We can carry out your Help to Buy and Shared Ownership Valuations for just £399
Help to Buy and Shared Ownership Valuations
What are Help to Buy and Shared Ownership Valuations ?
Help to buy and Shared Ownership require unique types of Valuations as they have a number of legal and regulatory requirements associated with them over and above the requirements of typical Valuations.
Our practising RICS Registered Valuers have provided Market Valuations on thousands of properties in London and the South East and have unrivalled experience of local property markets.
These requirements can be complex. Farrow & Gould surveyors have significant experience within both the Shared Ownership and Help to Buy marketplace and provide you with the expertise to ensure the Valuation you receive meets all the necessary requirements.
We will ensure that your Help to Buy or Shared Ownership property is valued in accordance with RICS Regulations and is Target HCA Compliant where necessary.
We undertake Help to Buy and Shared Ownership Valuations throughout Greater London and Surrey (our postcode coverage is displayed on the 'About us' page.
Help to Buy and Shared Ownership explained
Help to Buy was a government backed scheme scheme which was aimed at helping first time buyers enter the property market by providing an Equity Loan.
Help to Buy provided eligible buyers with an Equity Loan (also known as shared equity) of up to 20% of the value of a new build home (40% in London) so the buyer only needed to raise a 5% deposit, with a mortgage then making up the rest.
Our valuations and reports meet all the requirements
The Valuer that will visit your property must be a RICS Registered Valuer and a RICS surveyor and have the local knowledge and expertise to provide an accurate Valuation and report that is Target HCA compliant.
In providing your Help to Buy Valuation there are a number of key requirements which our valuers need to meet:
- Our RICS valuer must not be known by or related to you.
- We are independent to any Estate Agents.
- We must provide a copy of the Help to Buy Valuation Report to you and to Target HCA.
- The Help to Buy Valuation Report we produce must be on letter-headed paper addressed and posted to Target HCA and will be signed by the RICS surveyor with their credentials.
- We provide 3 comparable properties with their sale prices and dates sold. These will be the same property type, size, and age as your property and within a 2 mile radius to meet requirements.
How to purchase your Help to Buy Valuation
Before you purchase you Help to Buy Valuation, we ask that you contact us to agree when we can undertake the valuation and this can be done by clicking here.
Once we have agreed the survey date, please purchase your Help to Buy Valuation here.
Do you need independent legal or financial advice ?
If you are refinancing the increased share with a mortgage, you will need to obtain legal and financial advice. We are partnered with independent Solicitors and Mortgage Brokers so if you would like to speak with one of our partners make an enquiry here
How does increasing the equity of your Help to Buy loan (known as ‘staircasing’) work ?
In London, the Help to Buy upper limit for the equity loan was 40%. This means most Help to Buy property owners can buy part or all of this 40%. Outside of London, the limit was 20%.
Why pay back the loan ?
As the value of your home increases, so does the amount you will need to pay back. This means if the property market is following an upward trend, the amount you have to pay back will continue to increase.
To see how prices have generally followed an upward trend within London, follow this link.
The Help to Buy loan is only interest free for five years. After this period, an annual fee of 1.75% is payable on the outstanding loan and this fee will continue to increase each year with inflation.
How do I start the process ?
You will need to contact Target HCA, the government assigned company in charge of administrative functions for Help to Buy which you can do via the Target HCA Customer Service Team on 0345 848 0235 or via email at: target.hca@targetgroup.com
Further information on Help to Buy
To find out more about the Help to Buy Scheme our Clients have found these pages useful:
Help To buy - Share to Buy site
If you are unsure if you need a Help to Buy Valuation Report you can speak to the Target HCA Customer Service Team on 0345 848 0235 or you can email them at: target.hca@targetgroup.com
Help to Buy (including London Help to Buy)
Shared Ownership
If you can’t quite afford the mortgage for a home, Shared Ownership offers you an alternative route onto the property ladder by giving eligible purchasers the opportunity to buy a share in a new build or resale home.
