DAVID EVANS ASSOCIATES LLP
Help to Buy
Help to Buy
What is Help to Buy?
Help to Buy is the government-backed scheme in the UK that aims to help first-time buyers get their feet on the property ladder and for those looking to move home or purchase residential property.
The scheme was announced in 2013 as an extension of the original First-Buy scheme, which was aimed solely at first-time buyers – since then, Help to Buy has been significantly expanded, extended and revised.
How Does Help to Buy Work?
Help to Buy equity loans make up a percentage value of a property you’re looking to buy, rather than a set cash amount.
This means that it’s possible that you could end up paying back more or less than the amount you borrowed, depending on whether the price of your home rises or falls in value.
This is when a RICS Qualified Surveyor is required to produce a valuation.
Where Do We Come In?
A Qualified Surveyor will be required in the following situations:
- If you’re looking to sell your home.
- If you’re looking to purchase a larger percentage.
- If you’re looking to pay off more of the loan.
At David Evans Associates LLP, we are a RICS Registered Valuer, which means that David himself will undertake the valuation to ensure that you have the right information in front of you, should you wish to do any of the above.
It’s worth remembering that this is not an appraisal by an estate agent, who will value a property from a business perspective to get you to advertise and market your property sale with them.
Any Help to Buy company, such as Target or HCA, will require a qualified valuer to perform an inspection with the goal of turning over a formal report. By doing this, the Help to Buy company can support the report with comparable sales and inspect other evidence to validate the valuation.