Planning a move in 2023, and looking to sell your home bought with Help Buy assistance? We can help with the formal valuation you will need.
Help to Buy was an equity loan scheme aimed at providing assistance to homebuyers by providing an initially interest free loan (subject to certain qualifying conditions and limits) to put with the buyer’s deposit (a minimum of 5% of the property’s value) so as to provide encouragement to mortgage lenders to make available a wider range of mortgage products.
If a home owner wants to sell their Help to Buy home the loan received to purchase the property will have to be repaid when it sells. A formal valuation by an RICS Registered Valuer is required by Target HCA prior to legal completion to verify that the price achieved truly represents the open market value at that point in time. The valuation requirements are prescriptive and need to satisfy a number of criteria including:
- The Valuer must be registered with the recognised qualification of RICS.
- The Valuer must be independent from the estate agent used.
- The Valuer must inspect the interior of the property and provide a full valuation report.
The requirement for a formal valuation from an RICS Registered Valuer also applies where the homeowner is not selling but wishes to repay the Government Loan.
To discuss your requirements in respect of the above, or other valuation matters, please contact Rupert Geering (MRICS, RICS Registered Valuer) or Lloyd Smale (FRICS, RICS Registered Valuer) here at Geering Chartered Surveyors.