Incorporating Parkes Valuation Limited

Scheme 1 - Valuation Report

We provide clear, concise reports for a variety of purposes for clients purely wanting a valuation of their property or potential purchase. This type of report does not provide detailed comment as to a properties condition however, provides clear and sound advice on the investment.

All of our reports are fully compliant with the RICS “Red Book” and can be utilised for a variety of purposes including:

  • Matrimonial
  • Accounting purposes
  • Inheritance Tax
  • Pre-acquisition Valuations
  • Redeeming Help to Buy loans

The government Help to Buy Scheme started in April 2013 in England. This saw the government offering a 20% equity loan to buyers of newly-built properties. These buyers must offer a 5% deposit of their own. When the property is sold, the government then reclaims its loan. So if the value of the property has gone up, the government will make a profit. In November 2015 George Osborne announced that the equity loan scheme in England would be extended to 2021 as it was originally due to end in December 2016.

When you come to sell your Help to Buy home, you will need to repay the equity loan you received to purchase the property at the time you sell it (unless you have already chosen to repay the equity loan before this point). The amount you have to pay is based on the Market Value of your property at that time. For example, if you received a 20% equity loan to purchase your home, you will repay 20% of the value of your home at the time you sell. You must have an independent valuation carried out on the property by an RICS qualified Surveyor and it should be sold on the open market at the established valuation. If the market value of your property falls below the level at which it was first purchased, you will repay less than the original amount the Agency contributed to the purchase. As long as you have complied with all your obligations in the Help to Buy mortgage deed, you will not be required to provide for any shortfall in the equity loan if you sell when values have fallen.

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