Help to Buy Redemption: How to Ensure a Smooth Valuation Process
If you purchased your home using the Help to Buy scheme, you’ll need a Help to Buy redemption figure which is a valuation, carried out by a RICS-qualified Chartered Surveyor when repaying the government’s equity loan. This blog explains how to navigate the valuation process smoothly.
Why Do You Need a Help to Buy Valuation?
- The government owns a percentage of your home equity and requires an independent RICS valuation for you to be able to redeem the loan.
- The valuation ensures an accurate market value for repayment calculations.
How to Prepare for Your Valuation
1. Ensure you are ready to proceed with the valuation. They are only valid for three months:
- If you are remortgaging, wait until your mortgage offer has come through first.
- If you are selling, wait until an offer has been accepted and you are at least part way through the conveyancing process.
2. Ensure your surveyor has the correct qualifications to carry out the valuation:
- Some RICS-qualified surveyors hold the designation AssocRICS which Homes England do not always consider adequate to carry out these types of valuations. For your peace of mind and to ensure that you do not end up paying for two valuations always confirm that your valuer is a Chartered Surveyor with the designation MRICS or FRICS and is a RICS Registered Valuer.
Why Choose Bramble & Wagg?
We provide Help to Buy valuations across Nottingham, Derby, and Leicester, ensuring compliance with Homes England requirements. Nicola is a MRICS qualified Chartered Surveyor and RICS Registered Valuer.
Conclusion
A Help to Buy valuation is a straightforward but essential process. Ensure you use an RICS-qualified surveyor like Bramble & Wagg to guarantee accuracy and compliance.
f you’re planning to sell or remortgage your home, contact us today to book your Help to Buy valuation and take the first step towards redeeming your loan.
