Help to Buy Valuation in Millington and Rostherne

A Help to Buy valuation differs from a standard mortgage valuation because it must comply with the RICS Red Book (Valuation Standards) and meet the specific requirements set by the Help to Buy equity loan scheme. The valuer will inspect your property inside and out, measuring the floor area, assessing the condition of the construction, and evaluating any improvements or alterations made since your original purchase.

In Millington and Rostherne, where property values have shown strong growth with an 8% increase over the past year, the valuation must reflect current market conditions accurately. The report will include comparable evidence from similar properties sold in the local area, ensuring the valuation stands up to scrutiny from lenders and the Homes and Communities Agency. Our valuers draw on recent sales data, including properties like The Paddock on Reddy Lane which sold for £775,000 in August 2023, and properties in Rostherne village itself, to build a comprehensive picture.

We apply detailed local knowledge to arrive at an accurate market valuation, whether your property is a modern development near Rostherne village or a period home in Millington. The valuation report will calculate your equity loan balance based on the current market value, which is essential for anyone considering remortgaging or redemption. This calculation directly impacts how much you may need to pay to clear your government loan or how much equity you can release.

For properties in this premium Cheshire East location, we pay particular attention to the quality of construction, any unique features, and the overall presentation of the property. The local market in Rostherne and Millington commands high values, and your valuation must reflect this accurately to protect your financial interests.

• Internal and external property inspection
• RICS Red Book compliant valuation report
• Comparable market evidence analysis
• Floor area measurement
• Help to Buy equity loan calculations

If you bought in Millington or Rostherne using Help to Buy, your equity loan is typically for 20% of the property value (or 40% in London). As property values have increased in the area, the percentage of your property that the government owns may have decreased proportionally, potentially putting you in a stronger position for remortgaging. This is particularly relevant given the 8% year-on-year growth in Rostherne.

However, with the current market activity, it is crucial to obtain an up-to-date valuation before making any financial decisions. Some homeowners in similar Cheshire villages have found that their property value has increased substantially since purchase, which can affect their Loan to Value ratios and mortgage options. A current valuation gives you the accurate figures you need to plan your next move.

If property values have decreased since your purchase, the equity loan percentage may have increased, meaning you may owe more than 20% of the current value. This can affect your remortgage options and redemption amount. A formal valuation establishes the current market position definitively and helps you understand exactly where you stand.

For those considering staircasing (buying additional equity share), the process requires a current RICS valuation to determine the price you will pay for the additional percentage. The valuation must be dated within the last 3 months of your staircasing application, so timing is important. Our team can advise on the best approach based on your specific circumstances and the current local market conditions.

• Check your current equity position
• Obtain RICS valuation
• Compare mortgage options
• Calculate redemption figures if applicable