The Help to Buy scheme could help you get a foot on the property ladder if you’re a first-time buyer. And, unlike a homebuyer survey, a RICS valuation will establish a property’s market value when it’s time to sell up. Discover why a RICS valuation is so important to the Help to Buy scheme and how you can find a building surveyor in Altrincham to complete the process.

What is Help to Buy?

Help to Buy is a government-backed loan scheme launched in England and Wales in April 2013. Initially targeted at first-time buyers, it also offers help to existing homeowners. The loan covers the purchase of new build properties only. 

As a buyer, you must have a minimum 5% deposit and be eligible for the scheme. The government or housing association will loan you the rest of the money you need.  It’s important to note that Help to Buy is a shared ownership scheme and that purchase prices are capped regionally. 

Help to Buy is not a mortgage. Instead, your loan will only cover a portion of the property’s value. So if you decide to sell, the amount you repay will depend on whether your property is worth more or less than when you bought it. 

Who is eligible for Help to Buy?

To be eligible for a Help to Buy loan, you need to meet the following criteria:

• Be a first-time homebuyer aged 18+ who has never previously owned land or property.
• Buy a new-build property as your principal residence.
• Live in the property and not rent it out.

You must also buy a property from a builder registered with the scheme.

What is a RICS Help to Buy valuation?

Unlike a homebuyer survey, you need a RICS Help to Buy valuation when you decide to sell, repay your loan, or part pay to increase your share in the property.

A RICS Help to Buy valuation establishes the actual market value of your property. This valuation is then used to establish how much you’ll need to repay. A Help to Buy valuation is valid for three months to reflect the housing market.

When do I need a RICS Help to Buy valuation?

There are two scenarios in which you might need a RICS Help to Buy valuation:

Selling your property

If you decide to sell your property, you’ll need to repay your Help to Buy loan in full. Your loan repayment will depend on the RICS valuation or the purchase price, whichever is higher.

Staircasing

You can also choose to part-pay your loan to increase your share in the property. This process is known as staircasing and allows you to remain in your home. Again, knowing the market value with a RICS Help to Buy valuation could help you make repayments at the best time.

An accurate RICS valuation ensures that you’re not financially benefiting from the Help to Buy scheme and the government is getting a return on its investment.

What do I need for a Target Help to Buy valuation?

All Help to Buy loans are managed for the government by Target, a private company. They will determine the repayment figure for your loan based on market value.

Your RICS Help to Buy valuation must be completed to meet Target’s Help to Buy criteria, including:

• Valuation by a RICS-certified Help to Buy surveyor with knowledge of the local area and expertise in Help to Buy valuations.
• Completed by an independent surveyor not connected to the estate agent or yourself.
• A dated report carried out per the Red Book RICS Valuation standards.

A copy of the report with its inspection date must be submitted to Target as part of any Help to Buy redemption.

What does a RICS Help to Buy valuation include?

Your RICS Help to Buy valuation must be carried out by a certified surveyor and will include the following:

• An assessment of the property’s interior and exterior, considering age and condition.
• Overview of the presence and absence of desirable features, including off-road parking, gardens etc.
• Overview of location, construction methods and property size.
• Details and sale price of three similar properties in the local area that have sold within the last year.
• An accurate market valuation of your property.

How do I find a RICS surveyor?

Whether you need a homebuyer survey or RICS Help to Buy valuation, you need a surveyor who’s accredited by the Royal Institute of Chartered Surveyors (RICS). Your home is the single most significant investment you make, so using an accredited surveyor will give you peace of mind.

When choosing your RICS Help to Buy valuation surveyor, make sure their work is Target-compliant:

• Check they have in-depth knowledge of the local area and expertise in Help to Buy valuations.
• Ensure they’re independent of anyone involved in the buying and selling process.
• Check their reputation through website testimonials and by asking family and friends.
• Finally, ensure they have experience valuing new build properties.

Torus Chartered Surveyors for Help to Buy valuations

At Torus Chartered Surveyors, we can deliver a Help to Buy valuation that helps you sell or staircase your property. So if you’re looking for a valuation or homebuyer survey, contact us to find a RICS-certified building surveyor in Altrincham today.

