Help to Buy Valuation in Bobbingworth

A Help to Buy valuation is the survey you need when you are repaying your equity loan, selling, or remortgaging. It is not the same as a standard mortgage valuation, because it must be a RICS Red Book valuation and follow the Royal Institution of Chartered Surveyors’ professional standards and guidance notes. That gives an independent, market-based figure for the property’s worth, one that lenders and the Homes England agency recognise.

Our valuers inspect the property inside and out, then take photographs and detailed notes covering the accommodation, condition, and any improvements or alterations made since the Help to Buy purchase. From there, we look at recent sales of comparable homes in the Bobbingworth area and use our professional judgement to reach a market value that fits present conditions in this part of Essex. In a village like Bobbingworth, where sales volume can be lower than in larger towns, that comparables work matters, and local market knowledge carries real weight.

What comes back is a valuation report that can be sent to the Help to Buy agency as part of the equity loan repayment application. It normally sets out the property description, assumptions and conditions, comparables evidence, and the valuer’s professional opinion of market value. The report is only valid for a limited period, usually three months, so the timing needs a bit of thought. We usually suggest booking once there is a clear plan for the application.

• RICS Red Book compliant
• Accepted by all Help to Buy administrators
• Includes comprehensive comparables analysis
• Fast turnaround available

When you bought a Bobbingworth property through Help to Buy, the government provided an equity loan of up to 20% of the property value, or 40% in London. The loan is secured against the home, and before a sale, remortgage, or the end of the loan term, the initial amount plus any accrued interest has to be repaid. That repayment is based on the market value at the time, which is why an official RICS valuation is needed.

Repaying a Help to Buy equity loan means working out what percentage of the property value the loan represents at the point of repayment. If a 20% equity loan was taken out at purchase and the property has risen in value, the amount repaid will be higher than the sum originally borrowed. If values have fallen, the repayment may be lower. Our valuers set out the methodology clearly, so both you and the Help to Buy agency can see how the figure has been reached.

In Bobbingworth, prices have stayed fairly steady, with levels similar to the previous year and just 1% down on the 2020 peak. That sort of stability can help when you are planning your equity loan repayment, because it makes the likely value a little easier to predict. Even so, no two properties are alike, and only a formal RICS valuation gives an accurate figure. As one of the pricier parts of Epping Forest, Bobbingworth can see small valuation changes make a meaningful difference to the amount repaid.

Before booking, we recommend gathering your Help to Buy agreement details and checking your balance. Our team can talk you through the process and explain how the valuation affects the repayment amount. Plenty of clients also find it useful to get an estimated valuation from us first, before committing to the full process.

• Check your Help to Buy agreement terms
• Calculate estimated repayment amount
• Book your RICS valuation
• Submit valuation to Help to Buy agency