Help To Buy Repayment Valuation
Discussion
Interested in peoples experience of this...
Eight years ago I bought my current house with a 5% deposit, 20% help to buy and a 75% mortgage. At the time I was well aware that the help to buy scheme was basically a giant scam by the government to acquire huge amounts of residential property ownership in the south east and create a "can't lose" set of rules by which to governor it all in their favour
So not moaning, but that said ...
We have just had a valuation carried out because we are selling up and moving and, while we will be porting the actual mortgage, we will be repaying the help to buy element. Obviously, we want the valuation to be as low as possible so that our repayment is, 20% of a low number! But the valuation has come back much higher than we thought. The very approximate numbers are - we bought for 600k, every estate agent has told us we should sell it for 650k, we listed it at 675K but have struggled to get viewings so I'm probably going to end up dropping it down closer to the 650k we were told to list at in the first place. The help to buy valuation has come back at 690 K !!! It seems a bit mad that the help to buy valuation uses examples of other properties locally (and they have used properties completely inappropriate for this, as an aside) but they don't use the actual properties sale value! At this rate we might end up selling for 40 K less than the help to buy valuation and giving the government 20% of that "value" which is demonstrably not real value - because we don't have the other 80%
Anyway, long story short – has anybody had any success challenging a valuation? Or does anybody know a valuer who is more sensible that I could use to get a second opinion?
Eight years ago I bought my current house with a 5% deposit, 20% help to buy and a 75% mortgage. At the time I was well aware that the help to buy scheme was basically a giant scam by the government to acquire huge amounts of residential property ownership in the south east and create a "can't lose" set of rules by which to governor it all in their favour
So not moaning, but that said ...
We have just had a valuation carried out because we are selling up and moving and, while we will be porting the actual mortgage, we will be repaying the help to buy element. Obviously, we want the valuation to be as low as possible so that our repayment is, 20% of a low number! But the valuation has come back much higher than we thought. The very approximate numbers are - we bought for 600k, every estate agent has told us we should sell it for 650k, we listed it at 675K but have struggled to get viewings so I'm probably going to end up dropping it down closer to the 650k we were told to list at in the first place. The help to buy valuation has come back at 690 K !!! It seems a bit mad that the help to buy valuation uses examples of other properties locally (and they have used properties completely inappropriate for this, as an aside) but they don't use the actual properties sale value! At this rate we might end up selling for 40 K less than the help to buy valuation and giving the government 20% of that "value" which is demonstrably not real value - because we don't have the other 80%
Anyway, long story short – has anybody had any success challenging a valuation? Or does anybody know a valuer who is more sensible that I could use to get a second opinion?
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