Help to Buy – RICS valuations update

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

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.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:https://lnkd.in/eg9ZEafE