Help to Buy Valuations in Sudbury
A Help to Buy valuation is needed to get an independent assessment of the market value of a Help to Buy home. The Help to Buy scheme was introduced by the government to help first-time buyers. Under this scheme, the government lends up to 40% of the cost of the property to eligible homebuyers.
In the scenario where a homeowner decided to repay a loan, remortgage a house or sell a property - an independent valuation from a registered RICS approved chartered surveyor is needed.
Why do I need a Help to Buy valuation?
If you have used the Help to Buy scheme to purchase your home and you are now in the position to sell, remortgage or release equity in your home then you will need an independent Chartered Surveyor to carry out a valuation of your Help to Buy property.
As an example, if you bought a home for £200,000 with a 20% loan from the government provider - Target HCA and your property is valued at £220,000, when you go to sell it you will need to pay £24,000 back.
How do you make a valuation?
Following the valuation, Morgan Sloane’s Chartered Surveyor will provide an accurate report based on your property’s condition and will have local housing market knowledge. Once the report is made, we will send it out shortly after the inspection.
You must send this report to Target HCA who will calculate your repayment value. Once the report has arrived, you will need to send it as soon as possible as it is valid for 3 months, which is why it’s important to only commission for a report to take place when you are ready to sell, remortgage or buy more equity.
What’s next?
Contact us today to arrange your Help to Buy valuation in Sudbury and the surrounding areas.