Help to Buy Valuation in ML2

A Help to Buy valuation is a specific type of RICS Red Book valuation required when you want to repay your equity loan, sell your Help to Buy property, or remortgage away from the scheme. Unlike a standard mortgage valuation, a Help to Buy valuation must be carried out by a RICS-qualified surveyor who is completely independent from any estate agent, mortgage broker, or other party involved in your transaction. Our team at Homemove meets these strict independence requirements on every valuation we undertake.

The valuation report must be addressed to Homes England (or the relevant administrator such as Target/Lenvi Servicing Limited) and include at least three comparable properties that are like-for-like in terms of property type, size, age, and location. These comparables must have sold within the past 12 months and be within a two-mile radius of your property where possible. Our valuers in the ML2 area have extensive knowledge of local sales data and can identify appropriate comparables quickly, drawing on recent sales in areas like Newmains,Wishaw town centre, and surrounding streets.

The valuation is valid for three months from the inspection date. If your valuation expires, we can arrange a desktop valuation extension for another three months, provided this is submitted within two weeks of the original expiry date. If the two-week window is missed, a full re-inspection will be required. We always recommend planning your valuation timing carefully to avoid additional costs.

During the inspection, our valuer will assess both the interior and exterior of your property, taking photographs and noting the condition of key features including the roof, walls, windows, plumbing, and electrical systems. While we are not conducting a full building survey during a Help to Buy valuation, we do note any obvious defects that might affect value. In the ML2 area, common issues our valuers encounter include dampness in older terraced properties, roof wear on properties over 30 years old, and window seal failures in modern developments.

• Independent RICS-qualified valuer
• Addressed to Homes England
• Minimum 3 comparable properties
• Valid for 3 months
• Interior inspection required

The Help to Buy equity loan scheme was available for new-build properties in Scotland and closed to new applications on 31 October 2022. If you purchased a new-build property in the ML2 area through Help to Buy, you will eventually need to repay your equity loan or sell the property. The scheme allowed buyers to borrow up to 20% of the property value interest-free for five years, with a minimum 5% deposit. Many first-time buyers in Wishaw and Newmains used this scheme to get onto the property ladder, particularly at the Eastview development in Newmains.

In the ML2 area, one notable development that would have been eligible for Help to Buy is Eastview by Bellway in Newmains, offering 3 and 4 bedroom houses priced between £239,995 and £354,995. This remains the primary new-build option within ML2 itself. Other new build developments in the surrounding area, such as Firview in Cumbernauld or Ellingwood in Robroyston, are located in neighbouring postcodes but may still be relevant for comparable evidence in your valuation.

When it comes time to repay your equity loan, the amount you pay is not based on your original loan amount but rather on the current market value of your property at the time of repayment. This is why obtaining an accurate RICS valuation is so important. The ML2 market has seen significant growth, with prices approximately 20% higher than the previous year and 32% above the 2023 peak of £130,838. If you purchased a property five years ago, your property may have increased substantially in value.

For those looking to sell, the process works slightly differently. When you accept an offer from a buyer, the sale price becomes the basis for calculating your equity loan repayment, provided it is at or above the RICS valuation. If your sale price is below the valuation, Homes England will use the higher valuation figure. This means even in a slower market, the valuation protects Homes England's interest while ensuring you understand your financial position.

• Scheme closed to new applications
• Repayment based on current market value
• Minimum 5% deposit required
• 20% equity loan available
• Interest-free for 5 years

When inspecting Help to Buy properties in the ML2 area, our valuers frequently encounter several common issues that can affect property values. In older terraced properties, particularly those built before 1945, rising damp is a frequent finding. Properties along streets like Caledonia Road and Kirk Road often show signs of damp penetration, especially where original sandstone walls meet modern damp proof courses.

Roof condition is another area of concern, particularly for properties over 25-30 years old. Missing or damaged tiles, deteriorating ridge pointing, and poor loft insulation are commonly noted. In newer developments like Eastview, while the properties are generally in good condition, our valuers sometimes identify issues with window seals and initial snagging items that should be addressed by the builder.

Structural movement, while not widespread in ML2, can affect some properties depending on ground conditions and the original construction method. Our valuers are trained to identify signs of subsidence, settlement, or heave, and will note these in your valuation report if observed. In most cases, these issues are minor, but they can impact the valuation figure and may require further investigation.

Electrical and plumbing issues are also commonly identified, particularly in properties that have not been updated since construction. Original wiring in older properties may not meet current regulations, and outdated plumbing systems can show signs of corrosion or leakage. While these are noted in the valuation, a full electrical inspection or plumbing survey would be recommended for a more detailed assessment.