Buying a property for most people, is their biggest financial commitment and therefore it’s essential to ensure that the value and condition of the property being bought is professionally verified. A standard valuation, as required by a mortgage lender, will only protect their security interest and will not provide the buyer with a full understanding of repairs needed, maintenance issues which may arise and a full value of the property.
Our Sure home surveys provide buyers with all the information needed to make a considered decision on whether to proceed with the purchase. Commissioning a survey could save Thousands of Pounds in the long-term.
The Council of Mortgage Lenders, Which? Magazine, RICS and all Solicitors recommend that everyone has an independent Survey and valuation carried out before purchasing a property.
This survey is available on most conventionally constructed properties that are in reasonable condition. It includes the following:
Please note that the inspection of the property is limited to accessible parts only.
The condition survey provides important guidance at an affordable price. It is designed to offer you essential information about the property you are buying and will include the following:
You will need a market valuation for Help to Buy purposes from a RICS registered surveyor if you are selling your house, re-mortgaging or repaying your help to buy loan. Sure Surveyors can help; Our reports comply with the requirements of Help to Buy Scheme for valuation standards:
A comprehensive inspection is the only way to obtain a clear picture of the condition of the property you’re thinking of buying. But which inspection is right for you? We offer a range of reports for you to select from, depending on the age, location or construction of the property.
| Our product comparison guide below highlights the main differences between a standard mortgage valuation and each of our survey reports. | Help to Buy Valuation | RICS Condition Report | RICS Homebuyer Report |
|---|---|---|---|
| Completed by a local qualified surveyor | |||
| Suitable for you to be informed of the condition of a property before a purchase | |||
| Tells you the condition rating of the property | |||
| Helps to identify possible problems that could help with price negotiations | |||
| Will help to avoid expensive repairs after completion | |||
Includes: |
|||
| An inspection | |||
| Clear traffic light ratings | |||
| Highlights parts needing urgent attention | |||
| Advice to your legal advisors | |||
| Professional advice from a surveyor e.g. ongoing repairs and maintenance | |||
| Market valuation | |||
| Building reinstatement costs for insurance purposes * Only in certain cases | * | ||
| Ideal for sellers | |||
Support: |
|||
| Helpline | |||
| Speak to the surveyor before and after the inspection |
Help to Buy was introduced in 2013 with the aim of making it easier for first time buyers to afford their first property, along with helping home owners who are struggling to take the next step up the ladder. With a “Help to Buy: Equity Loan”, the Government lends up to 20% of the cost of a newly built home (now up to 40% in London boroughs), so the homeowner only needs to find a 5% cash deposit. The remaining proportion of the property is purchased via a normal residential mortgage.
One of the features of the scheme is that the amount effectively ‘borrowed’ from the Government will not incur any interest for the first five years of home ownership.
Property owners who purchased their home under the government Help-to-Buy: Equity Loan scheme require a Valuation when selling their house. This is because the Help to Buy loan must be redeemed in full upon the sale of the property, with the amount required to be paid back being based on the market value of the property at that time – with the market valuation to be provided by the vendor’s self-appointed independent RICS Registered Valuer.
Homeowners who want to increase their share in their home can do so via a process known as “staircasing”.
At the end of the initial five year loan period the applicant is required to pay off the Help to Buy loan or continue the loan under revised terms set by the loan provider. The loan can either be paid off using your own funds or by way of securing another loan on the property.
Either way, the proportion of loan you repay must be done according to the property’s current market value. As such, an up-to-date Valuation is required.
All transactions concerning a home that has previously been purchased via Help to Buy – whether sale or full/partial loan repayment – require an independent Valuation Report conducted by an RICS Registered Valuer. An estate agent’s valuation will not be deemed acceptable, nor will a valuation provided by a mortgage lender.
As RICS Chartered Surveyors, we are able to help.
We are usually instructed directly by homeowners, we have extensive experience in producing compliant reports for various Help-to-Buy or similar shared equity schemes across the Midlands.
The process of preparing a Valuation Report involves undertaking a physical inspection of the property, taking into consideration a wide range of attributes including size, location, condition and specification. The valuation needs to adhere to the following criteria set-out by RICS.
The Valuation Report that we produce can be issued directly to the Help to Buy provider (if required) and we are also able to liaise with them as necessary to make the process simpler.
We are expert valuers and regularly carry out Help to Buy Valuations for clients selling their home and/or paying back their help to buy loan. At Sure Surveyors all Residential Valuations are carried out by RICS Registered Valuers ensuring your valuation is carried out to the highest standards and adheres to the RICS Valuation Standards (The Red Book).
We regularly carry out valuations for Help to Buy, Shared Ownership and Equity Loan redemptions.
Contact us for a quote or a valuation.