If you purchased your property in Cannock or Staffordshire using the Help to Buy scheme, you'll need a professional RICS valuation when selling or remortgaging. Many homeowners find the Help to Buy valuation process confusing, unsure what's required and how much it costs. As RICS registered valuers providing Help to Buy valuations throughout the West Midlands, we're here to explain everything you need to know.
What is a Help to Buy Valuation?
The Help to Buy equity loan scheme allowed buyers to purchase new build properties with just a 5% deposit, borrowing up to 20% (40% in London) from the government as an interest-free loan for five years. When you sell or remortgage, you must repay this equity loan based on the property's current market value, not the original loan amount.
A Help to Buy valuation determines your property's current market value, calculating how much you owe on the equity loan. The valuation must be conducted by a RICS registered valuer and meet specific government requirements to be accepted by the Help to Buy agent managing your loan.
When Do You Need a Help to Buy Valuation?
You'll need a Help to Buy valuation in several scenarios:
Selling Your Property
When selling a property purchased through Help to Buy, you must repay the equity loan. The valuation determines how much you owe based on the current property value. If your property has increased in value, you'll owe more than the original loan amount. If it's decreased, you'll owe less.
Remortgaging
If you're remortgaging to repay the Help to Buy loan early, you need a valuation to calculate the repayment amount. Many homeowners in Cannock choose to remortgage after five years when interest charges begin on the equity loan.
Staircasing
Staircasing means buying back part of the government's equity share. You can buy back any percentage you wish, typically in 10% increments. A valuation determines the current share value you're purchasing.
Help to Buy Valuation Requirements
The government has strict requirements for Help to Buy valuations. Not all property valuations meet these criteria, which is why you need a specialist Help to Buy valuation service.
Must Be Conducted by a RICS Registered Valuer
The valuer must be a member of the Royal Institution of Chartered Surveyors with appropriate qualifications and professional indemnity insurance. At Cannock Surveyors, all our valuers are RICS registered and experienced in Help to Buy valuations throughout Staffordshire.
Must Be Independent
The valuer must be completely independent with no connection to you, the seller, or any estate agents involved. This ensures the valuation is unbiased and accurate. As an independent firm of chartered surveyors, we have no conflicts of interest.
Specific Report Format Required
The valuation report must include specific information on headed paper from a RICS registered firm, including comparable property sales from the last 12 months, detailed property description, current market analysis, and the valuer's RICS registration number.
The Help to Buy Valuation Process
Understanding the process helps you know what to expect and avoid delays in your property transaction.
Step 1: Instruct a RICS Valuer
Contact a RICS registered valuer who provides Help to Buy valuations. Provide your property details including address, property type, number of bedrooms, and whether you're selling, remortgaging, or staircasing. We'll provide a fixed-price quote with no hidden costs.
Step 2: Arrange the Inspection
Once instructed, we'll arrange a convenient time to inspect your property. The inspection typically takes 30-60 minutes. We'll examine the property's condition, note any improvements you've made, measure rooms, and take photographs for the report.
Step 3: Market Research
After the inspection, we research comparable property sales in your area from the last 12 months. This evidence supports the valuation figure. Our local knowledge of the Cannock property market ensures accurate valuations based on genuine comparable sales.
Step 4: Valuation Report Preparation
We prepare a comprehensive valuation report meeting all Help to Buy requirements, including property description and condition, comparable property sales evidence, current market commentary specific to Cannock and Staffordshire, the market valuation figure, and our RICS registration details.
Step 5: Report Delivery
Your valuation report is typically delivered within 5 working days of the inspection. You then submit this to your Help to Buy agent (usually Target or Homes England) who will use it to calculate your equity loan repayment.
How Much Does a Help to Buy Valuation Cost?
Help to Buy valuation costs in Cannock typically range from £250 to £400 depending on property size and value. At Cannock Surveyors, our Help to Buy valuations start from £299 including VAT for standard properties. This fixed price includes the inspection, comprehensive report meeting all government requirements, and delivery within 5 working days.
Compared to the overall cost of selling or remortgaging, the valuation fee is a small but essential expense. Using a specialist RICS valuer ensures your report is accepted first time, avoiding delays and additional costs.
Common Help to Buy Valuation Issues
Using Non-RICS Valuers
Some homeowners try to save money using non-qualified valuers. Help to Buy agents will reject these valuations, meaning you've wasted money and still need a proper RICS valuation. Always use a RICS registered valuer from the start.
Insufficient Comparable Evidence
Valuations must include at least three comparable property sales from the last 12 months. In areas with limited sales, finding suitable comparables requires expertise. Our local knowledge of the Cannock property market ensures we always provide appropriate comparable evidence.
Improvements and Alterations
If you've extended or significantly improved your property, mention this when instructing the valuer. These improvements affect value and must be documented in the report. Bring any planning permissions or building regulations certificates to the inspection.
Challenging a Help to Buy Valuation
If you disagree with the valuation, you have the right to challenge it. However, this involves appointing a second RICS valuer at your expense. If the second valuation differs significantly, a third valuer may be appointed with costs shared.
Challenges are rare when using experienced local valuers who understand the Cannock property market. Our valuations are based on solid comparable evidence and thorough market knowledge, providing accurate figures that reflect true market value.
Help to Buy Market Trends in Cannock
The Cannock property market has seen steady growth since the Help to Buy scheme launched. New build developments in areas like Hednesford, Rugeley, and Burntwood attracted many Help to Buy purchasers between 2013 and 2023.
Most Help to Buy properties in Staffordshire have increased in value, meaning homeowners typically owe more than their original equity loan percentage. However, this also means you've built equity in your property. Understanding current market values helps you plan your next steps, whether selling, remortgaging, or staircasing.
Preparing for Your Help to Buy Valuation
While valuers assess market value rather than condition, presentation matters. Here's how to prepare:
- Ensure the property is clean and tidy
- Provide access to all rooms including loft if converted
- Gather documents for any improvements (planning permissions, building regulations, guarantees)
- Note any issues affecting the property or local area
- Be available to answer questions during the inspection
After the Valuation
Once you receive your valuation report, submit it to your Help to Buy agent. They'll calculate your equity loan repayment and provide a redemption statement. If selling, this information goes to your solicitor for completion. If remortgaging, your mortgage broker uses it to finalize your new mortgage.
The entire process from valuation to equity loan redemption typically takes 4-6 weeks. Starting early ensures your property sale or remortgage isn't delayed.
Get Your Help to Buy Valuation
If you need a Help to Buy valuation in Cannock, Hednesford, Rugeley, Burntwood, Lichfield, or anywhere in Staffordshire, contact Cannock Surveyors today. Our RICS registered valuers provide fast, accurate valuations meeting all government requirements. We understand the local property market and ensure your valuation is accepted first time, avoiding delays in your property transaction.
Call us for a free quote or to discuss your Help to Buy valuation needs. We're here to make the process straightforward and stress-free.
View all our Help to Buy valuation services and explore our complete range of RICS survey and valuation services in Cannock.
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