The legal process involved in buying or selling a home, known as conveyancing, involves a precise series of steps. It’s a good idea to know what is involved — not only to track the progress of your purchase but also so you can put things in place ahead of time such as choosing a surveyor to carry out your homebuyer survey. Here is an outline of the conveyancing process, and how Torus Chartered Surveyors can help.

What are home buyer surveys, and why are they important?

Homebuyer surveys are property inspections carried out by a chartered building surveyor. It’s important to make sure you hire a surveyor who’s a registered member of the Royal Institute of Chartered Surveyors (RICS).

After inspecting, the surveyor produces a report on the condition of the property. They’ll use a  simple traffic-light system to indicate the state of major building elements like the roof, floors and walls. There are three levels of survey available: Level 1 (though these are rare), Level 2, and Level 3. Our guide to the three different types of home surveys can help you to decide which is right for you.

Depending on the level you choose, your survey can also include a valuation. This is important because your mortgage lender’s valuation only indicates whether the property is sufficient security against the loan; it doesn’t consider what condition the property is in. 

A RICS house survey, on the other hand, tells you the condition of the property. It also offers a more accurate valuation, which can reveal that the offer price actually exceeded the property’s real value, and be a necessary tool in the ensuing price negotiation.

Surveys are therefore an essential part of the process, because they help you to make an informed decision about the property purchase, and effectively budget for any major repairs that are or will be needed. Choosing a local surveyor to conduct your RICS homebuyer report adds extra peace of mind as your surveyor will have extensive knowledge of the housing market in the local area.

The conveyancing process

Once a buyer makes an offer on a property and the seller accepts, both parties instruct a conveyancer, and the process begins. At this stage, the buyer should arrange their homebuyer survey with a trusted chartered surveyor, so that any defects which may impact the sale can be identified and relevant action can be taken before progressing too far.

After the survey

If the buyer is satisfied with the survey, the seller’s conveyancer will carry out proof of identity checks. They will also obtain a completed fittings and contents form and completed property information form from the seller, and get the title deeds or official copies of the title register from the current holder. Finally, they send the draft contract to the buyer’s conveyancer. 

Meanwhile, the buyer’s conveyancer will undertake the necessary pre-contract searches, which provide information that can affect whether you decide to proceed with your purchase. There are four main searches that most lenders require: 

• Environmental search report
• Water and drainage report
• Chancel repair liability report
• Local authority search report.

Once the buyer’s conveyancer has checked the contract, they will raise any pre-contract enquiries with the seller’s conveyancer. They will then present the buyer with a report containing the draft contract, answers to the enquiries, the results of their searches and the mortgage offer.

Deposits and completion

If the buyer is happy to continue, arrangements are made for the deposit to be paid, and the buyer and seller agree a completion date. A formal contract ‘exchange’ takes place, meaning that both parties are legally committed to the transaction.

After this, the process moves comparatively quickly. The buyer’s conveyancer drafts a transfer deed for the seller’s conveyancer to have signed by the seller, and a final copy of the transfer deed is made. The buyer’s conveyancer prepares the completion statement, carries out their pre-completion searches and applies to the buyer’s mortgage lender for the loan.

Upon completion, both buyer and seller vacate their properties by the agreed time. The seller arranges to hand over the keys – usually through the estate agent – and the buyer’s conveyancer sends the proceeds of sale to the seller’s conveyancer, who arranges for the keys to be released to the buyer.

Finally, the buyer’s conveyancer receives title deeds and transfer deeds, and registers the property in the name of the buyer at The Land Registry. The buyer receives a copy of the registered title from The Land Registry.

Chartered Building Surveyors in Manchester

At Torus Surveyors, we can carry out all levels of house survey in Manchester and North Cheshire. We’re an RICS registered valuer, which means you can be sure our homebuyer surveys meet the standards of the Royal Institute of Chartered Surveyors. 

For more information, don’t hesitate to get in touch, or get an instant quote on our website today.

 Whether you’re a first-time buyer or you’re looking for your next dream home, waiting for your homebuyer survey results can be a nerve-wracking time. The property purchasing process is filled with uncertainties, so it’s understandable to feel concerned about the prospect of a negative survey.  

