Help to Buy Valuation in Minster Thanet

The Help to Buy equity loan scheme, which launched in 2013 and closed to new applicants in December 2020, required buyers to pay at least a 5% deposit while the government provided an equity loan of up to 20% (or 40% in London) of the property value. Since then, thousands of properties across Kent have been purchased using this scheme, and owners in Minster Thanet are now reaching the point where they need to make decisions about their property - whether that involves staircasing (buying out more of the equity loan), selling on the open market, or remortgaging to a standard mortgage product.

When any of these situations arise, you must obtain a valuation from a RICS registered valuer. This is not the same as a mortgage valuation or a structural survey. The Help to Buy valuation has a specific purpose - to determine the current market value of your property for equity loan calculations. The report must be carried out by a RICS firm and the valuer must be independent (not acting for a lender that has a financial interest in the transaction). We ensure complete independence in all our valuations, providing you with an unbiased assessment that the Help to Buy agency will accept.

Our team has extensive experience valuing properties across the Thanet district, including in Minster itself. We understand that the local market has seen some adjustment in recent years, with prices decreasing by 1.88% over the last twelve months and by 8.76% over the past five years. This local knowledge is crucial when determining an accurate valuation for your Help to Buy purposes, as we can factor in current market conditions, recent comparable sales in the area, and the specific characteristics of properties in Minster.

• RICS registered valuer
• Independent valuation
• Help to Buy agency compliant
• Fast turnaround times
• Detailed market value report
• All property types covered

Minster Thanet has seen several new housing developments in recent years, with the Roman Walk development by David Wilson Homes being one of the most notable. Located on Tothill Street (CT12 4AG), this development offers 2 and 4 bedroom homes with prices ranging from £264,000 to £504,995. Many of these properties were purchased through the Help to Buy scheme, which makes our valuation service particularly relevant for owners in this area. We have inspected numerous properties on this development and understand how the new build premium has evolved as the development has matured.

If you purchased a new build property through Help to Buy in Minster, there are specific considerations that affect your valuation. New build properties sometimes command a premium over comparable second-hand homes, but this premium can reduce over time. Our valuers understand the new build market in Thanet and can provide an accurate assessment that reflects current market conditions. We also have experience with properties that have unique features such as solar panels (as seen at the Blake Gardens development in nearby Minster-on-Sea) and other energy-saving measures that may affect value.

The Help to Buy equity loan is secured against your property, and any staircasing request requires a fresh valuation to determine how much you need to pay to increase your equity share. Whether you are looking to staircase to 80% or 100% ownership, or you are preparing to sell your property, our valuation report will provide the official figure required by the Help to Buy agency. We can also provide guidance on how current market conditions in Minster Thanet might affect your staircasing calculations, particularly given the 8.76% decrease in property values over the past five years.

When Help to Buy property owners in Minster Thanet wish to staircase (buy out more of the government equity loan) or sell their property, they must obtain a RICS valuation. The valuation determines the current market value, which in turn calculates the amount of equity loan that must be repaid. The formula essentially requires repayment of the original percentage of equity loan plus any increase in property value. Our valuers understand this calculation and can explain how it applies to your specific situation.

In the current Minster Thanet market, where prices have decreased by 8.76% over the past five years, this calculation may work in favour of some owners. If your property has decreased in value since purchase, your equity loan repayment may be less than the original percentage amount. However, each case is unique, and our valuers can provide the specific figures you need. The valuation report we produce is accepted by both the Help to Buy agency and by mortgage lenders if you are looking to remortgage to a standard product without government support.

It is worth noting that the Help to Buy scheme closed to new applicants in December 2020, but existing equity loans remain in place. If you have a Help to Buy equity loan on your Minster Thanet property, you will eventually need to address it through either staircasing, selling, or remortgaging. Our valuation service provides the official documentation you need for any of these paths. We have helped numerous owners in the CT12 area navigate these decisions with clear, accurate valuations.