Obtaining a valuation when selling a house bought under the help to buy scheme.
When selling a house bought under the help to buy scheme (or repaying the loan in part or in full), Target HCA have specific requirements, one of which is to obtain a valuation.
The valuation must be carried out by a Chartered Surveyor (FRICS or MRICS), must be independent to an estate agent and must be someone who is not known to you.
The Valuer must inspect the property internally and externally. It is likely that the Valuer will also have questions to ask you such as whether the property is freehold or leasehold, the extent of the plot, whether there are any garages or parking spaces outside the plot, whether there are any shared drives/access ways, etc. The Valuer will also need to confirm the agreed purchase price.
The Valuer will research sales of comparable properties, making adjustments for any differences in size, location, changes in market conditions, etc.
The Valuer will prepare a report which will include a description of the property and its location. It will also include brief details of at least three comparable properties in the area which have sold (or are under offer). The report will set out the Valuer’s opinion on the value of the property based on the inspection and comparables.
Target HCA place a time limit of 3 months on the Valuation, therefore many homeowners choose to wait and instruct the Valuation when a sale has been agreed, rather than when the property is first offered for sale. If the sale of the house does not complete within the 3 month period then a further valuation will need to be obtained. Target HCA will accept a Desktop Valuation by the original Valuer provided certain criteria are met.
For further information visit http://www.myfirsthome.org.uk/
To find a suitably qualified Chartered Surveyor who carries out valuations in your area visit www.rics.org/uk
See also our home page for further information on buying and selling a house.
Source: Target HCA Customer Information Pack