Help To Buy Valuation in Withcall

A Help to Buy valuation is a particular kind of RICS Red Book valuation, and we arrange it when an equity loan is being repaid in part or in full, a remortgage is on the cards, or a home is being sold. It has to be completed by a RICS-regulated surveyor, who inspects the property and issues a formal report in line with the strict Homes England rules.

Our valuers look at the current market value by comparing nearby sales, the condition of the property, and anything else that may pull the figure up or down. In Withcall, that means we take account of the Lincolnshire Wolds market, the age and build of the home, plus any distinctive features or defects that could matter.

That report needs to be addressed to the Help to Buy administrator, and it is only valid for three months from the date of inspection. Our team of RICS-regulated surveyors has wide experience across Lincolnshire, so we understand the local market forces that shape values in rural villages such as Withcall. Even where sales are thin on the ground, we can still find suitable comparable evidence.

• RICS-regulated surveyor
• Valid for 3 months
• Addressed to Homes England
• Minimum 3 comparables required
• Independent of estate agents

In Withcall, detached houses make up most of the housing stock, which fits the village’s rural feel. There are also plenty of older homes, many of them listed buildings or built from traditional local materials such as Lincolnshire limestone and red brick. Because the village sits within the Lincolnshire Wolds, an Area of Outstanding Natural Beauty, many properties come with planning restrictions aimed at protecting the countryside’s character.

Ground conditions in the Lincolnshire Wolds bring a few things to watch. The area has chalk bedrock with patches of glacial till, or boulder clay, and those clay soils can lead to shrink-swell movement, especially where mature trees sit close to foundations. That can sometimes mean subsidence or heave, both of which our surveyors will note during the valuation inspection. We always look for signs of past movement, cracking patterns, and any significant vegetation near the foundations.

Across Withcall, the defects we most often see include damp, whether rising or penetrating, timber problems such as rot or woodworm, roof wear on older houses, and structural cracking. All of those feed into the valuation process and can affect the assessed market value. Our surveyors know the regional construction methods well, so they can judge how these issues are likely to influence value.

Homes in the Lincolnshire Wolds often use traditional methods, including solid wall construction, timber frame with infill, and stone masonry from local sources. Roofs are usually pitched and finished with clay tiles or slate. Many older properties have shallower foundations than modern standards would call for, which our surveyors take into account when judging structural integrity. Where a property is listed, there may also be extra limits on alterations and restoration, and that can affect value.

The Help to Buy scheme began so first-time buyers could purchase a new build property with a government-backed equity loan. Under the scheme, the government provides an equity loan of up to 20% (or 40% in London) of the property’s value. The scheme is now closed to new applicants, but existing borrowers may still need to redeem their loans or remortgage. Many people are now reaching the point where they need to repay the loan or move to a standard mortgage product.

When an equity loan is being redeemed, the initial loan amount has to be paid back, along with any interest that has built up. The sum owed is worked out using the property’s current market value at the time of redemption, which is why a formal RICS valuation is needed. That valuation keeps the repayment figure aligned with the present market value. So if the property has risen in value since purchase, more is repaid than was borrowed, while a fall in value can mean less is due.

If a Help to Buy property is being remortgaged, a current valuation is also needed to support the application. Most lenders ask for a RICS valuation so they can judge how much they are prepared to lend against the property. Our valuation report can be used for both equity loan redemption and remortgage purposes, provided the right requirements are met. That means separate reports are often unnecessary.