Also referred to as part-buy part-rent, Shared Ownership allows buyers to purchase a share of a leasehold property; they will pay a mortgage on the share they own, and a below-market-value rent on the remainder. As the purchaser only needs a mortgage for the share they own, the amount of money required for a deposit is much lower compared to purchasing outright.
Shared Ownership Eligibility
Shared Ownership is a stepping stone for those looking to buy their own home but can’t quite afford to buy on the open market. Because of this, there are some specific eligibility criteria that you need to meet:
- You must be at least 18 years old.
- Your maximum household income must not exceed £90,000 per annum in London or £80,000 in the rest of England.
- You must be unable to purchase a suitable home to meet your housing needs on the open market.
- You do not already own a home, or you will have sold your current home before you purchase through the Shared Ownership scheme.
- You should have a deposit equalling to the amount required for the share that you are purchasing (remember that you don’t need to pay a deposit on the full market value of the property – just on the share you’re buying!).
- You must show that you are not in mortgage or rent arrears.
- You must be able to demonstrate that you have a good credit history (that means no bad debts or County Court Judgements) and can afford the regular payments involved with buying a home.
Follow this link to find out more about the eligibility criteria for buying a Shared Ownership home.
Shared Ownership Valuations
Do you want to increase the Shared Ownership shares in your property? We undertake Shared Ownership Valuations throughout Greater London and Surrey (postcode coverage available on 'About us' page). We provide accurate and timely RICS Valuation Reports which are RICS, Target HCA and Housing Association compliant.
Our practising RICS Registered Valuers have provided Market Valuations on thousands of properties in London and the South East and have unrivalled experience of local property markets. All valuations are Housing Association compliant.
How does ‘staircasing’ work ?
Initially, a buyer would purchase a share of a property. Typically, this is between 25% and 75%.
If you want to increase your owned shares (‘staircasing’), your monthly mortgage payments will increase and your rent paid to the provider will decrease. Once you’ve paid 100% of the shares back, you will no longer have rent payments.
Why staircase ?
As the value of your home increases, so does the amount you will need to pay back when you staircase. This means if the property market is following an upward trend, the amount you have to pay back will continue to increase.
Data on how prices have generally followed an upward trend within London can be viewed on the Government website here.
How do I start the process ?
You will need to contact your Housing Association who will provide advice on their specific processes and requirements.
Further information on Shared Ownership
To find out more about the Shared Ownership Scheme our Clients have found these pages useful:
Shared Ownership - Share to Buy site
Shared Ownership - Government site
Do you need independent Legal or Financial advice ?
If you are refinancing the increased share with a mortgage, you will need to obtain legal and financial advice. We are partnered with independent Solicitors and Mortgage Brokers who can help you with all your needs and so if you would like to speak with one of our partners make an enquiry here
When you buy a home through shared ownership, you:
- Buy a share between 10% and 75% of the home’s full market value
- Pay rent to the landlord for the share they own
- Usually pay monthly ground rent and service charges, for example towards the maintenance of communal areas
There’s a different way to buy a share of a home that you already rent - through Right to Shared Ownership.
Our valuations and reports meet all the requirements
The Valuer that will visit your property must be a RICS Registered Valuer and a RICS surveyor and have the local knowledge and expertise to provide an accurate Valuation and report.
Our RICS valuer must not be known by or related to you. We are independent to any Estate Agents, which is a key requirement.
We must provide a copy of the Shared Ownership Valuation Report to you and to the provider you pay rent to.
The Shared Ownership Valuation Report we produce must be on letter-headed paper addressed to the provider you pay rent to and will be signed by the RICS surveyor with their credentials.
A key requirement is that we must provide 3 comparable properties with their sale prices and dates sold. These will be the same property type, size, and age as your property and within a 2 mile radius
How to purchase your Shared Ownership Valuation
Before you purchase your Shared Ownership Valuation, we ask that you contact us to agree when we can undertake the valuation and this can be done by clicking here.
Once we have agreed the survey date, please purchase your Shared Ownership Valuation here.
Farrow & Gould Limited trading as Farrow & Gould Chartered Surveyors
Registered Office: 124, City Road • London • EC1V 2NX
Company Number: 14876073
VAT Registration Number: 457 7583 42
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