How long does a RICS Help to Buy (HTB) valuation last?

The RICS valuation will only be valid for 3 months. If your loan redemption is not completed within 3 months of this date, you need to provide the Help to Buy administrator with a Desktop Valuation to re-confirm your property value. You must complete your transaction within a maximum of 6 months of the original valuation. Where completion is close, the administrator has the authority to agree to a month's extension. You need to speak to Homes England to organise this.

What if Help to Buy valuation is higher than offer?

Ask your valuer to explain their assessment of the property's value. If it is not far off the offer, you may be able to get a second opinion from another surveyor which is the same as the offer. Otherwise, you will have to find another buyer who is willing to pay the full market value, as the Help to Buy administrator can refuse to allow a sale under value (or make you pay the difference - so they still get what they think the loan is worth).

Do I need a Help to Buy valuation near me?

The RICS surveyor must "inspect the inside of the property" which means the surveyor needs to attend the property. A local surveyor will also ensure they have up-to-date knowledge of the current sales market. We have local RICS surveyors throughout England with the local knowledge needed to meet the Help to Buy administrator's criteria for providing valuations. Call our head office on 0333 344 3234 (local call charges apply) to find out when we are available this week to complete a local Help to Buy RICS Valuation. Get a Quote RICS Surveyors | Fixed Fees | Same week availability | Access arranged

What happens if your Help to Buy Valuation expires?

If the valuation report goes past 3 months then you'll need a letter from the RICS surveyor who undertook the original valuation confirming the valuation can be extended for another month. The letter needs to be on the surveyor's headed paper and sent as a PDF or another digital format that you cannot edit. If you still don't complete after the additional month then you will need to obtain: Desktop Valuation - must be made within 2 weeks after the expiration. The desktop valuation provides 6 comparable properties from the original RICS surveyor. This is again provided on headed paper, sent in PDF and signed by the original surveyor. A New Valuation - if a desktop valuation can't be provided or you miss the 2-week deadline then you'll need a fresh valuation report with a physical inspection of the report. Before you instruct speak to Homes England and see if this is required or if they'll allow for a desktop.

What happens if Homes England don't accept your valuation?

In certain circumstances Homes England has the power to request another valuation to be undertaken: "If your property is affected by novel issues in relation to its valuation e.g. its external cladding, we reserve the right, in accordance with the terms of the equity loan, to agree the RICS Valuer you intend to use, with you, before you instruct them." Dangerous Cladding is an example of a 'novel issue' so if you have a particular type of cladding then speak to Homes England to get them to agree to your choice of RICS surveyor. It may help to get the following document from your freeholder to confirm if the cladding is at risk - Form EWS1: External Wall Fire Review. In some cases, the absence of an EWS1 form can delay property sales and valuations. Building Safety Act 2022 The Act introduces stricter regulations for the design, construction, and management of high-rise residential buildings. It provides protections for leaseholders, ensuring they won't be liable for the costs of removing and replacing dangerous cladding. A new regulator will oversee building safety standards and enforce compliance.

Our experienced RICS Surveyors are Homes England-compliant and qualified to provide Help to Buy current market valuations.

Take advantage of our availability within days of instruction.*

A man holding a big pencil stood next to a home that looks like a calculator, with a tree and clouds to the left and above. SAM Conveyancing can help with your Help to Buy RICS valuation

Help to Buy RICS Valuation: Redemption, Sale, or Remortgage

by:

Andrew Boast

(Last Updated: 04/11/2024)

Created on:

05/04/2023

Read by:

5,943

9 min read

Key Takeaways

You'll need a Help to Buy Valuation Report whether you are repaying the loan in part or in full, or selling the property.
The report must be provided using the correct format by a RICS surveyor.
The Help to Buy RICS Valuation Report lasts for 3 months. After that, you will need another in-person valuation or a Desktop Valuation.
The Help to Buy administrator has now changed; please liaise with Homes England for customer services on your Help to Buy loan.

In this article

Do I need a RICS valuation for Help to Buy?

If you have an existing Help to Buy loan on your home, you will need a RICS valuation, otherwise known as a current market valuation, when you're repaying any of the loan; whether by cash, remortgage, or sale of the property.

What is a Help to Buy survey?

Getting a Help to Buy valuation report (a current market valuation) determines the current value of the loan to be repaid as a proportion of the current property value.
The equity loan administrator requires you to get a RICS surveyor as they are registered and regulated for reliable and accurate valuation reports.
The report needs to be drafted in a specific way to meet their strict criteria and you must pay for the Help to Buy survey yourself.

What survey do I need for Help to Buy?

