Help to Buy Valuation from a Help to Buy Surveyor with SAM Conveyancing
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Our experienced RICS Surveyors are qualified to provide Target Help to Buy Valuations.

We cover the whole of England and have availability within days of instruction.
 

Help to Buy Valuation from a Help to Buy Surveyor

05/04/2022
1,598
5 min read
Getting a Help to Buy valuation is the first stage when looking to repay a Help to Buy loan; either partially or in full. The equity loan companies such as Target require you to get a RICS surveyor to provide a valuation of your property's current market value. The report needs to be drafted in a specific way to meet with Target's strict criteria and you must pay for the help to buy surveyor. You may also come up against other issues such as cladding where Target won't accept your choice of surveyor unless you have spoken to them first.

What is needed for a target help to buy valuation?

  • The Valuer must be registered with the recognised qualification of RICS.
  • The Valuer must be independent to an estate agent.
  • The report must be on headed paper, signed by the RICS surveyor and addressed to Target HCA.
  • The Valuer MUST provide at least 3 comparable properties and sale prices.
  • The comparables provided must be like for like in terms of property type, size, and age and within a 2 mile radius to the property that is being inspected.
  • 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.

What happens after you get the Help to Buy valuation report?

Once your surveyor sends you thee Help to Buy valuation report then you have 3 months in order to complete the repayment. The process is known as either Help to Buy Repayment or Help to Buy Staircasing - they both mean the same thing. You'll need to:

  • complete your Help to Buy application form (see below);
  • provide your solicitor's contact details (we can help with this); and
  • send your completed form and valuation report to Target; and
  • pay your administration fee (cheque or by card over the phone).

This form can only be used for a Target Help to Buy Repayment Transaction.

Frequently Asked Questions

Target do not stipulate which Help to Buy Surveyor you can use however they do state:

In order to produce a redemption figure for redeeming your loan, we will need a valuation for your property that has been conducted by a RICS (Royal Institute of Chartered Surveyors) Certified Surveyor. We do not endorse any particular companies; however the web link below may assist you in identifying a RICS Certified Surveyor:www.rics.org/uk

The RICS valuation will only be valid for 3 months. If your loan redemption is not completed within 3 months of this date, you will need to provide Target with a Desktop Valuation, re-confirming your property value. You must complete your transaction within a maximum of 6 months of the original valuation. Where completion is close, Target has the authority to agree to a month's extension. You need to speak to Target to organise this.

The Help to Buy valuation fee is payable by you not Target and you pay this to your surveyor.

The RICS surveyor must "inspect the inside of the property" which means the surveyor needs to attend the property. Having a local surveyor will also ensure they have up to date knowledge of the current sales market.

We have local RICS surveyors throughout out England with the local knowledge needed to meet with the Target criteria for providing valuations. We include all of the following and more:


Call our head office on 0333 344 3234 (local call charges apply) to find out when we are available this week to complete a Help to Buy RICS Valuation.

If the valuation report goes past 3 months then you'll need a letter from the RICS surveyor who undertook the original valuation confirming the valuation can be extended for another month. The letter needs to be on the surveyor's headed paper sent as a PDF or another digital format that you cannot edit.

If you still don't complete after the additional month then you will need to obtain:

  • Desktop Valuation - must be made within 2 weeks after the expiration. The desktop valuation provides 6 comparable properties from the original RICS surveyor. This is again provided on headed paper, sent in PDF and signed by the original surveyor.
  • A New Valuation - if a desktop valuation can't be provided or you miss the 2 week deadline then you'll need a fresh valuation report with a physical inspection of the report. Before you instruct speak to Target and see if this is required or if they'll allow for a desktop.

In certain circumstances Target have the power to request another valuation to be undertaken as they state:

"If your property is affected by novel issues in relation to its valuation e.g. its external cladding, we reserve the right, in accordance with the terms of the equity loan, to agree the RICS Valuer you intend to use, with you, before you instruct them."

Dangerous Cladding is an example of a 'novel issue' so if you have a particular type of cladding then speak to Target to get them to agree to your choice of RICS surveyor. It may help to get the following document from your freeholder to confirm if the cladding is at risk - Form EWS1: External Wall Fire Review


Image source: Help to Buy logo - Help to Buy Equity Loan

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