Help to Buy Valuation in Knowstone

The Help to Buy equity loan scheme was designed to help first-time buyers get onto the property ladder by providing an interest-free equity loan of up to 20% (or 40% in London) towards the purchase of a new-build property. When you come to repay this loan, either by selling your property or remortgaging, you are required to obtain a formal valuation carried out by a RICS-regulated valuer. This valuation determines the current market value of your property, which in turn calculates the amount you need to repay on your equity loan. The calculation is straightforward - you repay 20% (or whatever percentage you borrowed) of the current market value, regardless of whether your property has increased or decreased in value since purchase.

It is important to understand that this valuation is different from a mortgage valuation or a building survey. A Help to Buy redemption valuation is specifically regulated by Homes England (or the relevant devolved authority) and must be conducted by a RICS member acting as a valuer. The valuation must be independent and addressed to the equity loan provider, and it must reflect the open market value of the property without accounting for any improvements you may have made since purchasing. This means that even if you have spent thousands on renovations, the valuation is based solely on what the property would be worth in its current state to a typical buyer.

Our valuers understand the local property market in Knowstone and the wider EX36 area. With just 5 property sales in the last 12 months and a predominantly older housing stock, valuing properties in this rural area requires specific local knowledge. We take into account factors such as the presence of listed buildings, the local geology which includes clay soils prone to shrink-swell movement, and the general demand for rural properties in North Devon. The agricultural nature of the local economy also influences property values, with many buyers seeking rural lifestyles rather than city amenities.

It is worth noting that while the Help to Buy scheme was primarily focused on new-build properties, and Knowstone has no active new-build developments, if you purchased a property through the scheme in this area, we can still provide the required redemption valuation. Our local expertise ensures an accurate assessment of your property's market value, taking into account the unique characteristics of the rural North Devon housing market.

• RICS regulated valuers
• Independent market valuation
• Valid for 3 months
• Accepted by all Help to Buy providers

Knowstone and the surrounding North Devon countryside feature a distinctive housing stock that reflects the area's agricultural heritage and historical character. Many properties are constructed from local stone, cob, and render, with roofs typically covered in slate or tile. The presence of listed buildings is notable in the village, including the Grade I listed Church of St Peter and several Grade II listed farmhouses and cottages. These older properties often require careful consideration during the valuation process, as their character and historical significance can influence market value. Properties in conservation areas may also have restrictions on alterations that affect their appeal to potential buyers.

The local geology presents specific considerations for property valuation in the Knowstone area. The underlying rocks belong to the Culm Measures, comprising shales, sandstones, and mudstones. Parts of Devon, including areas around Knowstone, have clay soils which pose a shrink-swell risk, particularly for older properties with shallow foundations. This geological factor can affect the structural integrity of properties and is something our valuers assess during the inspection. Properties in low-lying areas near watercourses may also face potential flood risk, which is another factor considered in our valuations. The rural nature of the area means that properties may also have private water supplies or septic tanks, which can affect value and buyer interest.

Given the predominantly older housing stock in Knowstone, many properties will have been built using traditional construction methods that differ significantly from modern buildings. Solid wall construction is common, which can result in different thermal performance characteristics compared to modern cavity wall builds. Our valuers understand these construction methods and how they affect both value and the potential for future maintenance requirements. We also consider the availability of services and access roads, as some properties in rural locations may have private easements or access arrangements that need to be noted.

• Traditional stone and cob construction
• Period listed properties
• Clay soil shrink-swell risk
• Rural flood considerations

To ensure a smooth valuation process, there are several things you can do to prepare. First, make sure the property is accessible for our valuer to inspect all relevant areas, including the exterior, interior, roof space (if accessible), and any outbuildings. Clearing access to these areas will help the inspection proceed efficiently. You should also gather any relevant documentation, such as the original purchase deeds, any planning permissions or building regulation approvals, and details of any significant improvements or alterations made since purchase.

It is worth noting that while the valuation must reflect the property's market value excluding improvements, having documentation about renovations can be helpful for your records. Our valuer will also want to see any guarantees or warranties for recent works. If your property is a listed building, please let us know in advance, as this may require additional consideration during the valuation process. The presence of listed status can affect both the valuation and the potential pool of buyers, which our valuers take into account. We are experienced in dealing with listed properties in the Knowstone area and understand the additional considerations required.

On the day of the valuation, try to ensure someone is present to grant access to all areas of the property. Our valuer will need to measure the property and take photographs for the report. If there are any areas that are difficult to access or if there are any specific features you believe may affect the value, please make the valuer aware. We encourage homeowners to point out any recent improvements or unique features that may not be immediately apparent. After the inspection, you will receive your valuation report within 3-5 working days.