If you purchased your home under the Help to Buy equity loan scheme, you will eventually need a RICS Help to Buy valuation — whether you are planning to sell, remortgage, staircase (increase your ownership stake), or repay the equity loan. As someone who carries out these valuations regularly for clients across Cannock and Staffordshire, let me explain exactly how it works.
What Is Help to Buy and Why Do You Need a Valuation?
The Help to Buy equity loan scheme (England) allowed buyers to purchase a new-build home with a 5% deposit, with the Government providing an equity loan of up to 20% of the purchase price (40% in London). That loan must be repaid either when you sell, when your mortgage term ends, or if you choose to pay it off early.
Because Homes England (the scheme administrator) owns a percentage of your property's value — not a fixed cash sum — the amount you owe changes as property values change. When you come to repay or staircase, they need to know the current market value of your home. That's where the RICS Help to Buy valuation comes in.
When Do You Need a Help to Buy Valuation?
- Selling your property: You must obtain a RICS valuation before completing a sale.
- Repaying the equity loan: Whether you are repaying in full or in part, a RICS valuation is required.
- Remortgaging: Remortgaging requires Homes England's approval and a current RICS valuation.
- Staircasing: If you want to increase your equity stake and reduce the government's share, a RICS valuation is required.
Who Can Carry Out a Help to Buy Valuation?
Only a RICS registered valuer can carry out a Help to Buy valuation. The valuation must be prepared in accordance with the RICS Valuation — Global Standards (commonly known as the Red Book) and must be accepted by Homes England to be valid.
At Cannock Surveyors, our valuations are carried out by Rachel Okafor, our in-house RICS registered valuer, who has carried out numerous Help to Buy valuations across Staffordshire and the West Midlands.
How Long Does a Help to Buy Valuation Take?
In most cases, we can arrange a Help to Buy valuation within 5–7 working days of instruction, with the written report delivered shortly after. The valuation report is valid for three months from the inspection date, so timing is important — particularly if you are working to a deadline for completing a sale or remortgage.
What Affects the Valuation Figure?
Your RICS registered valuer will assess your property's current market value based on comparable sales in the local area, the property's condition, size, location, and any improvements you may have made. Significant improvements can increase the valuation, but so can general market movements — which may mean you owe more than you originally borrowed if house prices have risen.
What If I Disagree With the Valuation?
If you believe the valuation is too high — and therefore that you would be repaying more than is fair — you can request a review. This must be done through the proper Homes England process and will require supporting evidence of comparable sales. As your valuer, we can discuss the methodology and, where appropriate, support a review process.
The Key Takeaway
A Help to Buy valuation is not something you can DIY or instruct just anyone to do. You need a qualified, RICS registered valuer who is experienced in the scheme requirements. Getting this right matters — both for compliance and for ensuring you do not overpay on your equity loan repayment.
If you are in the Cannock or Staffordshire area and need a Help to Buy valuation, get in touch with our team. We will guide you through the process clearly and ensure your valuation is completed correctly.