Help To Buy Valuations Richmond London


Help To Buy Valuations Richmond London

Help To Buy Valuations Richmond LondonHere at Blackacre, we are a multi-disciplinary firm of Chartered Building Surveyors, providing a wide range of professional services. Help To Buy Valuations Richmond London.

Valuation is an exercise carried out to determine the worth or value of an asset or a company. 

Before buying an asset, it is important to find out how much it is truly worth. In this article, you will learn all there is to know about Help To Buy Valuations Richmond London.

What Is Help To Buy? 

Help To Buy is a scheme created by the UK government in April 2013. It was a housing intervention by the government in the housing market. It helped people get equity loans for new-build homes. They would provide up to 20% equity loan of the property value if the intending buyer can provide a minimum of 5% deposit. Beneficiaries of the loan used it for five years in which they paid no interest. On the expiration of this five years, the owner would be charged 1.75% interest. 

What Is Help To Buy Valuations Richmond London? 

After buying a home through a loan from the Help To Buy scheme and now you intend to redeem the loan or sell the property, Target, which is appointed by the Homes and Communities Agency, would require you to have the property valued by a certified agent from RICS (Royal Institute of Chartered Surveyors). 

The validity of valuations are for 3 months. If you are unable to redeem your loan, or succeed in selling the property before the expiration of the 3 months, you will be required to have a new valuation carried out. 

When Is The Best Time To Get Help To Buy Valuation? 

The best time to get a valuation is before putting the property up for sale. The reason is because, if valuation is conducted prior, getting a buyer within the 3 months of the valuation’s validity may be tricky. Wait until there’s a buyer on hand before applying for a valuation. 

What Is Involved In Help To Buy Valuations Richmond London?

It involves a physical inspection by a qualified surveyor from the RICS. He would check out both inside and outside the property. He would check the following:

  • Condition of the property
  • Age of the property 
  • Size of the property
  • Presence or absence of features like gardens, trees, garage or parking spaces
  • Properties in the same range in price and condition in the locality

The surveyor would then prepare a report of the inspection detailing his findings. A PDF form of the report would be sent to the appropriate authorities for processing. 

What Are The Requirements For The Valuation? 

  • The valuer of your property must be qualified and registered with RICS. 
  • He must be independent, unaffiliated with an estate agent
  • The report must be signed by a RICS surveyor. 
  • The report must show the date and must be sent to Target. 

Final Thoughts

Getting a Help To Buy Valuations Richmond London can be hassle free if you follow the directions laid out here in the article. Be sure to use surveyors who have proven skills and are trustworthy. Note that valuations for the purpose of bank or mortgage would not be accepted.