We are asked on numerous occasions as to what is involved in relation to the RICS Help to Buy valuation itself and in particular the visit to your property. It is important to consider that it is a Help to Buy valuation and it is not a survey.
It is also important to note that each surveyor and surveying firm will approach the valuation in a different way but must ultimately adhere to a set of guidance and mandatory requirements provided by the Royal Institution of Chartered Surveyors 2017 Global Valuation Standards (incorporating the International Valuation Standards). It is also important to consider the surveying firm and indeed the surveyor who you will instruct. The surveying firm is required to be regulated by RICS and the surveyor must be an RICS registered valuer. It is only an RICS registered valuer who has the mandate to carry out valuations as part of his area of expertise.
Having carried out in excess of 3000 Help to Buy valuations, we have been called back to do valuations where the original valuation report provided by the surveyor was not deemed to fulfil the criteria required by Target. Indeed we have come across instances where mortgage valuations have been sent to Target, estate agents valuations or indeed surveyor’s valuations which do not comply with the Target criteria.
The Target criteria does provide additional instruction to the surveyor over and above what he/she would normally be expected to do under their RICS Regulation and it is important that the surveyor understands these Target requirements – if not provided then Target will reject the report. Unfortunately, in most cases when Target reject the report – if the information provided is not correct, they may not inform you for a considerable length of time which can cause issues particularly if you have sold your property.
These requirements are as follows:-
- The valuer is independent of an estate agent and RICS Valuation registered
- The report is on headed paper and signed by the surveyor and addressed to Target
- Three comparables provided with sales evidence, like for like, and within 2 miles
- The valuer is not related or known
- The property has been inspected internally by the surveyor
- This is not a bank or lending valuation report
- The property inspection report is dated and signed
- The report is in a PDF or non – editable format
More information can be obtained by downloading the Customer Information Pack
As regard to the visit itself, then our visit will take between 15 to 30 minutes to assess the accommodation of the property itself as well as typical issues which affect valuations such as location, condition and size. The basis of the valuation will be formed by comparable evidence and indeed it is the Comparison Method of valuation which is applied to your RICS Help to Buy valuation. It is not just a set of comparables which are considered – other factors such as unsold houses of the same type can also help to determine values. We will always discuss the valuation and evidence with the vendor at the time of the valuation – but many surveyors may not.
As well as providing the RICS Help to Buy valuation itself, we pride ourselves on the experience of the process and the advice that we provide to our clients to achieve a redemption statement in as little time as possible. There is a very particular process required to help you achieve this and this will form part of the discussion that we will have at the time of our valuation. It is also important to note that we will also reconfirm this process in the form of a check list once we provide you with a Help to Buy valuation itself.
All valuers and surveyors will differ in their approach but the fundamental principles of valuation comparables should be applied to each valuation accordingly. We are very open in our discussions with our clients and have considerable reported success in achieving the redemptions from Target.
The process of dealing with Target is straight forward as long as you have been advised correctly on the process itself.
If you wish to book a valuation with ourselves then please click the link below.
Book a ValuationIf you require any further advice then please email tracey@rjharmer.co.uk.
RJHarmer Ltd is a RICS registered Surveyor
