Help to Buy Valuation in Great Steeping

A Help to Buy valuation is a specific type of RICS Red Book valuation that is required when you wish to redeem or part-redeem your Help to Buy equity loan. The Government scheme, which ran from 2013 to 2023, provided equity loans to help buyers purchase new-build properties with a smaller deposit. When you come to repay this loan, you must obtain an independent valuation carried out by a RICS-regulated surveyor to determine the current market value of your property.

Our surveyors in Great Steeping follow the RICS Valuation Global Standards (the Red Book) to ensure your valuation is compliant with all regulatory requirements. The valuation report will be addressed to Homes England (formerly the Homes and Communities Agency) and will remain valid for three months from the date of issue. This is an independent assessment of your property's open market value, disregarding any improvements you may have made that have increased the property's value since purchase.

The valuation process involves a thorough inspection of your property, including all habitable rooms, the condition of the structure, and any significant defects that may affect the value. Our local valuers are familiar with the common issues affecting properties in the Lincolnshire Wolds area, including those related to the local geology and construction methods. We provide a comprehensive report that you can submit to Homes England as part of your equity loan redemption process.

• Independent RICS Red Book valuation
• Valid for 3 months
• Accepted by Homes England
• Fast turnaround available

Properties in the Great Steeping area can suffer from specific defects that our valuers are trained to identify during the inspection process. Given the local geology with its clay-rich soils, subsidence and heave are particular concerns. The shrink-swell potential of the underlying boulder clay means that properties may experience movement during periods of drought or excessive rainfall, which can lead to cracking in walls and damage to foundations. Our surveyors carefully examine all external walls, internal finishes, and window frames for signs of structural movement that could affect the property's value.

Due to the age profile of housing in the village, with around 20% of properties built pre-1919, we often encounter issues related to older construction methods. These can include solid brick walls without cavity insulation, aging roof structures with original timber, and outdated electrical and plumbing systems. Properties built between 1945 and 1980, which make up approximately 40% of the housing stock, may have issues with concrete components used during that era, while post-1980 properties often have their own set of typical defects related to the construction materials and building practices of that period.

Damp is another common issue we identify in properties throughout East Lindsey, particularly in older buildings where breathable construction details have been inappropriately modernised. Rising damp can affect properties with solid floors, while penetrating damp may be present in buildings with degraded pointing or damaged roof coverings. Our valuers document any damp-related issues as they can significantly affect both the property's value and its insurability, which is an important consideration for mortgage lenders.

• Subsidence and heave related to clay soils
• Damp and condensation issues
• Roofing defects and aging timbers
• Outdated electrical systems
• Concrete degradation in post-war properties

Our team of RICS-regulated valuers has extensive experience in the Lincolnshire property market, including the East Lindsey district. We understand that properties in rural villages like Great Steeping can have specific characteristics that affect their value, such as access to local amenities, the quality of roads, and proximity to larger towns for employment and services. The local economy is predominantly agricultural, with employment opportunities in nearby towns such as Spilsby, Skegness, and Horncastle.

When valuing your property, we take into account the current market conditions in Great Steeping and the wider East Lindsey area. With approximately 45 property sales in the village over the last 12 months and a price change of +3.5%, the market has shown steady growth. We also consider the age distribution of properties in the area, with around 20% built pre-1919, 15% between 1919-1945, 40% between 1945-1980, and 25% post-1980. Each age bracket brings different construction methods and potential defects that our surveyors are trained to identify.

Our valuers have completed numerous surveys in the area surrounding Great Steeping, giving us particular insight into how properties in this part of Lincolnshire perform in the current market. We understand that the rural nature of the village can affect buyer interest, with some purchasers seeking the peace and quiet of countryside living while others may prefer easier access to larger towns. This local knowledge allows us to provide valuations that accurately reflect the true market position of your property.