Help To Buy Valuations
As part of your Redemption process with Target HCA you will need a RICS Help to Buy Valuation carried out by a RICS Registered Valuation Surveyor. Target require the Help to Buy valuation to establish the Market Value of your property whether you have sold or are just redeeming the loan.
Your Target HCA Compliant Report
The criteria for a Help to Buy valuation is quite strict and Target HCA will reject incorrect/incomplete valuation reports.
We have carried out hundreds of RICS Help to Buy valuations with no rejections.
Why Choose Us?
Our RICS Help to Buy valuation fulfils the criteria required by Target for your redemption, but what really sets us apart is the advice we give to our clients. We advise on how to repay the Help to Buy loan, as part of our valuation service. We know the way Help to Buy loans work inside out and as a result some of our quickest redemptions having been completed in minutes.
The RICS valuation is an important part of the process but knowing what else to submit, understanding what is required by Target, and the advice we give to clients on the submission and telephone discussion, has led to hundreds of successful redemptions.
The most common question we are asked is ‘How do I pay back my Loan?’ This is a question we are able to easily help you with. Using a combination of our years of experience, our expert understanding, and our tailored Help to Buy valuations, we are able to provide a comprehensive and unmatched service.
Frequent questions our RICS Help to Buy valuation specialists get asked
We love helping people and that’s why there is no question too big or too small. Of course, if you have a mortgage provider or financial adviser they will be helping you with the details surrounding remortgaging. Alternatively, you may have only spoken to Help to Buy or Target. We are here to help where they can’t.
Whilst our job is to provide you with an accurate valuation, we can also help you with any questions relating to redeeming or staircasing your Help to Buy Mortgage.
If you have any questions, please email info@helptobuyvaluations.co.uk.
It’s very similar to a mortgage valuation where come and visit your home before using our local market knowledge to put a value on your property. We will research the values of similar property and take into account market conditions.
We like to visit Help to Buy valuations within 2 working days and sometimes sooner dependent on location and availability. The report itself will take no more than 30 minutes and we send you a copy within 48 hours.
Remember it is only valid for 3 months. After that, we will need to reconfirm the valuation and if after 6 months we may need to perform a new report. Also, the longer you leave it, your property may go up in value which will mean that your Help to Buy valuation will be higher.
Once you have successfully submitted a valid Help to Buy valuation report you will receive an estimated repayment quote. This will include details of any arrears and your daily interest payment rate to allow your solicitor to calculate an accurate final repayment sum.
More than just a valuation
There is a very useful section towards the end of the report called ‘Issues for your legal advisors’ where all matters that require further investigation, by your solicitor or conveyancer are summarised. The current owner has a duty to be honest when competing the property questionnaire, but statements that cannot be confirmed by independent verification should not be relied upon.
Potential legal queries, that might be highlighted in a Homebuyer Repor,t include any ambiguity over the physical boundaries, ownership of outside space and rights of access, off-street parking, documentation relating to extensions (both to the subject property and adjoining properties) and alterations. As well as guarantees/warranties and proposed work to areas that could not be inspected, such as high level roofs.
We are always happy to provide additional services beyond the scope of the standard package, such as a specification for future works, which may be useful when sourcing a builder to undertake repairs.
You can get an idea of how useful our clients have found our survey reports to be by viewing some of their comments on our Trust Pilot reviews page.
A Help to Buy Valuation Report is a complicated document that we prepare on your behalf
- We include:
- All of the features in the Condition Report
- The surveyor’s professional opinion on the ‘market value’ of the property
- A list of problems that the surveyor considers may affect the value of the property
- An insurance reinstatement figure for the property
- Advice on repairs and ongoing maintenance
- Issues that need to be investigate to prevent serious damage or dangerous conditions
- Legal issues that need to be addressed before completing your purchase; and
- Information on location, local environment and the recorded energy efficiency (where available)
Why You May Need A Help to Buy Valuation Report
When it comes to paying back your equity loan you have two options; Full Redemption, paying your equity loan back in full with or without selling your property. Or Partial Redemption, also known as Staircasing, where you pay back part of your equity loan without selling your property.
For details on the full process and documentation needed for either options please read the Target HCA Customer Information Pack.
Redeem when you sell
If you sell the property against which your loan is secured, you will need to repay your loan in full. This is also known as loan redemption.
The repayment amount you will be required to pay is calculated as a proportion (percentage) of either the current market value or the agreed sale price of your home. Whichever is higher will be chosen.
You will need a Help to Buy Valuation Report.
Redeem without selling
In this scenario you will be looking to repay (redeem) your loan in full without taking out another loan secured on your property. The repayment amount you will be required to pay is calculated as a proportion (percentage) of the current market value.
You will need a Help to Buy Valuation Report.
Staircasing with another loan
In this scenario you will be looking to repay (redeem) your loan in part by taking out another loan secured on your property with another lender.
You will need a Help to Buy Valuation Report.
Staircasing without a loan
In this scenario you will be looking to repay (redeem) your loan in part by taking out another loan secured on your property with another lender.
You will need a Help to Buy Valuation Report.
Bristol Office
Henleaze Business Centre,
13 Harbury Road, Henleaze,
Bristol BS9 4PN
Tel: 01172 872199
London Office
56 Gloucester Road
Kensington
London SW7 4UB
Tel: 020 3633 2515
Taunton Office
Bridge House,
7 Bridge Street
Taunton TA1 1TG
Tel: 01823 765057
Exeter Office
First Floor, 3-4 Cranmere Court,
Marsh Barton,
Exeter
EX2 8PW
Tel: 01392 984364
Plymouth Office
24-26 George Place
Plymouth
PL1 3NY
Tel: 01752 936567
Still need more information?
Click here to read a handy guide from Target which explains everything.
