We can assist you with a help to buy valuation
Have you bought your new build home through the governments 'Help to Buy' scheme and now want to pay off some of the loan and purchase more equity in your home? We can help
Following your purchase of your new build home using the help to buy scheme, you can choose at any time to make a voluntary part repayment – (this is also known as ‘staircasing’) – or a full repayment of the Help to Buy loan based on the market value at the time of repayment).
Alternatively when you decide to sell your home, you must repay the Help to Buy loan from the proceeds, unless of course you have already paid off the loan. The amount you must repay upon sale will correspond to the proportion of the house’s value that the loan originally covered. If for example the Help to Buy provided a 20% contribution to your original purchase, your repayment will be 20% of the current market value when you sell the property minus any repayments you have already made during the course of the loan.
If you are staircasing or selling your property the government criteria say you will need an independent valuation to work out how much you need to repay.
You must obtain a report from an RICS qualified surveyor, who is independent of any estate agent and is not known or related to you. The valuation report will only be valid for 3 months, and so (especially if you are selling your property) it is important that you act at the appropriate time - a valuation conducted too early will likely expire before the sale has completed and one done too late will hold up the process. You can request a desktop extension if necessary which will extend the report for a further 3 months.
We are experienced in providing help to buy valuations for our clients and can provide you with a quick and efficient service.
Get in touch today to start the process or check out our dedicated micro-site at www.helptobuyessex.com for information on fees and more