Help to buy has been in the news recently following a report from the National Audit Office (NAO).
The Scheme was introduced by the government in an attempt to support the housing market and enable qualifying buyers to be able to purchase a new build property.
The NAO have reported that Help to Buy has helped to boost the profits of house builders but that nearly two thirds of the buyers that have used the Help to Buy could have bought a house without using Help to Buy although they may not have been able to buy the house they wanted.
This has however probably helped many buyers to enter the market higher up the ladder than they would have otherwise.
What many participants in the scheme may not be aware of is the need for a valuation of the property to be carried out if all or part of the loan is to be repaid for example if the property is to be sold or you are re-mortgaging to pay the loan off or redeeming the loan with a cash payment.
At DowlingDodd we specialise in carrying out Help to Buy Valuations and are able to provide a valuation report in compliance with RICS Valuation – Global Standards 2017.
This is the format that is required by Help to Buy providers.
This requirement is often overlooked until the very last minute so make sure if you are selling a property with a Help to Buy loan that you arrange the valuation in plenty of time.
Remember that DowlingDodd can help you through the process. Our team of experienced valuers and surveyors can provide a valuation report with all the information required for properties throughout the county.
Recently we have prepared Help to Buy valuations in Truro, Shortlanesend, St Austell, Redruth and Newquay.
Contact us now to arrange your valuation in plenty of time and to avoid any last minute delays.