Help to Buy was first introduced by the Government in 2013 with many people taking advantage of the scheme to get a foot on the first step of the property ladder.
It’s a shared equity scheme where first-time buyers can borrow up to 20% of the cost of a new build house (40% if you live in London).
As part of your redemption process you will need a RICS Help To Buy Valuation carried out by a RICS Registered Surveyor. Target require the Help to Buy valuation to establish the market value of your property whether you have sold or are just repaying the loan.
Help To Buy Valuations are prepared in full accordance with RICS Red Book guidelines which will include full Professional Indemnity Insurance.
Our RICS Help to Buy valuation fulfils the criteria required by Target for your redemption but our speciality lies with the advice we give to our clients. Having advised on how to repay the Help to Buy loan as part of our valuation service, our testimonials confirm that some of our quickest redemption’s have 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 actual advice we give to clients on the submission and telephone discussion, has led to numerous successful redemption’s.
Winfields adheres to all the strict guidelines as outlined by Target HCA, and for your refrence we are NOT affiliated with our own or any other estate agency.
When instructing the RICS valuer please ensure you inform them that:
The 3 comparable properties must be included in the valuation report; the comparables must have the door number and one part of the post code if the full post code cannot be obtained. This can be within a 5 mile radius of the subject property. Failure to do so will result in the valuation being rejected.
The criteria for the valuation is quite strict and Target will reject incorrect/incomplete valuation reports. We have carried out over 1,000 RICS Help to Buy valuations with no rejections. The latest administrators – Target – now do not refer to the panel surveyors and refer you directly to the RICS website.
If the valuation report does not meet the above guidelines, you will be required to liaise with the valuer to ensure it does.