29 Dec Help To Buy Valuations
If you have bought a new home through the Help To Buy or First Buy schemes you will require a Valuation if you decide to sell the property or to pay off the loans.
For a number of years we have been undertaking Valuations for Housing Options Plus (HOP) and now Target HCA.
Target HCA have a number of requirements for the Valuer. We are familiar with the Valuation requirements and can produce a compliant report without delay and at reasonable cost. Fees are very competitive and start at £150 plus VAT for smaller houses and flats. The fees for a desktop Valuation start at £75 plus VAT.
The full requirements and additional information can be obtained by following the link below:
The Valuer must be registered with the recognised qualification of RICS.
The Valuer must be independent to an estate agent.
The report must be on headed paper, signed by the RICS surveyor and addressed to Target HCA.
The Valuer 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 to the property that is being inspected.
The Valuer must not be related or known to you.
The Valuer must inspect the interior of the property and provide a full valuation report.
Valuations carried out for bank or mortgage purposes are not acceptable
A copy of the valuation report must be supplied to Target; the inspection date must be shown on the report. If the valuation report does not meet the above guidelines, you will be required to liaise with the RICS valuation surveyor for rectification; any additional costs incurred for this will be your responsibility.
Please note: the RICS valuation will only be valid for 3 months.
If the transaction does not complete within this time you will need to provide another valuation at your own cost. This further valuation can be a Desktop Valuation from the surveyor who originally inspected your property. It must be conducted and sent to Target within 2 weeks of the original valuation expiring and will only be valid for a further 3 months.
The criteria for this Desktop Valuation are:
The Valuer must refer back to the original report and confirm the updated report is a Desktop Valuation. CUSTINFO Home and Communities Agency (HCA) Loans and linked House Developer loans are administered by Target Servicing Limited Authorised and Regulated by the Financial Conduct Authority. Calls may be recorded for training, security and litigation purposes. Target HCA PO Box 911 Newport, NP20 9PA The Valuer must be the original surveyor from the first inspection. They do not need to re-inspect the property, but they must make reference to this original report.
The Valuer must provide at least 3 comparable properties and sale prices within the last year if the property has increased or decreased in value.
The report must have a new date on it and be signed by the Valuer.
The report must be on headed paper and provided in a PDF format or a noneditable document. Only one desktop valuation will be allowed after the original valuation has expired. If the desktop report expires before the transaction completes the property will need to be re-inspected and a new RICS valuation report provided. If it is considered that the valuation does not accurately reflect the market value, Target will contact you and may also wish to speak to your RICS valuation surveyor. This may result in a revised market valuation.