RICS HELP TO BUY VALUATIONS

If you have been part of the Help to Buy Scheme and wish to leave, you will be required to have your property valued independently by a suitably qualified Chartered Surveyor before you can sell or exit the scheme.

My Valuation Service will provide you with a report in the right format to deliver straight to your scheme provider. My Reports are specifically designed for you, if you wish to exit the scheme by paying off your loan or selling your property.

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Accordingly the Help to Buy Scheme has certain requirements which are to be adhered to:

• The Valuer Must be registered with a RICS recognised qualification/accreditation

• The Valuer Must be independent of an estate agent.

• The valuer must provide at least 3 comparable properties and sale prices within the last year (the date of sale must be stated)

• The 3 comparable properties must be included in the valuation report; the comparables must be like for like in terms of property type, size and age. They must also have the door number and one part of the full postcode if the full postcode cannot be obtained. This can be within a 2 mile radius of the subject property.

• The valuer must NOT be related or known to you.

• The valuer MUST inspect the interior of the property and provide a full valuation report.

• Valuations carried out for bank or mortgage purposes are NOT acceptable.

• The scheme administrator will require a copy of the valuation report; the inspection date must be shown on the report.

• The report needs to provided in a pdf or non-editable document format.

PLEASE NOTE: the RICS valuation will only be valid for 3 months. If the transaction

does not complete within this time you will need to provide another valuation at your own cost. This further valuation can be a Desktop Valuation from the surveyor who

originally inspected your property. It must be conducted and sent to Target within 2 weeks of the original valuation expiring and will only be valid for a further 3 months

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Andrew O'Dowd MRICS IRRV will inspect the property, he will measure and photograph during his survey making notes as to the value significant features. Once he has completed his valuation inspection he will compile a suitable report of his detailed findings and email this to you. You may then send this report to your scheme provider.

This whole process can sometimes be done same day.