Help to Buy Valuation in LE18 (Wigston & Oadby)

A Help to Buy valuation is a specific type of RICS Red Book valuation that is required when you want to repay your equity loan under the Help to Buy: Equity Loan scheme. Unlike a standard mortgage valuation or a building survey, this valuation is specifically designed to determine the current market value of your property for the purposes of calculating the amount you need to repay to Homes England. The repayment amount is calculated as a percentage of the property's current market value or agreed sale price, whichever is higher, not the original purchase price. This means that if your property has increased in value since you purchased it, your repayment figure will be based on that increased value.

Our RICS surveyors in LE18 will inspect your property and produce a comprehensive valuation report that meets all the requirements set by Homes England. The report must be on company-headed paper, signed by the RICS surveyor, and addressed to Target HCA. It will include at least three comparable properties that have sold recently, typically within a two-mile radius of your property and similar in size, age, and type. The report also provides an overview of your property including its size, age, location, tenure, sales history, and a summary of the local housing market in Wigston or Oadby. Our surveyors use their local knowledge to ensure the comparables they select are truly representative of your specific neighbourhood.

The valuation is valid for three months from the date of inspection and must be submitted to Target HCA within five working days of being issued. If your valuation is about to expire and you need more time, you can request a desktop valuation extension within two weeks of the original valuation expiring. This will give you an additional three months validity for a fee of around £75 including VAT. If both valuations have expired, you will need a new full inspection and valuation report. We always advise our clients to factor in the timeline for their mortgage or remortgage application when booking their valuation to avoid unnecessary delays.

One important aspect that many homeowners in LE18 may not be aware of is how the local market conditions affect their valuation. The LE18 area has seen varying price trends across different postcode sectors. For instance, LE18 1 (Wigston) saw house prices grow by 15.7% in the last year, while LE18 4 experienced a decline of 15.8%. Our surveyors take these local variations into account when determining your property's market value, ensuring the valuation reflects the reality of your specific street and neighbourhood rather than general area averages.

The LE18 area has seen substantial new build activity over the past decade, with many of these properties sold through the Help to Buy scheme. Wigston Meadows on Newton Lane offers two, three, four, and five-bedroom homes ranging from £334,995 to £469,995. Wigston Meadows North by David Wilson Homes provides three to five-bedroom properties from £312,995 to £681,995. Nearby developments like Stoughton Park in Oadby (offering properties from £419,950 to £729,950) and Cottage Farm (starting from £325,000) have also been popular choices for first-time buyers using Help to Buy.

If you own a new build property in any of these developments, your valuation will need to account for the specific characteristics of modern construction. Our surveyors are familiar with the building methods used by major developers like Barratt Homes, David Wilson Homes, Bellway Homes, and Bloor Homes. They understand that new build properties may have different considerations compared to older properties, including any remaining NHBC warranty period and the specific features of contemporary construction. We also know that some new build developments in LE18 may have been affected by broader industry issues that could affect their value, and we factor these into our assessments.

The upcoming Oadby Grange development by Mulberry Homes, which will deliver 140 new homes including one and two-bedroom flats and two to four-bedroom houses, represents the continued growth of the LE18 area. Whether your property is a recently constructed new build or an established home, our valuation service covers all property types across Wigston, Oadby, and South Wigston. We have experience valuing properties at all stages of construction, from newly completed homes to those that are several years old.

The local building materials and construction methods used in LE18 reflect both traditional and modern approaches. Many properties in the area are brick-built with UPVC windows, a common construction style across Leicestershire. Some newer developments incorporate modern features like render finishes and composite decking. Our surveyors understand how these construction elements affect property values and can provide accurate valuations that reflect the real worth of your property in the current market.