Help-to-Buy Valuation in Stanford, Breckland

Launched in 2013, the Help-to-Buy: Equity Loan scheme was designed to help first-time buyers onto the property ladder with an equity loan of up to 20% of the property's purchase price, or 40% in London. The scheme closed to new applications in March 2023, yet thousands of existing Help-to-Buy customers are now at the point of repaying their equity loan, remortgaging, or selling. In each of those cases, we need to provide a current market valuation from a RICS-registered Chartered Surveyor so the repayment amount can be worked out.

For Homes England to accept the report, it has to be prepared in line with the RICS Red Book, Valuation - Global Standards, which sets out the mandatory rules and best practice guidance for valuation delivery. We issue it on headed paper, signed and dated by our surveyor, and address it to Homes England. A key point is the evidence, at least three comparable properties with their sale prices, matched as closely as possible by type, size, and age, and normally within a 2-mile radius of the property being valued. In Stanford, Breckland, our surveyors often widen that search to the broader Breckland district because transaction activity within the training area itself can be limited.

Homes England has a fairly specific checklist, and our surveyors know it well. We arrange a suitable time to inspect the inside and outside of the property, then record detailed notes and photographs to support the valuation. The finished report looks at comparable properties, market trends, and the particular features of the home that influence value. Where relevant, we also take account of Breckland-specific environmental points, including surface water flood risk and the local geology.

Your equity loan repayment is worked out from the current market value in our valuation, not from the price you paid originally. So if the property is worth more now, the repayment will be higher, and if it is worth less, you could repay less than you first borrowed. We give an impartial valuation backed by proper market analysis, so you have a clear and accurate figure to work from.

• RICS Red Book compliant valuation
• Interior and exterior inspection
• Minimum three comparable properties
• Addressed to Homes England
• Valid for three months

Independence matters with Help-to-Buy valuations. The valuation must be carried out by an independent RICS-registered Chartered Surveyor, not someone linked to an estate agent and not a person related or known to the client. That is how Homes England gets an objective view of current market value. A valuation prepared for bank or mortgage purposes will not be accepted for Help-to-Buy redemption. Our surveyors act independently and without conflicts of interest that might influence professional judgement.

That independent valuation is what sets the repayment figure for the equity loan. Homes England calculates what is due as a percentage of the current market value, rather than the original purchase price, so a rise in value means a higher repayment and a fall in value can mean repaying less than was originally borrowed. There is still a cap, though, as the government guarantees you will never repay more than the original loan amount plus any cash incentives. Our role is to provide an impartial valuation grounded in careful market analysis.

Stanford, Breckland brings a few unusual valuation points, and our surveyors are used to dealing with them. Much of the parish lies within the military training area, but we can still prepare the report using suitable comparable evidence from the surrounding Breckland district. We know how to handle valuations in less conventional settings and still meet Homes England requirements. Our team also knows the local landscape well, from the sandy heath of Breckland to geological features such as the Devil's Punchbowl, a Site of Special Scientific Interest within the Stanford Training Area.

• Independent RICS Chartered Surveyor
• No conflict of interest
• Meets Homes England requirements
• Professional indemnity insurance
• Clear, detailed reporting