Help to Buy Valuations: Housing Options Plus (HOP)
Many first time buyers who purchased under the Housing Option Plus (HOP) schemes are now looking to take the next step on the housing ladder.
If you are looking to do this, you need to advertise your home on the open market and once the property has received an acceptable offer you are required to instruct an independent valuer who is a qualified member of the Royal Institute of Chartered Surveyors (RICS). We are familiar with all the requirements of these Market Valuations and fulfil all of the conditions that the Help to buy Scheme and Housing Options Plus require as listed below.
Valuation Criteria
When instructing the RICS surveyor please ensure you inform them that:
The valuer must be a qualified RICS member (with the letters MRICS, FRICS or AssocRICS after their name) and registered as a valuer by RICS
- They must be independent to an estate agent
- The report must be on headed paper and signed by the RICS member
- They MUST provide at least 3 comparable properties and sale prices within the last 12 months (the date must be stated). These must include the property number and Full/Part postcode. The 3 Comparables properties must be included in the valuation report, the comparables must have the door number and one part of the post code if the full post code cannot be obtained. This can be within a 5 mile radius of the subject property. Failure to do so will result in the valuation being rejected.
- They must not be related or known to you
- They must inspect the interior of the property and provide a full valuation report
- Valuations carried out for bank or mortgage purposes are not acceptable
- Housing Options Plus (HOP) will require a copy of the valuation report; the inspection date must be shown on the report.
The valuation is valid for 3 MONTHS – if this timescale is not met, then you will need to request a DESKTOP valuation from ourselves to continue the validity of the valuation for a further 3 Months.
To book a valuation or for advice please call Maggs & Allen Surveyors on 0117 9734049
