Help to Buy Valuation in Lichfield (WS13 2)

A Help to Buy valuation is a specific type of RICS Red Book valuation that is required by Homes England (formerly the Target Home Buy Agency) when you want to repay your equity loan, sell your property, or remortgage. Unlike a standard mortgage valuation, this report must be carried out by a RICS qualified surveyor who is completely independent from any estate agent and cannot have any connection to you as the client. The valuation provides an objective market assessment of your property's current worth, prepared in accordance with RICS Valuation Professional Standards (the Red Book).

The report must include at least three comparable properties that have sold within the last six months, similar in type, size, and age to your home, and located within a two-mile radius of your property wherever possible. Our local knowledge of the WS13 2 area means we can identify relevant comparables from recent sales in streets and developments throughout Lichfield and the surrounding district. We maintain a comprehensive database of property sales in the area, allowing us to select the most appropriate comparables for your specific property type and location.

The valuation is valid for three months from the date of inspection. If your report expires before you complete your transaction, we can provide a desktop valuation extension for an additional three months, provided this is requested within two weeks of the original expiry date. This extension must come from the same RICS surveyor who conducted the original inspection. If the deadline is missed, a brand new physical inspection and valuation will be required, so timing is essential.

Our Help to Buy valuation reports include detailed property photographs, a thorough assessment of construction, location, and accommodation, explanation of valuation methodology, and the surveyor's official signature and registration number. The report is produced on headed paper and addressed directly to Homes England, meeting all their strict requirements for equity loan redemption, remortgage, or sale transactions.

• RICS qualified surveyor
• Minimum three comparables
• Physical property inspection
• Homes England accepted
• Report valid for 3 months

When you repay your Help to Buy equity loan, the amount you pay is based on the current market value of your property, not the original purchase price. This means if your Lichfield home has increased in value since you bought it, your repayment amount will be higher. Conversely, if property values have fallen, your repayment may be less than the original loan amount. Our RICS valuation provides the official market value that determines your repayment figure, giving you clarity on exactly what you need to pay to clear your equity loan.

For properties in the WS13 area, the average purchase price under the Help to Buy scheme nationally was approximately £236,041 between 2013 and 2017. With equity loans covering up to 20% of the purchase price (or 40% in London), homeowners in Lichfield typically received between £40,000 and £50,000 towards their property. Our valuation ensures this figure is calculated accurately based on today's market conditions in the Lichfield area, using local comparables to determine the current market value of your specific property.

Many homeowners in the Lichfield area are now reaching the point where they want to either repay their equity loan, remortgage to a standard mortgage product, or sell their property. The scheme closed to new applications in March 2023, but existing homeowners remain within the scheme and must obtain a RICS Red Book valuation when the time comes for any of these transactions. Whatever your situation, our team can provide the valuation that satisfies Homes England requirements and gives you clarity on your property's current worth.

that if your property has decreased in value since purchase, the equity loan repayment will be based on the current market value as determined by our RICS valuation, not the original purchase price. This means you may repay less than the original 20% equity loan amount. However, if you are selling, you must repay the equity loan from the sale proceeds, which could mean receiving less money from the sale after the loan is repaid to Homes England.

• Repay your equity loan in full
• Remortgage to a standard mortgage
• Sell your Help to Buy property
• Extend your existing valuation

Lichfield is a historic city with a diverse housing stock ranging from period properties in the city centre to modern developments on the outskirts. The WS13 area features a mix of construction types, with traditional brick-built semi-detached and terraced properties dominating the housing stock, alongside newer developments built using modern materials and methods. Understanding the local construction is essential for accurate valuations, as different building types and ages can significantly affect property values and market appeal.

The city centre area contains several period properties and listed buildings, reflecting Lichfield's historical heritage as a cathedral city. These properties often require additional consideration in valuations due to their age, construction methods, and any heritage restrictions. Our surveyors are experienced in valuing properties across all age ranges and construction types in the Lichfield area, from Victorian terraces to contemporary new builds.

Newer developments in the Lichfield area, such as those in the Fradley area and other expanding parts of the district, offer modern, energy-efficient homes that were popular with Help to Buy purchasers during the scheme's operation. These properties typically feature contemporary construction methods, good insulation standards, and modern amenities. When valuing these properties, we consider their comparative advantage over older stock in the area, including energy efficiency and maintenance requirements.

Lichfield presents a unique property market context that makes professional Help to Buy valuations essential. With the district aiming to support up to 9,000 new jobs by 2029 and significant employment land available in Fradley and Burntwood, the local economy is positioning for growth. This economic trajectory influences property values and makes accurate, current valuations crucial for homeowners looking to repay their equity loan or make informed decisions about their property.

The WS13 area has seen 438 property sales in the last twelve months, with prices sitting approximately 2% below the 2022 peak of £341,276 according to Rightmove data. This slight market adjustment means it's more important than ever to obtain an accurate RICS valuation that reflects current market conditions. Our valuers understand these local trends and can provide the nuanced assessment needed for Help to Buy purposes.

Properties in Lichfield range from more affordable flats around £192,000 to detached homes averaging £528,000, with semi-detached properties at around £321,000 and terraced homes at approximately £290,000. This range means your equity loan repayment amount can vary significantly depending on your property type and specific location within WS13 2. Our local expertise ensures your valuation accurately reflects your property's position in the local market.