Help to Buy Valuation in Lancashire

A Help to Buy valuation involves a full internal and external inspection of your property by a RICS-regulated surveyor. The surveyor will assess the property's condition, measure the floor area, and compare it with similar properties that have recently sold in the local area. For properties in Lancashire, we examine sales in your specific town or neighbourhood, looking at comparable properties within the last six months. The report provides an open market valuation that is submitted to Homes England for your equity loan redemption calculation. We also note any issues that may affect value, such as structural defects, flooding risk, or mining legacy concerns common in parts of Lancashire.

Help to Buy valuations in Lancashire typically range from £250 to £450, depending on the property type, size, and location. Larger detached properties in areas like Broughton, Whalley, or Goosnargh may be at the higher end of this range, while smaller flats or terraced houses in urban areas like Burnley, Blackburn, or Accrington generally cost less. Properties requiring more complex analysis, such as those in flood risk areas or with mining legacy issues, may also incur additional fees. The national average for Help to Buy valuations ranges from £250 to £500.

The valuation is valid for three months from the date of the report. If your equity loan redemption does not complete within this period, you will need to either obtain a desktop valuation update or commission a new full inspection to ensure the valuation remains current. This is particularly relevant in the current market, where property values in Lancashire have shown slight fluctuations, with flats seeing the largest decline at -1.7% in the year to February 2024. Our team will remind you of the validity period and can arrange a re-valuation if needed.

No, the valuation must be carried out by a RICS-regulated surveyor who is a member of the Royal Institution of Chartered Surveyors. The valuation must also be conducted in accordance with RICS Valuation - Global Standards (the Red Book) and addressed specifically to the Help to Buy Administrator. At Homemove, all our surveyors are fully RICS-regulated and have extensive experience in conducting Help to Buy valuations throughout Lancashire. We ensure every report meets the specific requirements set by Homes England, including the use of at least three comparable sales evidence.

If your property's current market value is less than what you originally paid, you may owe less on your equity loan. The repayment amount is calculated as a percentage of the current market value, not the original purchase price. This can work in your favour if property values in your area have declined. However, you should be aware that properties in some areas of Lancashire have seen slight decreases in recent months, with flats showing the largest decline at -1.7% in the year to February 2024. Our valuers will provide an accurate current market valuation to ensure your equity loan repayment is calculated correctly based on today's property values.

Yes, if you have a Help to Buy equity loan and want to remortgage to a new lender, you will need to repay your equity loan first. This requires a Help to Buy valuation to calculate the amount you need to pay. Some lenders may also require their own valuation as part of the mortgage application. Our valuation report is accepted by all major lenders and by Homes England, making the process straightforward. Once you have our valuation, you can proceed with your remortgage application knowing the exact amount required to clear your equity loan.

We provide Help to Buy valuations across the entire Lancashire region, including all major towns and surrounding areas. This includes Preston, Lancaster, Blackpool, Burnley, Blackburn, Chorley, Accrington, Colne, Whalley, Clitheroe, and many more. Whether your property is in the heart of a town centre or in a rural village, our network of local RICS surveyors can assist. We are familiar with property markets across the county, from the coastal areas of Morecambe Bay to the Pennine fringe villages, ensuring you receive an accurate valuation based on local market knowledge.

Once you book your valuation, the on-site inspection typically takes 30-60 minutes depending on the property size and complexity. After the inspection, we aim to deliver your completed valuation report within 5-7 working days. This turnaround time applies to standard properties across Lancashire. For larger or more complex properties, or those in areas with limited comparable sales data, the process may take slightly longer. We will keep you informed throughout and prioritise your report to meet any deadlines you may have for your equity loan redemption.