Before redeeming an equity loan, a homeowner who bought a property under the Govt Help to Buy scheme must first obtain a valuation report from and RICS Registered valuer. Many people don’t realize that this valuation is only valid for 3 months. This is a very strict timescale. We often get panicking customers at the point of completion calling our office asking if we can provide an updated valuation as they have missed this deadline.https://lnkd.in/eg9ZEafE
Thankfully there have been some recent changes in the mechanism to help owners in such a situation. if the loan is not repaid within 3 months, owners can now apply for a months’ extension provided that their original valuer writes a letter confirming that the valuation stands. This will be a welcome change, particularly as legal and conveyancing processes are currently taking so long to complete. If the loan is still not repaid after this extension, then a updated desktop valuation will be required. For more information please visit:Sometimes the purchase of your home may fall through. If you have previously booked a HomeBuyer Report with us, we will offer you up to 10% loyalty discount* off your next survey. Just Quote "PROMO10" and we will be happy to help.
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