If your house survey does show up some issues, don’t panic. It may not mean the end of your journey with this particular property. Read on to discover how to deal with a negative house survey and what steps to take next. 

What is a house survey? 

Once you’ve had an offer accepted on a property, you’ll want to hire a building surveyor to look at the building and check for any structural issues that could affect the value or your property experience.  

There are three different types of house survey: Level 1, Level 2, and Level 3. It’s important to organise the one best suited to your property’s age and condition.  

Learn more about each level and work out which one you need in our guide to different home surveys. 

Common problems that can show up during a property survey 

When a building surveyor checks a property, they’ll be looking for signs of major issues including: 

• Damp – they’ll be on the lookout for condensation, rising damp, or penetrating damp. Often, damp is treatable but identifying and sorting it can be costly.  

• Rot or damage to structural timber – rotten timber could put your building’s structure at risk so it’s important to get it sorted. Again, this can be expensive to fix. 

• Subsidence – this is when the foundations of a building shift and begin to sink. Even if fixed, subsidence can make insurance more expensive. If you suspect your property has subsidence, you’ll need to make sure you get a full Level 3 structural survey. 

• Japanese knotweed – because of its long roots, Japanese knotweed can cause damage that may impact your mortgage and insurance terms. 

• Unsafe wiring – rewiring a property is a big, and often expensive, job. It may cause delays to the moving process or, if you wait until you’ve moved in, it could be disruptive.  

A negative property survey: what to do next 

Has your surveyor identified any of the above issues?  

Get full details from your building surveyor

Firstly, make sure you get all the details from your surveyor. They should be able to talk you through the report and explain whether it’s a minor or major problem. They can also advise you on the next steps. 

Find out how much it would cost to fix the issue 

If you still want to proceed with buying the property, it’s important to get some quotes so you can budget for it. Can you still afford the purchase? You may really love the house or flat but don’t risk it if the costs will put you at risk of debt.  It is important to put into context the cost of rectifying the defect, and weigh it up against the total cost of buying the house, or the cost of renting for another few months. Pulling out may be disappointing but it could also save you a lot of stress and money. 

Consider negotiating the property price 

If it looks like fixing the issues will cost a significant amount of money, you could also speak to the seller and try to renegotiate the sale price. You might suggest that you’ll go ahead with the sale if the vendor can knock off the repair costs. Whilst the vendor may be hesitant to reduce their offer, it is likely that will be brought up again for them on any subsequent sale if you withdraw.

Homebuyer survey options from Torus 

As experienced RICS surveyors, the team at Torus can offer all levels of house surveys to give you peace of mind and help you move forward with your property purchase. Feel free to get in touch with any questions or to book a homebuyer survey.

Having a survey done on a prospective property is a great way to help inform your purchase and potentially negotiate lower prices. A house survey is also a critical part of selling — you want to make sure you get an accurate price for your property. But if you don’t know what to do beforehand, the process might seem stressful, which is the last thing you want on top of moving house.

Luckily, with some preparation in advance, you can cut down on the stress and get the best possible results from your survey. Follow these simple tips to make sure your valuation goes as efficiently as possible.

Declutter

A good place to start is by moving all the knick-knacks and personal belongings out of the way. Ornaments, pictures, toys — anything that might get in the way of an inspection. It’s important that the surfaces of the house are visible and accessible, as the surveyor will be looking to inspect the structural condition of the property.

Windowsills in particular should be kept clear as they’re a prime location for mould. If you’re moving out, you’ll need to pack all your belongings away regardless, which makes this a good opportunity to hit two birds with one stone.

Clean the property

Thoroughly cleaning your house is an effective way of making a good impression and increasing the value of your home. Dust surfaces, clean carpets, and remove any mould to get rid of unwanted smells and must that could affect the valuation. The bathroom is often the worst culprit, so you might want to give it special attention.

Do minor repairs

Major repairs such as electrical or roofing problems are best left to the experts, but if your house needs any minor repairs then you could consider taking care of them yourself. Issues such as mould, dripping taps, and hairline decorative cracks can all be fixed at home with the right equipment and some DIY know-how. This could increase the value of the property and save you money in the long term — the fix may be worth more than you paid.

