Help to Buy Valuation in Selattyn and Gobowen

A Help to Buy valuation is a specific type of property valuation required by the Help to Buy scheme administrator when homeowners wish to remortgage their property, sell their home, or staircase (buy additional shares in their property). Unlike a standard mortgage valuation, this report must be carried out by a RICS registered valuer who will inspect the property and provide a formal valuation that complies with the RICS Red Book (Valuation Standards). The valuation is valid for three months, giving you adequate time to complete your transaction.

When you come to sell your property or remortgage, the Help to Buy equity loan must be repaid based on the current market value of your home. The valuation we provide will determine the gross value of your property, from which the outstanding equity loan percentage is calculated. For those looking to staircase, the valuation will establish the current market value so that the appropriate share can be purchased. Our valuers understand these specific requirements and will ensure your report is formatted correctly for submission to the Help to Buy agent.

In the Gobowen area, property prices have shown steady growth with a 1.72% increase over the last twelve months, while the broader Selattyn market has experienced some correction with a 13.5% decrease in sold prices. These varying market conditions make it even more important to obtain an accurate, professionally conducted valuation from a local expert who understands the nuances of our specific market. Our valuers will take into account the mix of property types in the area, from new build homes at developments like Ashmore Grove to traditional terraced houses in Gobowen village.

We maintain a thorough database of recent sales in the local area, including properties at Bowyer Grange, Disley Close, and Perry View. This enables us to provide comparables that reflect current market conditions in your specific neighbourhood. Our team regularly updates our knowledge of the Gobowen and Selattyn markets, ensuring our valuation opinions are based on the most up-to-date information available.

There are three main circumstances where you will require a Help to Buy valuation. The first is when selling your property. Whether you are moving to a new area or upsizing within Selattyn and Gobowen, the equity loan must be repaid upon sale and the valuation determines the repayment amount. The second circumstance is when remortgaging to a different lender. Even if you are staying with your current lender, most mortgage products will require a fresh valuation, and the Help to Buy scheme administrator must be notified of any remortgage activity.

The third circumstance is staircasing, which is when you wish to increase your ownership share in the property. The current market value established by the RICS valuation will determine the cost of purchasing additional shares, which can be done in 5% increments. Many homeowners in the Gobowen area have taken advantage of new build properties in recent years, with developments such as Bowyer Grange, Disley Close and Perry View offering modern homes that may be suitable for staircasing as the owner builds up their deposit and equity.

It is worth noting that the valuation is valid for three months. If your transaction does not complete within this period, you will need to commission a new valuation. This is particularly relevant in the current market where sales volumes in Gobowen have decreased significantly, with only 37 properties sold in the last year compared to the previous year. Building in extra time and working with an experienced local valuer can help ensure your transaction proceeds smoothly.

We recommend obtaining your valuation as close to your intended transaction date as possible. Given that Gobowen has seen a 1.72% increase in property values over the last twelve months, waiting too long could mean your valuation becomes less representative of current market conditions. Conversely, in Selattyn where prices have fallen by 13.5%, obtaining a valuation sooner rather than later may work in your favour for staircasing purposes.

When you sell your property in Selattyn or Gobowen, the Help to Buy equity loan must be repaid. The repayment is calculated as a percentage of the property's gross sale price, not the equity you have built up. For example, if you purchased a property for £250,000 with a 20% equity loan (£50,000), and the property is now worth £300,000, the loan repayment would be 20% of £300,000 (£60,000), regardless of how much mortgage you have paid off.

This mechanism means that your equity loan can grow in both pound and percentage terms if property values increase, which has largely been the case in Gobowen over the past five years where values have risen by 9.25% (£19,346). However, if property values fall, as has been observed in Selattyn with a 13.5% decrease, the loan repayment in pound terms may be lower than the original amount borrowed. Our valuation provides the official market value that determines this repayment figure.

For those considering staircasing, the process allows you to buy out the government's share of your property. In Gobowen, where the average detached property is valued at around £358,730, staircasing from a 20% equity loan to full ownership would require a payment of approximately £71,746. Our valuation report provides the formal basis for this calculation and is accepted by all Help to Buy agents and lenders.

Many homeowners in Gobowen who purchased through Help to Buy on new build developments such as Ashmore Grove or Bowyer Grange may find staircasing an attractive option as they build up their finances. The current market conditions, with detached properties averaging over £358,000, mean that significant equity may have already built up in these properties. We can provide a detailed assessment of your position and the costs associated with staircasing to 100% ownership.