Help to Buy Valuation in Knowstone

The Help to Buy equity loan scheme was set up to help first-time buyers get onto the property ladder, offering an interest-free equity loan of up to 20% (or 40% in London) towards a new-build purchase. When the time comes to repay, either through a sale or a remortgage, a formal valuation from a RICS-regulated valuer is needed. That figure sets the current market value, which in turn works out what you repay on the equity loan. The maths is simple, you repay 20% (or whatever percentage you borrowed) of the current market value, whether the property has gone up or down since you bought it.

We also need to draw a clear line between this and a mortgage valuation or a building survey. A Help to Buy redemption valuation is regulated by Homes England, or the relevant devolved authority, and has to be carried out by a RICS member acting as a valuer. It must be independent, addressed to the equity loan provider, and based on the open market value of the property without any allowance for improvements made after purchase. So even if thousands have been spent on renovations, the figure still reflects what a typical buyer would pay for the home in its current state.

In Knowstone and the wider EX36 area, our valuers know the local market properly. There have been just 5 property sales in the last 12 months, and the housing stock is mainly older, so valuing homes here takes local knowledge rather than a generic approach. We look at things like listed buildings, the local geology, including clay soils that are prone to shrink-swell movement, and the general demand for rural homes in North Devon. The agricultural economy matters too, because many buyers are drawn to the rural way of life rather than town-centre convenience.

The Help to Buy scheme was aimed at new-build homes, yet Knowstone has no active new-build developments, so the scheme is not something we see often here. Even so, if you bought a property in this area through Help to Buy, we can still carry out the redemption valuation you need. Our local knowledge means we can judge the market value properly, with the quirks of the rural North Devon housing market kept firmly in view.

• RICS regulated valuers
• Independent market valuation
• Valid for 3 months
• Accepted by all Help to Buy providers

Knowstone and the surrounding North Devon countryside have a very particular housing stock, shaped by agriculture and local history. Many homes are built from local stone, cob, and render, with slate or tile roofs being the norm. The village has a notable collection of listed buildings, including the Grade I listed Church of St Peter and several Grade II listed farmhouses and cottages. Older properties like these often need careful handling during valuation, because character and historical importance can affect market value. Homes in conservation areas may also carry alteration restrictions that influence how buyers view them.

The geology around Knowstone brings its own set of considerations. Beneath the area lie rocks from the Culm Measures, made up of shales, sandstones, and mudstones. In parts of Devon, including around Knowstone, clay soils create a shrink-swell risk, especially for older properties with shallow foundations. Our valuers look for that during the inspection, because it can affect structural performance. Low-lying homes near watercourses may also carry flood risk, and rural properties can have private water supplies or septic tanks, both of which may influence value and buyer interest.

Much of Knowstone’s housing stock is older, so traditional construction methods are common. Solid wall construction is often found here, and that brings different thermal performance from modern cavity wall homes. Our valuers understand how those methods affect value, and what they may mean for future maintenance. We also take account of services and access roads, since some rural properties rely on private easements or unusual access arrangements that need recording.

• Traditional stone and cob construction
• Period listed properties
• Clay soil shrink-swell risk
• Rural flood considerations

There are a few simple things you can do to help the valuation run smoothly. Make sure the property can be accessed easily, including the exterior, interior, roof space if accessible, and any outbuildings. Clearing access to those areas helps the inspection move along without fuss. It is also useful to gather relevant paperwork, such as the original purchase deeds, any planning permissions or building regulation approvals, and details of significant improvements or alterations made since purchase.

Although the valuation must reflect market value without adding the cost of improvements, keeping records of renovations can still help for your own files. Our valuer will also want to see any guarantees or warranties for recent works. If the property is listed, tell us in advance, because that can mean extra consideration during the valuation. Listed status can affect both the figure and the size of the buyer pool, and our valuers take that into account. We have plenty of experience with listed homes in the Knowstone area and know the additional factors involved.

On the day itself, it helps if someone is there to give access to every part of the property. Our valuer will need to measure the home and take photographs for the report. If any areas are hard to reach, or there are features you think may affect value, please point them out. We always welcome details of recent improvements or unique features that may not be obvious at first glance. After the inspection, the valuation report is usually with you within 3-5 working days.