Help-to-Buy Valuation in Kilmington

A Help-to-Buy valuation is a specific type of RICS Red Book valuation required when you want to redeem your equity loan, remortgage your property, or sell your home that was purchased through the Help-to-Buy scheme. Unlike a standard market appraisal, this valuation must be carried out by a RICS registered valuer and follows strict guidelines set out in the RICS Valuation Standards (the Red Book). The valuation provides an independent assessment of your property's current market value, which is used by your lender and Homes England to calculate any repayment figures or equity share adjustments.

In Kilmington and the surrounding East Devon area, Help-to-Buy valuations require particular attention to local market conditions. The village has seen modest growth in recent years, with property prices reflecting its desirable rural character and proximity to the A35 trunk road connecting Axminster and Honiton. Our valuers understand these local dynamics and will consider factors such as the prevalence of detached properties, the impact of the conservation area, and recent sales evidence from similar properties in the village when compiling your valuation report.

The village has undergone significant development over the decades, with approximately half of the current housing stock built in the last 50 years, while around 85 properties survive from the pre-1840 era forming the historic core of the village. Between 1840 and 1900, 36 new properties were added, all fronting existing village roads. From 1900 to 1960, a further 86 properties were constructed, including about half being the village's first council houses. This varied housing stock presents unique valuation considerations that our local valuers understand intimately.

The valuation report itself is a comprehensive document that includes detailed analysis of comparable properties, market trends, and the specific characteristics of your property. For properties in Kilmington, this may include considerations around the age of the property, construction materials (particularly the characteristic chert rubblestone found in older buildings), and any issues specific to the local area such as flood risk from surface runoff that was experienced in October 2021.

Understanding the local construction methods is essential for an accurate Help-to-Buy valuation in Kilmington. The predominant early building material in the village is chert rubblestone, typically laid randomly and often now rendered or painted. This distinctive golden-brown stone, sourced from the local upper greensand geology to the west and north-west of the parish, gives many older properties their characteristic appearance. Early quoins and window lintels are also of stone, with later buildings incorporating brick for door and window surrounds.

The use of chert rubblestone construction continued into the early 20th century, with later Victorian and Edwardian properties typically featuring red brick additions for quoins and detailed window surrounds. Since the 1960s, conversions of former farm buildings have also incorporated traditional chert rubblestone, maintaining the architectural character of the area. Hedgerows, grass verges, banks, and rubblestone walls line the roads and lanes, forming an essential part of the village's landscape that contributes to property values.

Our valuers are familiar with the specific characteristics of chert rubblestone construction and understand how these traditional building methods can affect property condition and value. Properties built using these traditional materials may require particular attention during the valuation process, as issues such as damp penetration, structural movement, or deterioration of mortar joints can occur. The valuation will consider the current condition of these traditional elements and their impact on the overall property value.

If you purchased your property through the Help-to-Buy equity loan scheme, there are specific requirements you must meet when looking to redeem your loan or remortgage. The scheme, which was available from 2013 to 2023, allowed buyers to purchase a new-build property with just a 5% deposit and a 20% equity loan from the government (or 40% in London). As property values have increased in many areas, including Kilmington where values have risen by 8% year-on-year, the equity loan can represent a significant amount.

When redeeming your Help-to-Buy equity loan, you will need to pay off the original loan amount plus any accrued equity share. The amount you owe is calculated based on the current market value of your property at the time of redemption, as determined by an independent RICS valuation. This is why obtaining an accurate and professionally prepared valuation is so important. Our valuers in Kilmington understand the local market and can provide the detailed assessment required for this process.

For those looking to remortgage their Help-to-Buy property, lenders will require a current valuation to assess the loan-to-value ratio and determine their lending criteria. With the average property price in Kilmington now around £465,000, and detached properties averaging over £573,000, understanding your property's accurate value is essential for getting the best mortgage deal. Our valuation report provides the documentation your lender needs to proceed with your remortgage application.

The East Devon housing market has shown resilience in recent years, with Kilmington offering relative value compared to nearby towns. The village benefits from its position along the A35 trunk road, providing good transport links to Axminster (with its railway station on the London Waterloo to Exeter line) and Honiton. The recent adoption of the Kilmington Neighbourhood Plan in October 2022 identifies the village as a "tier 4 settlement" appropriate for small-scale growth, with allocated sites for approximately 20 new dwellings off George Lane and Whitford Road over the coming years.