Help to Buy Valuation in LE5 Leicester

If you are moving from your Help to Buy equity loan to a standard mortgage product, you will need a Help to Buy valuation. This is because the new lender needs to know the current market value to calculate your loan-to-value ratio, and Homes England requires this specific valuation format for their records. However, if you are simply staying with your current lender and their product requires a revaluation, a standard mortgage valuation may suffice. Always check with your lender and Homes England first, as using the wrong valuation type can delay your remortgage application significantly.

Help to Buy valuations in the LE5 area typically start from £300 for standard properties. The exact fee depends on factors such as property type, size, and location within the postcode. Flats may be priced differently from houses, and larger properties may incur additional fees. We provide a no-obligation quote when you book, with no hidden costs. For a typical three-bedroom terraced house in Highfields or Evington, our fees are competitive with other RICS surveyors in the Leicester area.

Your Help to Buy valuation report is valid for three months from the date of the physical property inspection. If your sale or redemption is not completed within this period, you will need to commission a new valuation, as the market conditions may have changed. Homes England may consider a one-month extension in exceptional circumstances, but this is not guaranteed and requires a letter from them confirming acceptance. We recommend planning your timeline to allow for the full validity period and booking your valuation as early as possible in your transaction.

No. The valuation must be carried out by a RICS qualified Chartered Surveyor who is a Registered Valuer. Additionally, the surveyor must be independent of any estate agent or coneyancer involved in your transaction. Surveyors with AssocRICS designation alone may not be accepted by Homes England, so it is important to confirm your chosen surveyor holds MRICS or FRICS status. We can provide confirmation of our valuers' credentials before you book, and all our reports clearly state the surveyor's RICS number and independence.

If the valuation comes in lower than your original purchase price, this can affect the amount of equity you own and potentially the amount required to redeem your loan. The Help to Buy equity loan is calculated as a percentage of the current market value, not the original purchase price, so a lower valuation means a potentially lower redemption figure. However, you should discuss your specific situation with Homes England and your financial advisor to understand the implications, as there may be options available depending on your circumstances and when you purchased the property.

Your surveyor will aim to provide at least three comparable property sales that are similar to your property in type, size, age, and location. These should be sales within the last six months and ideally within a two-mile radius of your property. In the LE5 area, your surveyor will look for sales in the same street or neighbourhood where possible, and adjust for any differences between the comparables and your property. For example, a surveyor valuing a property on Evington Lane would look for other recent sales on that road or similar streets in the same catchment area.

From booking to receiving your completed report typically takes 5-7 working days. The physical inspection itself usually takes 30-60 minutes depending on the property size. We can offer an express service if you need your report sooner, for an additional fee. It is worth noting that if you are approaching the end of your valuation's three-month validity period, you should factor in additional time for your solicitor to complete the redemption process with Homes England.