Help to Buy Valuation in Thurlby

Help to Buy valuations are a specific type of RICS Red Book valuation required by the Help to Buy Agency when you need to repay your equity loan, also called "redemption." The government scheme, which ran from 2013 to 2023, gave equity loans to help first-time buyers buy new-build properties with a smaller deposit. Once you are ready to clear the loan, either in full or partly through staircasing, the Help to Buy Agency asks for an independent valuation by a RICS registered valuer who is registered on their approved panel.

A standard mortgage valuation is not the same thing at all. It has to be carried out by a RICS valuer on the Help to Buy panel of valuers, and the report must follow the format set by the Help to Buy Agency. Our valuers in Thurlby are fully qualified and experienced in these reports, so your redemption can move ahead without avoidable delays or hiccups. We know the paperwork inside out, and we produce reports to the exact standards expected.

At the inspection, our valuer looks at your property's current market value using comparable sales evidence, along with the local Thurlby housing market, the type of property, its condition, and any improvements made since purchase. That market value is then used by the Help to Buy Agency to work out how much needs to be repaid on the equity loan. The visit includes a full inspection of the property, room measurements, and photographs of the condition and key features.

We use sales data from Thurlby itself, together with comparable evidence from Bourne and the surrounding villages in South Kesteven, to reach an accurate market value. It means the valuation reflects what is happening in Thurlby, while also taking account of wider market patterns across this part of Lincolnshire.

The repayment amount for your Help to Buy equity loan is based on the current market value of your property, not the price you paid originally. That is why an accurate RICS valuation matters so much. If your property has risen in value since purchase, your repayment will be higher. If values in Thurlby have fallen, as they have recently with an 11.8% decline over the last twelve months, the amount you repay may be lower than expected.

Thurlby has seen prices change sharply, from a peak of £414,083 in 2022 down to around £320,000 today. That is a sizeable shift, and homeowners who bought at the peak may find their equity loan repayment is now lower than the original purchase price, although this depends on the property type. Detached homes, which usually achieve the highest values in Thurlby at about £425,786, have moved differently from terraced and semi-detached homes, which average £183,000 and £210,000 respectively.

For staircasing, where you repay a portion of your equity loan, the same valuation rules still apply. Our valuers can give you the information needed to decide whether to staircase to 25%, 50%, or even 100% ownership. Knowing the current Thurlby market value is essential if you want to work out exactly how much needs to be repaid. We can explain how the staircasing process works and what each level means for your remaining equity position.

Where values in your part of Thurlby have dropped significantly, your property may now be worth less than you originally paid. In that situation, the Help to Buy Agency calculates repayment from the current market value, so you could end up repaying less than the original loan amount. The outcome still depends on your individual circumstances and the specific terms of your equity loan.

Once our RICS valuer has inspected your Thurlby property and finished the report, you will receive your official valuation certificate. It sets out the market value of your property, the basis of the valuation, and the comparable evidence used to reach the figure. You will need this report when you contact the Help to Buy Agency to start your redemption or staircasing process. The report is produced in the specific format required by the Help to Buy Agency.

The Help to Buy Agency will then review the valuation and work out your repayment figure based on the percentage of equity loan you originally received. If you are redeeming the loan in full, they will issue a final settlement figure that includes the original loan amount plus any accrued interest. If you are staircasing, they will calculate the amount needed to increase your ownership stake to the level you want. This can take a little time, so planning ahead matters.

The Help to Buy Agency works to set timescales for redemption applications. We recommend leaving enough time between your valuation and any planned completion date, especially if a remortgage or sale is also in hand. Our team can talk you through typical timescales and help you plan so you avoid last-minute problems. Starting the valuation process early is usually the safest option.

Once you have sent your valuation to the Help to Buy Agency, they will issue their own valuation, which may differ from ours, and provide your repayment figure. If you are happy with their valuation, you can move ahead with the repayment. If you disagree, there is an appeals process. Our team can advise on the best route if that happens.