You need a RICS Help to Buy Survey, also known as a RICS Help to Buy Valuation Report, when you're valuing your property for sale, repayment, or remortgage.

It is a current market valuation but must meet additional criteria to comply with the Help to Buy administrator's requirements. SAM's market valuations include everything that's required.

The Help to Buy surveyor must be registered with the recognised qualification of RICS.
The Help to Buy surveyor must be independent of an estate agent.
The report must be on headed paper, signed by the RICS surveyor and addressed to Help to Buy customer services.
The Help to Buy surveyor MUST provide at least 3 comparable properties and sale prices.
The comparables provided must be like for like in terms of property type, size, and age and within a 2-mile radius of the property that is being inspected.
The Help to Buy surveyor must not be related or known to you.
The Help to Buy surveyor must inspect the interior of the property and provide a full valuation report.

Help to Buy valuation cost

Our Help to Buy RICS valuation cost starts at £250 EXC VAT. Get a tailored quote for your Help to Buy Valuation from our nationwide panel of experienced, local RICS Valuers.

Get a valuation quote

RICS Surveyors | Fixed Fees | Same week availability | Access arranged

What happens at a RICS Help to Buy valuation?

A Help to Buy surveyor will visit your property and inspect the inside and outside to assess the age, condition and size of the home, taking note of features such as off-road parking, garden and development potential.

It will normally take about one hour, after which, they'll prepare a report and give a current market valuation based on other comparable properties in the area.

Desktop valuation price - is it required?

A desktop valuation can be used only when the 3 months have expired following the in-person RICS valuation. You cannot get a desktop valuation to replace a current market valuation.

They are generally less expensive than a physical inspection and can be completed more quickly, but may not be as accurate as a physical inspection and could be too reliant on public information.

The surveyor reviews the following for a desktop independent valuation:

Information from land registries, council records, and other public sources.
Data on similar properties sold recently in the same area.
Information about the property's size, age, condition, and location.

We offer desktop valuations from £180 INC VAT for one of our chartered RICS surveyors to provide a property valuation without inspecting it physically. Get in touch with us if you're interested in this service.

Understanding the property valuation report

Overview:
Location, type, size, age, and tenure of the property; standard or non-standard construction; and available data on sales history.
Comparables:
Up to 10 similar properties in the area with their details, sold price and date, and differences so that the surveyor can determine whether the property would be expected to have a higher or lower value than yours.

Local property market assessment:
Rising, falling or static.
Current market value:
Estimated value of your property, with notes, evidence, and an explanation of the valuation approach used (e.g., comparable sales method). Included is also a general assessment of the property's condition.

The report might include a disclaimer stating that the valuation is an estimate and subject to change.

Curious about your Help to Buy loan repayments?

Check out our handy calculator.

All we need is: how many years you've owned the property, the current market value, and your equity loan percentage.

Your Help to Buy mortgage payments differ from the Help to Buy equity loan repayments. You can use our calculator to estimate the interest repayments, but we also have a mortgage payments calculator available.

What happens after you get the RICS Help to Buy valuation report?

Once your surveyor sends you the Help to Buy valuation report, you have 3 months to complete the repayment. If those 3 months expire, you'll need another market valuation or a desktop valuation to extend it for another 3 months.

The process is known as either Help to Buy Repayment or Help to Buy Staircasing - they both mean the same thing. You'll need to:

Complete your Help to Buy application form (see below).
Provide your solicitor's contact details (we can help with this).

Send your completed form and valuation report to Homes England.
Pay your administration fee (cheque or by card over the phone).

Download your Help to Buy Repayment Form
This form can only be used for a Help to Buy Repayment Transaction.

Read the full Help to Buy repayment process, which differs whether you are selling, staircasing or remortgaging.

SAM can handle your Staircasing

Our experienced conveyancing solicitors can help you staircase your Help to Buy equity loan.

Get a free, no-obligation online quote today.

A woman holding a big pound coin, going up a staircase towards her home. Help to Buy Staircasing with SAM Conveyancing

Frequently Asked Questions

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Written by: Andrew Boast

Andrew started his career in 2000 working within conveyancing solicitor firms and grew hands-on knowledge of a wide variety of conveyancing challenges and solutions. After helping in excess of 50,000 clients in his career, he uses all this experience within his article writing for SAM, mainstream media and his self published book How to Buy a House Without Killing Anyone.

Reviewed by: Caragh Bailey

Caragh is an excellent writer and copy editor of books, news articles and editorials. She has written extensively for SAM for a variety of conveyancing, survey, property law and mortgage-related articles.

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