Help to Buy Valuation Guide
Before you can repay your Help to Buy equity loan, Homes England needs to know your property's current market value. This is done through a RICS valuation report — and getting it right first time avoids delays.
Why do I need a RICS valuation?
Your repayment amount is based on the same percentage share of your home’s current value that you originally borrowed — not the value when you bought it. A RICS (Royal Institution of Chartered Surveyors) valuation is the only report Homes England will accept for this purpose.
What to tell Help to Buy before the valuation
Help to Buy need you to tell them anything that may affect the value of your home before you contact a surveyor, as this may dictate whether a specific surveyor needs to be instructed. Things they suggest you tell them about include:
- External cladding — if your building or block of flats has certain types of external cladding, you may need a specialist valuation. Check if your home has cladding that may need a specialist valuation — GOV.UK
- any breaches of planning permission
- building regulations that could have an impact on the property’s value — for example, works you’ve had carried out without a final completion certificate from building control or an approved building control inspector
Help to Buy have specific requirements and criteria to ensure the report is compliant for the purpose of calculating the repayment sum. A RICS surveyor should be fully aware of these requirements.
Finding a RICS surveyor
You will need to find a RICS certified surveyor in your area to undertake the valuation. The cost of the RICS valuation report is paid for by you.
How long is my valuation valid, and what do I do with it?
The valuation report is valid for 3 months from the date it is produced. You need to send it to Help to Buy within 5 working days of the date it was issued. You can send it by email or post:
- Email: customerservices@myhelptobuyloan.co.uk — we recommend the subject line: “Valuation – Account Number – Property Address”
- Post: Help to Buy Customer Service team, PO Box 5262, Lancing, BN99 9HE
You may also wish to phone them on 0300 123 4123 shortly after sending the valuation, to make sure it has been added to your Help to Buy account.
What happens if my valuation report expires?
If the valuation report expires before you repay your equity loan, you’ll need to obtain a desktop valuation, which extends the original valuation for a further 3 months. Contact the original RICS surveyor to request this — it must come from the same RICS firm who did the original valuation, and they can supply it without visiting the property in person.
The desktop valuation must:
- refer to the original valuation report
- confirm that the updated report is a desktop valuation
- provide at least 6 comparable properties and sale prices from the last year if the property has increased or decreased in value — if 6 are not available, they must state this clearly
- provide bespoke market commentary, referencing how the comparable properties justify the determination of market value
The report must be:
- made within 2 weeks of the expiry date of the original valuation report
- completed, signed and dated by the same RICS surveyor
- made on the company’s headed paper, in PDF or another digital format that cannot be edited
The desktop valuation is valid for 3 months from the date it is produced, and Help to Buy need to receive it within 5 working days of the date it was issued — by email (subject line “Desktop Valuation – Account Number – Property Address”) or by post, using the same details as above.
What if I don’t complete in the additional 3 months the desktop valuation gives me?
If this happens, you will need to obtain a completely new valuation report.
Can Help to Buy reject a report?
Yes, they can. Reports are usually rejected if they don’t comply with Help to Buy’s requirements, or if the value is too high or too low compared to similar properties. The surveyor must carry out the valuation in the way prescribed by Help to Buy. If the report is rejected, you will need to provide and pay for a new one.
What if I don’t agree with the valuation?
Under the terms of your equity loan agreement, the President of RICS will appoint a RICS surveyor to produce a final valuation.
What happens after my valuation is accepted?
Once Homes England has your valuation, application form, and administration fee, they’ll issue a redemption letter confirming exactly how much you need to repay. From there, Threemo takes care of the legal completion process on your behalf.