Updated: Jan 30
There is a relatively new kid on the block, that is Help to Buy. This process occurs where a buyer, usually First Time Buyer, takes advantage of assistance when buying their new home. Such assistance is provided on the basis that repayment is required at a later date.
We are not, here, going to go into the details of the scheme’s requirements or provide further details on that aspect as it’s beyond the scope of a Surveyor’s work, however below is a short outline of what’s required in the valuation report.
When instructing the RICS valuer please ensure you inform them that:
• The valuer must be registered with a RICS recognised qualification/accreditation • The valuer must be independent of an estate agent • The report must be on headed paper and signed by the surveyor • The valuer must provide at least 3 comparable properties and sale prices within the last year (the date of sale must be stated). 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 valuer must not be related or known to you • The valuer must inspect the interior of the property and provide a full valuation report • Valuations carried out for bank or mortgage purposes are not acceptable • The scheme administrator (Housing Assoc. etc.) will require a copy of the valuation report; the inspection date must be shown on the report • The report needs to be provided in a PDF or non-editable document format. If the valuation report does not meet the above guidelines, you will be required to liaise with the valuer to ensure it does.
Castle Surveyors Limited are experts in valuation of most types of property, including Right to Buy, Help to Buy, Leasehold Enfranchisement, Investment Valuations, etc… as such we’re on hand to help at a reasonable cost.
To find out more simply contact us using our contact form at: CONTACT US