A help to buy valuation london homeowners need is an independent valuation, and this guide from IQSURV, a RICS regulated firm, explains the basics in plain English.
What a help to buy valuation london homeowners ask for involves
Check your own agreement and speak to your solicitor or the relevant scheme administrator about requirements and timings before you instruct a valuer.
If you bought your London home with a Help to Buy equity loan, you will need a formal valuation when you come to repay it. That applies whether you are selling, remortgaging or paying the loan off with your own money. This guide explains what a Help to Buy valuation is and what to expect.
What is a Help to Buy valuation?
A Help to Buy valuation is an independent written opinion of your home’s current market value. The figure is used to work out how much of the equity loan has to be repaid, because the loan is tied to a percentage of the value of the property rather than the original loan amount.
Who can carry it out?
The official guidance on GOV.UK says the valuation must be done by a RICS qualified and registered surveyor who is independent of any estate agent and is not related to or known by you. Because we are an RICS regulated firm, our valuations are prepared to those professional standards. Always check the latest requirements for your own equity loan before you instruct anyone.
When do you need one?
- When you are selling your home and repaying the equity loan from the sale.
- When you are remortgaging and repaying the loan.
- When you are repaying all or part of the loan from your own money.
How long is the report valid?
Under the current guidance a valuation report is valid for a limited period from its date, and it has to be sent to the scheme administrator promptly. If a report expires before you complete, you may need an extension or a fresh report, so it is worth timing your instruction carefully with your solicitor and mortgage adviser.
How does the surveyor reach a figure?
The surveyor inspects the property and considers its size, condition, layout and location. They compare it with recent sales of similar homes nearby and take account of current market conditions. London values can differ sharply from street to street, so local knowledge matters.
Helpful tips before you book
- Have your equity loan paperwork and mortgage details to hand.
- Make a note of any improvements you have made and when.
- Tell your solicitor and mortgage adviser when you plan to instruct a valuation.
- Check that the surveyor is RICS regulated and independent.
This article is general information, not legal, tax or financial advice. Speak to your solicitor or mortgage adviser about your own repayment, and check GOV.UK for the current rules.
Need a Help to Buy valuation in London?
IQSURV is an RICS regulated firm providing valuations across London, alongside Level 2 and Level 3 home surveys. Get in touch to request a quote.
Questions to ask your surveyor
Whatever your situation, it helps to ask what the work will cover, how long the report will take and how findings are explained. Ask whether a follow-up call is possible so you can talk through anything unclear. These simple questions make it easier to use the advice on help to buy valuation london in practice, and they help you feel confident about the decisions that follow. Remember that a survey describes the visible condition of a property at the time of inspection, and your solicitor should advise on legal matters.
Next steps after reading about help to buy valuation london
If this guide on help to buy valuation london raises questions about your own property, you may find our guides on market valuation in London and RICS Red Book valuations useful. The Royal Institution of Chartered Surveyors sets professional standards for the industry, and you can read more on the RICS website. To discuss your situation, get in touch or request a quote through our home page, or call 020 3780 5386.