Help to Buy Valuation in St. Levan

A Help to Buy valuation is a specific type of RICS Red Book valuation that meets the requirements set by the Homes and Communities Agency (HCA) for Help to Buy equity loan products. Unlike a standard mortgage valuation or a building survey, a Help to Buy valuation is a formal market valuation that determines the current open market value of your property for government equity loan purposes. This valuation is required when you want to redeem your equity loan, remortgage to a standard mortgage product, or make changes to your Help to Buy arrangement. The key difference is that this valuation must be carried out by a RICS registered valuer and must comply with the specific guidance set out in the RICS Valuation Global Standards, commonly known as the Red Book.

Our RICS registered valuers conduct these valuations in accordance with the RICS Valuation Global Standards, commonly known as the Red Book. The valuation report provides an objective assessment of your property's worth based on comparable sales data, local market conditions, and the unique characteristics of your home. In St. Levan, where the property market is influenced by the limited supply of homes in this coastal parish and the strong demand from those seeking a slice of Cornish coastal living, having an accurate valuation is essential. Our valuers draw on their knowledge of the local area, including recent sales in TR19 and surrounding postcodes, to ensure the valuation reflects true market conditions.

The process involves our valuer visiting your property, measuring the accommodation, assessing the condition and standard of fittings, and researching recent sales of comparable properties in the St. Levan area and surrounding parishes in the TR19 postcode. They will then produce a formal valuation report that you can use for your equity loan redemption application or remortgage purposes. The report includes detailed comparable evidence, photographs of the property, and a clear statement of value that meets HCA requirements. We aim to deliver your report within 3-5 working days of the inspection, and we can sometimes expedite this if you have a tight timeline for your equity loan redemption.

• RICS Red Book compliant valuation
• Acceptable to all Help to Buy lenders
• Includes detailed comparable evidence
• Full market value assessment

Properties in Cornwall's far west face specific challenges that can affect both their market value and their suitability for certain mortgage products. Understanding these issues is important when arranging your Help to Buy valuation, as they may impact the valuer's assessment. Our surveyors are experienced in identifying and evaluating these common Cornish property issues, ensuring you receive an accurate and comprehensive valuation that accounts for any factors that might affect your property's mortgageability or value.

Damp and moisture penetration is a common concern in traditional granite properties in St. Levan. Solid granite walls can allow damp to penetrate if the lime mortar pointing deteriorates, particularly in properties exposed to coastal weather. Our valuers assess the condition of pointing, any signs of damp, and the overall weather resistance of the property's envelope. Properties with solid walls may be valued differently from modern cavity-walled homes, and this is reflected in the comparable evidence used. We have seen numerous properties in the TR19 area where deterioration of lime mortar has led to damp problems, and we factor these issues into our assessments.

Subsidence and ground movement is another consideration in Cornwall due to the complex geology and clay-rich soils found in parts of the county. While specific ground movement issues in St. Levan parish are not documented, the broader Cornish context means valuers will look for signs of structural movement such as cracking, door and window sticking, or uneven floors. Any concerns noted during the inspection will be reflected in the valuation report, potentially requiring a more detailed structural survey. Cornwall's geology, including areas with former mining activity, means we always carefully inspect for any signs of movement that could affect the property's structural integrity.

Mundic block is a particular concern for properties in Cornwall built between approximately 1900 and 1965. This refers to concrete building blocks made with aggregate that may include beach sand, mine waste, or other materials that can deteriorate over time. If a property is constructed with mundic block, it may be difficult to obtain a mortgage, which significantly affects value. Our valuers are trained to identify properties that may contain mundic block and will advise you if this is a concern that needs further investigation before your valuation can be finalised.

• Damp and moisture in traditional granite construction
• Roof defects and weathering from coastal exposure
• Signs of subsidence or structural movement
• Condition of lime mortar pointing
• Mundic block in properties built between 1900-1965

When you redeem your Help to Buy equity loan, the amount you repay is calculated based on the current market value of your property, not the original purchase price. This means if your property has increased in value since you bought it, your repayment amount will be higher than the amount you originally borrowed. However, this also means you will have built up significant equity in your home, which can be released when you remortgage to a standard mortgage product. Our valuation provides the official figure that determines your repayment amount, so it is essential to get this right.

If your property has decreased in value since purchase, the amount you need to repay to redeem your equity loan may be less than the original loan amount. This can be advantageous for buyers looking to exit the scheme, as you may be able to repay less than you borrowed. However, decreasing values can affect your ability to remortgage to a standard mortgage product, particularly if you have less than 20% equity in your home. Our valuers will provide an accurate current market value to help you plan your next steps and understand your options for exiting the Help to Buy scheme.

It is worth noting that the Cornwall property market has shown resilience in recent years, with overall prices in St. Levan being 2% up on the 2021 peak of £429,838 according to Rightmove data. However, the broader Cornwall market has seen a 13% drop in transaction volumes over the past year, which means fewer comparable sales are available for valuers to analyse. Our local knowledge helps us navigate these market conditions and provide accurate valuations despite the reduced transaction volume in the area.