Help to Buy Valuation
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What is Canterbury Help to Buy?
The purpose of the Help to Buy programme was to assist individuals in climbing the property ladder. This interest-free equity loan programme was created to assist individuals in purchasing a property while lowering the amount of that intimidating down payment.
You can apply for a mortgage to cover only 55% of the total cost of the house and borrow the remaining 40% (or 20% outside Canterbury) from the government if you are eligible and have a 5% deposit. The first five years of the government loan are interest-free.
The government will receive 20% of the proceeds from the sale of your property. For example, the government will receive £20,000 and you will receive £80,000 if you purchase a house for £400,000 and sell it for £500,000. Your portion of the profit must be used to pay down your mortgage.
However, the programme concluded on March 31, 2023.
Is a Valuation Necessary for Help to Buy?
You must obtain a precise property RICS value if you need to repay or renegotiate your equity loan. This is an assessment of the market worth of the property, which determines the amount you must repay. Since that property appraisal determines how much you owe, it must be correct.
What is Redemption in Help to Buy?
In Help to Buy, redemption (sometimes called Help to Buy repayment) refers to paying back the government loan you took out. The amount you repay is determined by the current market value of your home. An impartial help to buy valuation must complete it. The value report must next be sent to the Homes and Communities Agency (HCA), who will handle the loan redemption procedure.
What is Equity in Help to Buy?
The percentage of a property that you actually own is measured by equity. Your equity in your home increases in tandem with its worth. However, the government loan is based on a percentage. Therefore, your payback will also change if the value of your property increases or decreases.
Staircasing in Support of Purchase
Staircasing, the process of buying additional shares of your shared ownership property, is an essential step in the Help to Buy process since it enables homeowners to own a larger portion of their property. The price of the additional shares will need to be ascertained using an accurate Help to Buy assessment.
A Help to Buy Surveyor Canterbury
It is strongly advised that you have a valuer perform a valuation if you are considering enrolling in the Help to Buy Scheme and would like to protect your money. The following guidelines are followed by our panel of valuers:
- in addition to working independently from estate agents, valuers should hold RICS accreditation or similar;
- at least three similar properties, including their selling prices, should be presented by the valuer; the RICS-accredited surveyor must submit a formal report on official letterhead, signed;
- the comparables provided must be within two miles radius and match in terms of building style, footprint, and age;
- a comprehensive on-site examination of the property must be accompanied by an exhaustive valuation assessment.
To find out the worth of your Canterbury property, contact our experts right now and have a valuer registered with RICS perform a valuation through Help to Buy.
Valuation for Divorce (Matrimonial)
A Divorce Settlement Valuation is a service that will enable you to split them appropriately in the divorce settlement. It guarantees that no matter what the terms of the settlement are, the equity is divided proportionately.
Is Shared Ownership Valuation Required?
If you are hoping to buy a more significant share of your shared ownership home, you will need an RICS-accredited surveyor to give a precise valuation. This lasts for 3 months. Get in touch with us today and have a member of the Canterbury Valuation Surveyor panel organise a Shared Ownership Valuation for you.
