Homes England, and it must be conducted by a RICS Surveyor who is also a Registered Valuer. As a leading property surveyors firm covering, Norwich, Norfolk and parts of Suffolk, we specialise in providing comprehensive Help to Buy Valuations that meet the stringent requirements set by Homes England.
The Importance of RICS in Help to Buy Valuations
The Royal Institution of Chartered Surveyors (RICS) sets the gold standard for property valuations. A RICS 'Red Book' valuation ensures that the assessment of your property is conducted professionally and meets all regulatory standards. This is particularly crucial for Help to Buy valuations, as it guarantees that the process is transparent and adheres to the guidelines set by Homes England.
Why choose Peer | King Surveyors?
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Fully RICS accredited and Regulated by RICS
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Valuation at a date and time that suits you
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One surveyor assigned to your case from start to finish
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Comprehensive Professional Indemnity insurance cover
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3-4 working day report delivery*
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Book online, 24/7
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Secure online payment, all debit/credit cards and Apple Pay accepted
*timed from surveyor's site visit
Help To Buy Valuations FAQs
Which RICS survey do I need to repay my Help to Buy?
You will need a valuation report, produced by a Chartered Surveyor who is a member of the Royal Institution of Chartered Surveyors (RICS) and who is also a Registered Valuer.
How long does the site visit for a Help to Buy valuation take?
Not long! Our surveyors are highly experienced and we have some high-tech kit at our disposal. Most Help to Buy site visits take less than 20 minutes to complete.
How long does it take to receive my valuation report?
The vast majority of our Help to Buy valuation reports are sent within 3-4 working days from the date of the surveyor's site visit. Many are ready faster than this.
How long is a Help to Buy valuation valid for?
3 months from the 'Valuation Date.' This will be the date the surveyor visits the property, not necessarily the date of your booking or the date you receive the report.
Can I refresh a Help to Buy Valuation if my sale or remortgage takes too long?
In some cases a property sale or remortgage can drag on, for example if you are in a chain or if your lender has complex requirements. In the event your Help to Buy repayment is not completed within 3 months of the valuation date, we can 'refresh' your valuation report on a desktop basis (i.e. without re-visiting the property), extending its validity for a further 3 months. It is important to note, however, that we are required to re-value the property at this point - not just change the date on the report! - and therefore the valuation of your home may change. If you need to refresh a Help to Buy Valuation then please contact us.
What are the criteria for a Help to Buy valuation report?
The report must be:
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created, signed and dated by the certified RICS surveyor who made the survey
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on headed paper addressed to Homes England
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supplied as a PDF file or a digital document that you cannot edit
Homes England cannot accept valuations that are made for bank or mortgage purposes, or valuations produced by estate agents.
What are the criteria for the surveyor who produces a Help to Buy valuation?
HM Government set strict criteria for the person producing a Valuation report for the redemption of Help to Buy.
The surveyor must:
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be both RICS qualified and a Registered Valuer
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be independent of any estate agent
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not be related or known to you
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inspect the inside of the property
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provide at least 3 comparable properties and sale prices; these properties must be like-for-like in type, size, and age, and within 2 miles of the property that is being inspected.