Help to Buy Valuation in Longcot

When you purchased your Longcot home through Help to Buy, you received an equity loan from the government that covered a portion of the property price. This loan is secured against your property, and before you can repay it, remortgage, or sell, you must obtain a formal valuation carried out by a RICS registered valuer. The valuation determines the current market value of your property, which directly calculates how much you need to repay on your equity loan.

The equity loan repayment calculation is based on the percentage of the property value that was originally borrowed. For example, if you borrowed 20% of the property value as an equity loan, you would repay 20% of the current market value at the time of redemption. Given that Longcot's average property prices have risen to £601,250 with detached properties averaging over £700,000, this can result in significant repayment amounts that require careful planning.

Our valuers are fully familiar with the Help to Buy scheme requirements and will provide a valuation report that satisfies both the RICS Red Book standards and the specific requirements of the Homes and Communities Agency. The report includes detailed comparable evidence, market analysis, and professional confirmation of the property's current worth. We aim to deliver your completed valuation report within 5-7 working days of the inspection.

It is worth noting that the valuation must be conducted by a RICS registered valuer who is also on the HCA's approved panel of assessors. Not all surveyors meet these specific requirements, which is why it is essential to use a provider like ourselves who is fully approved for Help to Buy valuations in the Oxfordshire area.

• RICS Red Book compliant valuation
• HCA approved methodology
• Comprehensive comparable evidence
• Official market value certificate
• Panel-approved valuer

The valuation process begins with booking an appointment at a time convenient for you. Our RICS registered valuer will visit your Longcot property and conduct a thorough inspection of the interior and exterior. They will assess the property's condition, size, layout, and any improvements you have made since purchasing through Help to Buy. The valuer will also consider the current market conditions in the Vale of White Horse area.

Following the inspection, our valuer researches recent property sales in Longcot and the surrounding villages to compile comparable evidence. This includes examining transactions of similar properties in terms of type, size, and condition. Given the limited number of sales in small villages like Longcot, the valuer may also consider evidence from nearby towns including Faringdon and the wider Oxfordshire market to support the valuation figure.

Once the analysis is complete, we issue the final valuation report which includes the RICS Red Book certificate, detailed comparables, market context, and the official market value of your property. This document is what you will need to submit to the HCA or your lender when proceeding with equity loan redemption or a remortgage application. We keep a copy on file should you need additional copies for your solicitor or lender.

The inspection itself typically takes between 30-60 minutes depending on the size and complexity of your property. Our valuers will measure each room, note the construction type and age of the property, and photograph any notable features or areas that affect value. They will also note any alterations or extensions that may have been carried out since the original Help to Buy purchase, as these can impact the valuation figure.

• Property inspection by RICS valuer
• Comprehensive market research
• Detailed comparable analysis
• Official valuation certificate
• HCA compliant report format