Help to Buy Valuation in Philleigh

A Help to Buy valuation is a specific type of RICS Red Book valuation that is required by Homes England when you come to repay your equity loan, sell your property, or remortgage. Unlike a standard mortgage valuation, this report must be carried out by an independent RICS qualified surveyor who has no connection to any estate agency and cannot be related to or known by the client. The valuation provides an objective assessment of your property's current market value, which is used to calculate the percentage-based repayment of your equity loan. Our surveyors understand these independence requirements and ensure every report meets the strict professional standards set by RICS.

The surveyor will inspect the inside of your property, taking measurements and noting the overall condition, layout, and any significant features or defects. They will then research comparable properties - at least three similar properties that have sold within the last twelve months, preferably within a two-mile radius of your Philleigh home. These comparables must be like-for-like in terms of property type, size, and age to ensure the valuation is accurate and defensible. In the TR2 area where comparable sales can be limited due to the rural nature of many villages, our surveyors have experience finding appropriate comparables from the broader Cornwall market when local data is scarce.

Once the inspection is complete, the surveyor produces a formal valuation report on headed paper, signed and dated, which is addressed to Homes England. This report includes bespoke market commentary explaining how the comparable properties justify the given market value. The final document is supplied as a non-editable PDF, which is valid for three months from the date of production and must be sent to Homes England within five working days of issue. Our team will advise you on submission timelines to ensure your valuation remains valid throughout your repayment process.

• Internal property inspection
• RICS Red Book compliant report
• Minimum 3 comparable properties
• Addressed to Homes England

Older buildings in Cornwall, constructed with materials like cob, stone, or brick with earth or lime binders, require sympathetic maintenance to preserve their structural integrity and value. One of the most common issues our surveyors encounter in Philleigh properties is damp caused by the use of modern, non-breathable building materials on older structures. These materials can hinder the natural breathing process of traditional Cornish construction, leading to moisture build-up and damp walls that require remediation.

The geology of Cornwall, while providing excellent building materials like granite and slate, also means some properties may be built on ground with clay content. This can lead to shrink-swell movement in the ground beneath properties, particularly during periods of dry or wet weather. Our surveyors will note any signs of subsidence, settlement, or movement that may affect the structural integrity of your Philleigh property.

Cornwall's mining history, while largely in the past, can still have implications for some properties in the county. While specific mining-related structural issues for Philleigh were not detailed in our research, our surveyors are trained to identify any signs of past mining activity that may affect property foundations or stability. If you have any concerns about mining legacy issues affecting your property, let our team know when booking your valuation.

Rising sea levels and coastal erosion are ongoing concerns for Cornwall as a whole, given its extensive coastline. While Philleigh is situated inland from the coast, properties in the broader TR2 area may be affected by broader environmental factors. Our valuation reports take into account any environmental factors that may impact property values in the area, ensuring you have an accurate assessment of your property's market worth.

When you repay your Help to Buy equity loan, the amount you pay is calculated as a percentage of the current market value, not the original purchase price. This means if your Philleigh property has increased in value since you bought it, your repayment amount will be higher. Conversely, if property values have decreased, your repayment will be based on the current market value or the agreed sale price, whichever is higher. Our RICS valuation provides the official market value that Homes England uses for this calculation, ensuring you repay the correct amount.

For example, if you purchased your Philleigh home for £300,000 with a 20% equity loan (£60,000), and your property is now valued at £425,668, your repayment would be calculated at 20% of the current value - approximately £85,134. However, if you are selling and the agreed sale price is lower than the valuation, the repayment is based on the sale price. Our local knowledge of the TR2 area ensures your valuation reflects accurate current market conditions and comparable property values specific to the Philleigh area.

The population growth Cornwall has experienced, with a 7.1% increase between 2011 and 2021, has created sustained demand for housing in the county. This demand, combined with limited supply in rural villages like Philleigh, has generally supported property values. However, the private rented sector has grown to almost 20% of households in Cornwall, indicating changing housing patterns that can influence market values. Our surveyors stay informed about these broader market trends to provide accurate valuations.

If your property value has decreased since purchase, your equity loan repayment is based on either the current market value from the RICS valuation or the agreed sale price, whichever is higher. This protects both you and Homes England. Our surveyor will provide an accurate current market valuation to determine the correct repayment figure, giving you clarity on exactly what you owe.