Help to Buy Valuation in CO8 | RICS Registered Valuer

For Help to Buy, Homes England asks for a specific RICS Red Book valuation when you are selling the property or repaying the equity loan. It is not the same as a standard mortgage valuation. The report has to be produced by an independent RICS-qualified Chartered Surveyor who is also a RICS Registered Valuer. That valuation sets the current market value of the property, and that figure is then used to work out what you need to repay on the equity loan. An estate agent appraisal does not count, because it is only a marketing opinion and is not accepted for Help to Buy.

RICS defines market value as "the estimated amount for which an asset should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction after proper marketing and where the parties had knowledgeably, prudently and without compulsion". In practice, our surveyor applies that definition to current market conditions in Bures and the surrounding Suffolk countryside. We also research local sold properties of a similar type, size, and condition so the valuation figure is properly supported.

Inside the property, our valuers inspect the accommodation and provide at least three comparable property sales to back up the figure reached. The report is issued on headed paper, signed by the surveyor, and addressed to Homes England. We look at the condition of the walls and roof, along with the standard of fixtures and fittings. Any improvements made since you bought the property are recorded too, because they can influence the current market value.

A mortgage valuation or an estate agent appraisal will not satisfy Homes England. For Help to Buy equity loan redemption, the requirement is a RICS Red Book valuation prepared by an independent chartered surveyor. In the CO8 area, our team works separately from estate agency and gives an independent assessment every time.

• RICS-qualified MRICS or FRICS surveyor
• Full interior property inspection
• Minimum 3 comparable sales
• Report addressed to Homes England

Repayment of a Help to Buy equity loan is based on a percentage of the property's current market value, not on what you originally paid. So, if a property in Bures was bought for £300,000 with a 20% equity loan (£60,000), and it is now worth £400,000, the amount to repay would be £80,000, which is 20% of £400,000. That is why the current valuation matters so much. In a market like CO8, where the year-on-year increase is currently 15%, the difference can be significant.

In reaching a figure, our surveyor looks at the condition of the property, its size, layout, and any improvements you have carried out. We also take account of local market trends in Bures and across the wider Suffolk market. Just as important, the valuation has to be independent. Our surveyor cannot be related to you or connected to any other party in the transaction, and Homes England treats that independence as a core requirement. So do we.

If the property is worth less now than when you bought it through Help to Buy, the equity loan repayment is calculated from the lower current market value. Our surveyor provides a valuation that reflects actual CO8 market conditions at the time. In some cases, that means you repay less than the original equity loan amount where values have fallen. We have dealt with this in different markets and know how to approach the valuation properly.

The equity loan percentage itself stays fixed at the percentage you originally took. The repayment figure does not. With a 5% equity loan, for instance, if the property has doubled in value, the amount repaid is 5% of that higher figure. So the accuracy of the valuation is critical, whether the market has risen or fallen since purchase.

On inspections in CO8, a few recurring defects come up time and again, and they can affect value. We often see poor ventilation causing condensation and dampness, signs of structural movement showing as cracks in walls or ceilings, and roof defects such as missing tiles or damaged flashing. In older Bures properties, outdated electrical systems or plumbing can also be an issue and may need updating.

Windows and doors are another regular theme, especially where poor sealing leads to draughts and heat loss. In homes built before the 1970s, there can also be asbestos-containing materials, often in floor tiles, pipe insulation, or ceiling coatings. Our valuers know what to look for and how those issues can influence value. A Help to Buy valuation is not a full building survey, but we will record any significant defects that have a bearing on market value.

If you also want a more detailed look at condition, we offer RICS Level 2 and Level 3 surveys. These are often particularly useful with older properties, or where the valuation has already pointed to possible concerns. We can advise on whether that extra level of detail would be worthwhile for your particular property.