Help to Buy Valuation in Ashperton

A Help to Buy valuation is a specific type of RICS Red Book valuation required by Homes England whenever a homeowner with a Help to Buy equity loan wishes to remortgage, sell their property, or make changes to their loan arrangements. Unlike a standard mortgage valuation which focuses primarily on security for the lender, a Help to Buy valuation must determine the open market value of your property at a specific point in time, which directly affects how much equity loan you need to repay. Our valuers use the RICS Red Book methodology, which is the recognised standard for valuations in England and Wales, ensuring your report is compliant with all Homes England requirements.

Our valuers will inspect your property inside and out, measuring the floor area and assessing the overall condition, layout, and any improvements you have made. They will then compare your property against recent sales in the Ashperton area and the wider Herefordshire market to arrive at a market value that meets RICS Red Book standards. We look at comparable properties such as recent sales on Holly View, Parish Cottage, and properties along Ashperton Road to ensure our valuation reflects the current local market conditions.

Recent property sales in Ashperton demonstrate the varied nature of the local market. For example, 1 Holly View sold for £280,000 in September 2024, while 1 Council Houses achieved £385,000 in August 2024. Parish Cottage sold for £275,000 in February 2024, and 43 Ashperton Road changed hands for £248,080 in February 2023. Bramley Cottage on Ashperton Road sold for £450,000 in June 2022, showing the range of property values in this desirable rural village. These transactions provide our valuers with real local evidence to support your valuation, and we use this data to ensure your report is accurate and defensible.

The valuation report itself includes several key components: the market value assessment, detailed floor area measurements, a comprehensive description of the property and its condition, and comparable evidence from the local area. Our valuers will also note any improvements you have made since purchasing the property, as these can affect the valuation. The report is valid for three months, giving you ample time to proceed with your remortgage or sale without needing to commission a new valuation.

• RICS Red Book compliant valuation
• Meets Homes England requirements
• Includes detailed property inspection
• Valid for 3 months

If you are approaching the end of your initial Help to Buy loan period, or if you simply want to remortgage away from the scheme, you will need to arrange a Help to Buy valuation. The process begins with booking an inspection at a time convenient for you. Our surveyor will visit your Ashperton property, typically spending 30-60 minutes depending on the size and complexity of the property. We offer flexible appointments to suit your schedule, including evening and weekend availability in many cases.

During the inspection, our valuer will measure each room, assess the overall condition of the property, note any improvements you have made, and take photographs of the interior and exterior. They will also check the boundaries and any extensions or alterations that may have been made since your original purchase. For properties in Ashperton, our valuers are familiar with the local housing stock, from period cottages to more modern developments, and they know what to look for when assessing value in this area.

Following the inspection, your valuation report will be prepared and delivered within 3-5 working days. This report will include the market value assessment, floor area measurements, property details, and comparable evidence from the local area. The report is valid for three months, giving you ample time to proceed with your remortgage or sale. If your transaction is delayed beyond this period, we can discuss whether a new valuation is needed or if an extension may be possible in your circumstances.

One important aspect to consider is that if your property has decreased in value since purchase, you may be able to request a valuation discount or have the equity loan partially written off under certain circumstances. Our valuers can explain these options and ensure you receive accurate information about your position. We have helped many homeowners in Herefordshire navigate these situations, and we can provide guidance on the best course of action for your specific circumstances.

Once you receive your Help to Buy valuation report, you can proceed with your intended transaction. If you are remortgaging, your new lender will use the valuation to calculate how much they are willing to lend and how much equity loan you need to repay to Homes England. The equity loan repayment is calculated as a percentage of the property value at the time of redemption. Our report will clearly show this figure, so you know exactly where you stand before proceeding.

If you are selling your property, the valuation helps determine how much of the sale proceeds will go to Homes England to clear your equity loan. In a rising market, you may find that your property has increased sufficiently to clear the loan comfortably. In a flat or falling market, you may need to contribute additional funds to settle the loan. For example, if you purchased for £200,000 with a £40,000 equity loan (20%) and your property is now worth £280,000, you would repay £56,000 (20% of the current value) plus any accrued fees.

Some homeowners in Herefordshire have found that their property value has fallen below the original purchase price. In these cases, the Help to Buy scheme includes protection against negative equity, meaning you only repay the amount you originally borrowed (or 20% of the current value if lower, depending on when you purchased). Our valuers can explain how this affects your specific situation and ensure you receive accurate information about your position. We have helped many homeowners in similar situations understand their options and make informed decisions.

It is worth noting that if you are remortgaging, your new lender will also require their own valuation, which may be different from the Help to Buy valuation. This is standard practice and does not usually cause issues, but it is worth being aware of. Our team can help you understand the different requirements and ensure you have the right documentation for each step of the process.