Moving forward with Help to Buy …..
“We have now updated our advice moving forward under the new administrators Homes England for your Help to Buy – please see here”
As a firm of RICS Regulated Surveyors R J Harmer specialise in providing the advice required to pay back the help to buy loan. Paying back you Help to Buy loan can be daunting but by following the correct procedure with Target, then this can be made simpler. It is important that the correct Help to Buy valuation is provided to Target or the valuation will be rejected.
Help to buy is a government scheme for first-time buyers. It provides a loan, called an equity loan, that you put towards the cost of buying a new build.
It is the Homes and Communities Agency (trading as Homes England), who provide the equity loans. They are a government agency funded by the Ministry of Housing, Communities and Local Government.
From April 2021 to March 2022, the rules surrounding these Help to Buy loans changed and there are now certain maximum property prices for differing geographical locations. You cannot change or negotiate this maximum. Your homebuilder will be able to confirm if the home you want to buy is within the price range.
From 1 April 2013 to 31 December 2020
313,043 properties were bought with an equity (Help to buy) loan.
The total value of these equity loans so far totals £18.9 billion.
The value of the properties sold under the scheme totals £86 billion.
(Information dated 31st December 2020 and provided by .gov.uk)
This ultimately means that there will be a significant requirement to pay back help to buy loans. It is not easy to find out how to do this but we as a firm of RICS Registered Surveyors specialise in providing the advice required to pay back the help to buy loan and how to specifically deal with Target – who operate the administration of the paying back of your help to buy loan.
Part of the requirement to pay back your help to buy involves the need for a help to buy valuation sometimes referred to as a help to buy survey to be carried out by an RICS Registered valuer.
We as a family run firm specialise in providing this valuation service as well as providing the advice required for dealing with Target and the submission of the valuation along with the relevant documentation.
Richard Harmer is an RICS registered Surveyor and valuer. R J Harmer Ltd is regulated by RICS. You will need an RICS registered valuer/surveyor to complete your Help to Buy Valuation.