Help to Buy Valuation in OL7 (Ashton-under-Lyne)

A Help to Buy valuation is a specific type of RICS Red Book valuation that is required when you want to redeem your equity loan, sell your Help to Buy property, or remortgage away from the scheme. Unlike a standard mortgage valuation, which is primarily for the lender's benefit, a Help to Buy valuation must be addressed to Homes England and must meet strict criteria outlined in the scheme guidelines. The report must be on headed paper, signed and dated by the RICS surveyor, and the valuer must be completely independent of any estate agent and not related to or known by the client.

The valuation determines your property's current market value, which is used to calculate the repayment amount for your equity loan. This is calculated as a percentage of the current market value, not the original purchase price, which means your repayment amount could be more or less than you initially borrowed depending on how property values in OL7 have changed since you purchased your home. The RICS Red Book defines market value as "the estimated amount for which an asset should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction after proper marketing."

All valuations are valid for three months from the date of inspection. If your sale or redemption is not completed within this period, you will need to arrange either an extension letter or a new valuation to ensure the figure remains current and acceptable to Homes England. An extension may be possible via a desktop valuation for a further three months if applied for within two weeks of the original expiration date, though a new full valuation will be required if further delays occur.

• RICS qualified and registered surveyor
• Addressed to Homes England
• Minimum three comparable property sales
• Interior and exterior inspection
• Valid for three months
• Independent of estate agents

The OL7 postcode area, covering parts of Ashton-under-Lyne, has a rich industrial history that has shaped its housing stock and can present unique considerations for property valuations. The town grew significantly during the Industrial Revolution, leading to the construction of workers' housing in the 19th century, alongside public buildings constructed in the late Victorian and Edwardian periods. This means the area has a notable proportion of older housing stock that may require specialist knowledge during the valuation process.

One of the key environmental factors affecting properties in OL7 is the underlying geology. The area sits on Coal Measures bedrock in the west and millstone grit in the east, with overlying glacial till (boulder clay). These clay soils can present a moderate to high shrink-swell risk, particularly during periods of extreme weather, which can affect foundations and lead to structural movement. Our valuers are experienced in identifying signs of subsidence or structural issues that may be related to these ground conditions.

Additionally, Ashton-under-Lyne has a significant history of coal mining, with several collieries operating in the area during the 19th and 20th centuries. Notably, Ashton Moss Colliery was located in the town and was one of the deepest mine shafts in the world in 1882. This mining history means some properties in OL7 may be built on former mining ground, which could present risks of ground instability. Our valuers will note any visible signs of structural distress that might relate to these historical mining activities.

Flood risk in OL7 primarily relates to surface water flooding, with some areas potentially at medium to high risk. River flooding risk is generally low, as the postcode is not directly adjacent to major rivers. However, our valuers will assess drainage and any visible signs of previous flooding during the inspection.

• Clay soil shrink-swell risk
• Historical coal mining activity
• Surface water flood risk
• Traditional solid wall construction
• Victorian and Edwardian housing stock
• 51 listed buildings in the wider area

Properties in the OL7 area, particularly those built before the 1930s, can exhibit specific defects that our valuers are trained to identify during the inspection process. One of the most common issues in older properties is damp, which can manifest as rising damp, penetrating damp, or condensation-related problems. Victorian and Edwardian terraced properties with solid walls are particularly susceptible to rising damp, especially where existing damp proof courses may be damaged or absent.

Timber defects are also frequently encountered in the local housing stock. This includes woodworm infestation and rot in floor joists, window frames, and door frames. Given the age of many properties in the area, these issues may not be immediately obvious but can significantly affect a property's value and structural integrity. Our valuers will note any visible timber defects and consider them in the valuation report.

Roof issues are another common finding in OL7 properties. These can include slipped or missing tiles, defective flashing around chimneys and valleys, and general wear and tear on roofing materials. Properties with original slate roofs may have reached an age where individual slates are becoming brittle or slipping. We will inspect the roof from both the interior (where accessible) and exterior, noting any defects that could affect the property's value.

Structural movement can also be a concern in this area, particularly in properties built on clay soils or former mining ground. This can manifest as cracking in walls, doors and windows that no longer close properly, or signs of subsidence. While minor settlement cracks are common in older properties, our valuers are experienced in distinguishing between cosmetic issues and more serious structural problems that may require further investigation.

• Rising and penetrating damp
• Timber rot and woodworm
• Roof defects and slipped tiles
• Structural movement and subsidence
• Solid wall insulation issues
• Outdated electrical and plumbing systems

When you redeem your Help to Buy equity loan or sell your property, the amount you repay is calculated as a percentage of the current market value, not the original purchase price. This means if property values in OL7 have increased since you bought your home, your repayment amount will be higher than the original loan. Conversely, if values have fallen, your repayment may be less than what you originally borrowed. The Help to Buy equity loan is percentage-based, meaning the repayment amount is always a percentage of the property's current market value.

The valuation we provide for your OL7 property will give you an accurate current market value based on comparable sales in the local area. This figure is essential for calculating exactly how much you need to repay to Homes England. For example, if your property was purchased for £160,000 with a 20% equity loan (£32,000) and is now valued at £185,000, your repayment would be 20% of the new value, which is £37,000. The difference between your original loan and the repayment amount reflects the change in property values in your local market.

It is important to understand that properties in areas with potential ground stability issues, such as former mining areas like OL7, may be affected by value adjustments. If a mining search reveals potential risks, this could impact the valuation figure. Additionally, if your property has significant defects or requires substantial repairs, this will be reflected in the market value assessment.