Make all doors and windows accessible

All areas of the house should be accessible, which means all rooms should be unlocked and all windows able to be opened with keys nearby. The surveyor will check the condition of the windows and look for double glazing in every room. This includes the attic, so make sure that it’s easy to get to and not too cluttered with storage.

Move heavy furniture from the walls

At all levels of surveys, the surveyor will inspect the walls of the property, meaning it’s important that they stay clear and easily accessible. Heavy furniture along the walls should be moved closer to the middle of the room, clearing a path for the surveyor. This will help save time and help the survey run more smoothly.

Don’t forget the exterior

You might be focused on the inside of your house, but it’s essential not to forget the exterior — it’s the first thing people will see, after all. Overgrown plants can sometimes cause damage to the exterior of a property, so you may want to be on the lookout. Sheds, paths, and fences are all part of the house and will be taken into account during the survey, so make sure they’re all in the best condition possible before the survey.

Torus Surveyors: RICS registered valuers in Manchester

Whether you need a Level 1, 2, or 3 valuation, as chartered building surveyors we have the experience and expertise to perform your house survey to the high standards expected of the Royal Institute of Chartered Surveyors. Now you know how you should prepare your residential property for a survey, don’t hesitate to contact us for help with your valuation.

If you’re looking to buy a house, it’s a good idea to get a house survey done first to help you make an informed decision on your purchase and budget for any potential repairs.

The type of house survey that you need will depend on several factors, including the age and condition of your property and any extensive alterations since construction. As valuers registered with the Royal Institute of Chartered Surveyors (RICS), we can carry out three different types of home surveys.

If you’re not sure which type of house survey will be best for your property, our guide aims to help you decide.

RICS Home Survey Level 1

The Level 1 survey is the most basic type of house survey, providing an affordable insight into the property while foregoing the more in-depth aspects of the Level 2 and 3 surveys.

We use an easy to understand traffic light system to indicate the seriousness of any defects, and report individually on main building elements such as the floors, roof, and walls.  This type of survey is best suited for modern properties that are in good condition, where you may want to confirm that everything is in order before buying.

At Torus Surveyors, we always aim to get the completed report to you within two working days of the inspection. We also encourage our customers to speak to our surveyors by telephone regarding any questions before or after the inspection, no matter the level of survey.

RICS Home Survey Level 2

Formally known as the Homebuyer Report, the Level 2 survey is more comprehensive than the Level 1 survey. In addition to the report, you can get advice on which parts of the building may require particular maintenance, as well as a market valuation and reinstatement value for insurance purposes — just let us know in advance.

The inspection is non-intrusive, which means only the visible elements are inspected. The surveyor won’t check behind furniture, for example.

This level of house survey is a good choice for most properties that: 

• Have been constructed after 1930
• Are in a reasonable condition, and without any extensive alterations

It’s more affordable than Level 3 but still goes into a sufficient amount of depth for most homes, making it a good general option.

RICS Home Survey Level 3

The Level 3 survey is also known as a Building Survey or Structural Survey. It is the most comprehensive house survey you can get and includes a thorough property analysis.

At Torus Surveyors, we have extensive experience surveying houses in Manchester and nearby, so we are acutely familiar with the construction techniques and defects that are common to the area. If agreed upon in advance, this type of survey can include an estimate of costs on repair work, so it gives you a better idea of what you will actually be paying for the house.

The Level 3 survey is the ideal choice if the property is old, in poor condition, or has seen extensive alterations. Alternatively, if you’re planning to do significant work later, it’s a good idea to see if the property is suitable.

For a better look at what you can learn from a report, you can read example reports for Level 1, Level 2, and Level 3 house surveys on our website.

House surveyors you can trust

At Torus Surveyors, we can carry out all levels of house survey in Manchester and North Cheshire. We’re an RICS registered valuer, which means you can be sure our surveys meet the standards of the Royal Institute of Chartered Surveyors. 

For more information, don’t hesitate to get in touch, or get an instant quote on our website today.