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FAQs

What is a Target-compliant property valuation?

Target HCA, who administers the Help to Buy scheme on behalf of the government has provided a Customer Information Pack for anyone looking to redeem their loan, either by selling their property or paying off the loan in full.

The requirements are as follows:

  • 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 three 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*
  • Valuations carried out for bank or mortgage purposes are not acceptable 
  • A copy of the valuation report must be supplied to Target; the inspection date must be shown on the report
  • If the valuation report does not meet the above guidelines, you will be required to liaise with the RICS valuation surveyor for rectification; any additional costs incurred for this will be your responsibility

What does redeeming my loan mean?

Redeeming your loan means that you will be paying it off, either by selling your property and paying it back from the proceeds of that sale, or buying the percentage of the property you do not currently own.

What is staircasing?

Staircasing means that you are choosing to pay off part of your Help to Buy equity loan so that you own more of your property than you did before. If you want to do this, you must have a RICS-registered Chartered Surveyor’s report to provide a valuation for Target so that they know what the current market value of your whole property is.

How much will my Help to Buy property valuation cost?

Morgan Sloane is committed to providing excellent value for all our clients. Our Help to Buy property valuation reports start from £130 + VAT. Every property is unique and we will provide a bespoke quotation for every property valuation report that we provide. Please get in touch to find out more.

How long will the property inspection take?

Our valuation report is thorough and comprehensive. We spend as much time as required 
to ensure that we provide a compliant valuation report that will meet your needs. On average, our property valuation inspections take between 30 - 60 minutes, depending on the size of your home.

When will I get the report?

Following the inspection of your property, we aim to deliver your Help to Buy valuation report within five working days, although its often sent the next day.

What’s the life of the report – how long will it last?

Your Help to Buy valuation report will last for three months. We can advise you on the best time to commission a report to ensure that it covers the duration of your house sale.

What happens if I don’t complete within three months of the report date?

We can provide a desktop valuation which will extend the ‘life’ of the original report by a further three months for little or no cost

What is a Chartered Surveyor?

A Chartered Surveyor is a professional surveyor who has qualified to meet the criteria of membership of the Royal Institute of Chartered Surveyors (RICS).