Help to Buy Valuation in CR7

When you purchased your property through the Help to Buy scheme, the government provided an equity loan of up to 20% of the property value (or 40% in London). As property values in CR7 have risen by approximately 3% over the past year, with terraced properties averaging £440,993 and flats at £274,117, your property may have appreciated significantly since purchase. This increase in value directly affects the amount you will need to pay to redeem your equity loan. Many homeowners in the Thornton Heath and Norbury areas have seen substantial growth in their property values, making redemption a financially attractive option.

The Help to Buy valuation must be carried out by a RICS registered valuer who will assess your property based on current market conditions in your specific CR7 location. Properties in different parts of CR7 have shown varying trends - for instance, CR7 7LR saw a 15% increase while some areas like CR7 8PF experienced a 27% decrease. Your valuation will reflect the specific market conditions in your immediate vicinity, which is why using a local valuer with knowledge of your specific streets and developments is so important.

Our valuers will visit your property, assess its current condition and location, and compare it against recent sales of similar properties in the CR7 area. We then provide a formal RICS Red Book valuation report that meets the strict requirements of the Help to Buy agency. This report is what you will need to submit when requesting your redemption statement. The report includes detailed comparable evidence, photographs, and a formal opinion of value that satisfies the Help to Buy agency's requirements.

The cost of your valuation is typically covered by the redemption process, and many homeowners find that their property has increased in value enough to make redeeming the equity loan financially beneficial, especially in areas where property values have shown strong growth. However, if your property is in an area that has experienced a decrease in value, you should seek professional advice before proceeding with redemption.

• Thornton Heath
• Norbury
• Selhurst
• Croydon
• Addington

The first step in redeeming your Help to Buy equity loan is to obtain a current market valuation of your property from a RICS registered valuer. This valuation must be dated within the last 3 months when you submit it to the Help to Buy agency. Our valuers in CR7 understand the local market dynamics and will provide an accurate assessment that reflects real selling prices in your area. We use comparable sales data from your specific neighbourhood to ensure the valuation reflects true market conditions.

Once you receive your valuation report, you can request a redemption statement from the Help to Buy agency. This statement will show the exact amount required to repay your equity loan based on the current market value. The calculation takes into account the original purchase price, the percentage of equity loan you received, and any changes in property value since purchase. Your redemption amount is calculated as a percentage of the current market value, equal to the percentage of equity the government originally provided.

It is worth noting that if your property has decreased in value since purchase, you may be required to pay back more than your original equity loan amount due to the way the scheme calculates the repayment figure. Some areas in CR7 have experienced price reductions - for example, CR7 7QB saw a 17% decrease and CR7 8EU saw a 7% decrease. Understanding your property's current value is essential before proceeding with redemption. We always recommend obtaining a valuation early in the process so you can make an informed decision about whether to proceed.

After receiving your redemption statement, you will have 12 weeks to complete the repayment. If you are also selling your property, the redemption amount will be deducted from the sale proceeds through your solicitor. If you are staying in the property, you will need to arrange financing to cover the redemption amount. Many homeowners choose to remortgage to raise the funds needed for redemption, and we can provide guidance on how to approach this process.