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RICS HELP TO BUY VALUATION
RICS Qualified Surveyors providing Help to Buy Valuations in Warwickshire for a fixed price of £300 including VAT.
If you have bought a home with a loan through the Help to Buy scheme you may be looking to repay, remortgage or sell your property. In order to do this, Target, who have been appointed by the Homes and Communities Agency (HCA) to administer the scheme, require you to get an independent Help to Buy Valuation report.
A Help to Buy Valuation will determine the amount repayable in direct proportion to the current market value of your property, and must be conducted by RICS qualified surveyors.
HELP TO BUY VALUATION REQUIREMENTS
In order for a Help to Buy Valuation to be compliant with Target HCA requirements, the following must be met: -
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The Valuer must be registered with the recognised qualification of RICS
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The Valuer must be independent to an estate agent
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The report must be on headed paper, signed by the RICS surveyor and addressed to Target HCA
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The Valuer MUST provide at least 3 comparable properties and sale prices
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The Valuer must not be related or known to you
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The Valuer must inspect the interior of the property and provide a full valuation report
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Valuations carried out for bank or mortgage purposes are not acceptable
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A copy of the valuation report must be supplied to Target; the inspection date must be shown on the report
Richard Russell Surveyors meet all of Target HCA's requirements for Help to Buy Valuations. We have a 100% record of all valuations accepted.
When you have obtained a Help to Buy valuation from a RICS qualified valuer, you must send it to Target who will tell you how much you need to repay.
If the value of your property has decreased, then the amount you must repay will be less than you originally borrowed. However, if the value of your house has increased, so will the amount you must repay.
In accordance with Target requirements, it is important to note that your Help to Buy valuation will only be valid for 3 months. If the loan redemption or sale is not completed within 3 months of the original valuation date, an additional desktop valuation will be required.
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